OvaScience Announces Third Quarter Fiscal 2012 Financial Results
OvaScience, Inc.Theresa McNeely, 617-299-7356Head of Corporate Communications
, (OTCBB: OVSC), a life sciences company focused on the discovery, development and commercialization of new treatments for infertility, today reported financial results for the quarter ended September 30, 2012, and highlighted the Company’s recent progress and plans.
“We have completed our transition to a public company now that our common stock is trading, and we have appointed another independent Director to the Board,” said Michelle Dipp, M.D., Ph.D., Chief Executive Officer and Co-Founder of OvaScience. “We continue to progress our egg precursor cell technology platform and strengthen relationships with the key opinion leaders in infertility.”
Net loss for the three months ended September 30, 2012 was $3.1 million, or $0.42 per share, as compared to net loss of $0.8 million, or $0.89 per share, for the three months ended September 30, 2011. Net loss includes stock-based compensation expense of $0.3 million and $30,000 for the third quarter of 2012 and 2011, respectively.
Research and development expense for the three months ended September 30, 2012 was $1.6 million, compared to $0.4 million for the same period in 2011. The $1.2 million increase was driven primarily by an additional $0.4 million for personnel costs, including stock-based compensation of $0.2 million, an increase of $0.7 million in contract research organization expense to support the development of AUGMENT, and an increase of $0.1 million for other research and development expenses, including license fee expense and laboratory supplies.
General and administrative expense for the quarter ending September 30, 2012 was $1.5 million, as compared to $0.4 million for the same period in 2011. The $1.1 million increase was primarily due to an additional $0.3 million for personnel costs, including stock-based compensation of $44,000, an increase of $0.5 million in professional fees primarily related to legal and accounting fees associated with becoming a publicly traded company, an increase of $0.2 million in market research analysis and professional fees, and an increase of $0.1 million in other general and administrative expenses, including occupancy costs and consulting fees.
As of September 30, 2012, OvaScience had cash, cash equivalents and investments of $35.1 million, compared to $4.5 million on December 31, 2011.
OvaScience (OTCBB: OVSC) is a life sciences company focused on the discovery, development and commercialization of new treatments for infertility. The Company’s patented technology is based on the discovery of egg precursor cells (EggPC), which are found in the ovaries. By applying proprietary technology to identify and purify EggPCs, AUGMENT aims to improve egg quality and increase the success of fertilization (IVF). OvaScience’s team of scientists, physicians and advisers includes recognized leaders in the field of reproductive medicine. For more information, please visit .