The gains of AMARANTUS BIOSCI INC (OTCMKTS:AMBS) continues to wipe out its gains after reporting financial results for the year 2014. The company reported total current assets of $0.412 million out of which, $0.214 million is held in cash and cash equivalents. At the same time, the company’s current liabilities stood at $6.3 million showing a decline from 8.5 million in 2013.
The year 2014
During the year 2014, the company’s Research and Development costs sharply increased by $11.67 million to $13.76 million from $2.08 million in 2013. These costs were primarily related to start-up clinical expenses and $7.2 million for intellectual property, litigation and technological expenses related to Lonza transaction. Also, most of the research and development costs was incurred in the company’s LymPro clinical study.
There was an increase in General And Administrative expenses too, which jumped from $3.6 million to $7.5 million over the last one year. Meanwhile, the company’s other expense declined from $9.4 million in 2013 to $5.9 million in 2014. The net loss of the company widened from $15.17 million to $28.15 million year-over-year, which served as a disappointment to the investors.
Plan for 2015
In a note illustrating the near-term expected milestones, AMARANTUS BIOSCI INC (OTCMKTS:AMBS) said that it will start a Phase 2b clinical study of eltoprazine in second quarter of 2015. The company also anticipates completion of the acquisition of Cutanogen followed by initiation of Phase 2 study by mid-year 2015. Also, AMARANTUS BIOSCI INC (OTCMKTS:AMBS) said that it will constantly explore strategic solutions for its Diagnostic division and may consider a spin-off in order to achieve a full value of the company. The company is looking forward to listing itself on a national stock exchange in 2015.
AMARANTUS BIOSCI INC (OTCMKTS:AMBS) stock fell by 2.71% to $0.0430 in the last trading session, where 6.38 million shares changed hands.