Abeona Therapeutics Reports Fourth Quarter 2017 Financial Results and Business Highlights

Investor Conference Call on Tuesday, March 27th at 10:00 am ET

NEW YORK and CLEVELAND, March 16, 2018 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (NASDAQ:ABEO), a leading clinical-stage biopharmaceutical company focused on developing novel cell and gene therapies for life-threatening rare genetic diseases, today announced financial results for the fourth quarter. The Company will host a call to update investors on recent clinical developments and year-end financial results on Tuesday, March 27^th at 10:00 am (Eastern). Interested parties are invited to participate in the call by dialing 877-407-9210 (toll free domestic) or 201-689-8049 (International).

"The past year was marked by several defining events in the company's history, having advanced our two lead clinical programs, EB-101 in Epidermolysis Bullosa and ABO-102 in MPS IIIA, and initiated our third clinical program, ABO-101 in MPS IIIB.  The strong safety and biopotency data observed in our three active clinical trials and the strategic initiative of building an in-house commercial GMP manufacturing facility further strengthens our position in developing gene and cell therapies to treat these devastating and rare pediatric diseases," stated Timothy J. Miller, Ph.D., President and CEO.  

4th Quarter and Year-end Summary Financial Results:

• Cash position: Cash, cash equivalents and marketable securities as of December 31, 2017 were $137.8 million, compared to $56.5 million as of September 30, 2017.  Net cash used in operating activities in the twelve months ended December 31, 2017 was $22.9 million as compared to $13.0 million in the same period in 2016, an increase of $9.9 million.
   
• Offering: During the fourth quarter, on October 19, 2017, Abeona closed an underwritten public offering of 5,750,000 shares of common stock, at a public offering price of $16.00 per share. The gross proceeds to the Company were $92 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.
   
• Revenues: Revenues were $215 thousand for the fourth quarter of 2017, compared to $256 thousand in the fourth quarter of 2016. Revenues for twelve months ended December 31, 2017 were $837 thousand, compared to $889 thousand in the same period in 2016.  Revenues consisted of a combination of royalties from marketed products, primarily MuGard®, and recognition of deferred revenues related to upfront payments from early license agreements.