TORONTO, Nov. 29, 2017 (GLOBE NEWSWIRE) -- 3D Signatures Inc. (TSXV:DXD) (OTCQB:TDSGF) (FSE:3D0) (the "Company" or "3DS"), a personalized medicine company with a proprietary software platform based on the three-dimensional analysis of chromosomal signatures, today reported operational and financial results for its first fiscal quarter ended September 30, 2017.
First Quarter Operational Highlights
The primary operational milestone achieved in the first quarter of fiscal 2018 was the completion of the clinical trial component of 3DS’ test for Hodgkin’s Lymphoma, Telo-HLTM’s validation program, announced October 10, 2017. The validation program was first announced on February 23, 2017. The remaining stages of the validation program include a first validation of the prognostic scoring model by a third-party statistics consultant, a second validation of the scoring model on an additional independent patient data set and, possibly concurrently, analytical validation by a certified clinical laboratory. Validation of the prognostic scoring model is underway and the results of this validation are expected in January 2018.
The Corporation’s Telo-HLTM test is its most advanced clinical test which aims to stratify patients at the point of diagnosis into non-relapsing and relapsing patients so that relapsing patients may be considered for alternative treatments to standard chemotherapy at the beginning of their treatment process. The Corporation believes that Telo-HLTM could provide several advantages to patients and healthcare system payers, including potentially indicating new treatment options, enabling shortened treatment cycles, reducing complications from ineffective treatments and allowing for treatment cost savings.
If commercialized, the Company believes that Telo-HLTM will serve as validation for its TeloViewTM platform which represents a class of biomarker with broad potential application across the Company’s development pipeline of oncology and neurology tests.
In addition, subsequent to September 30, 2017, 3DS completed a non-brokered private placement with a strategic partner for gross proceeds of $500,000, announced on October 3, 2017. On November 27, 2017, the Company announced its intention to raise $1,500,000 through a non-brokered private placement with an expected closing date on or about November 30, 2017. The closing of the private placement is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
First Quarter Financial Summary
The Company significantly reduced its monthly burn rate and recorded a net loss of $1,066,244 ($0.02 per Common Share) for the three months ended September 30, 2017 compared to $3,370,091 ($0.11 per Common Share) for the three months ended September 30, 2016.
As at September 30, 2017, the Company had cash resources of $366,665 compared to $1,200,395 as at June 30, 2017. As at September 30, 2017 the Company had working capital of $403,807 compared to working capital of $1,329,408 as at June 30, 2017.
The Company’s financial statements and management’s discussion and analysis are available on www.sedar.com.
About 3DS
3DS (TSXV:DXD) (OTCQB:TDSGF) (FSE:3D0) is a personalized medicine company with a proprietary software platform based on the three-dimensional analysis of chromosomal signatures. The technology is well developed and supported by 22 clinical studies on over 2,000 patients on 13 different cancers and Alzheimer’s disease. Depending on the desired application, this platform technology can measure the stage of disease, rate of progression of disease, drug efficacy, and drug toxicity. The technology is designed to predict the course of disease and to personalize treatment for the individual patient. For more information, visit the Company’s website at: http://www.3dsignatures.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward looking statements which constitute “forward looking information” within the meaning of applicable Canadian securities legislation (“Forward-Looking Statements”). All statements included herein, other than statements of historical fact, are Forward-Looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-Looking Statements. The Forward-Looking Statements in this new release include, without limitation, statements with respect to the remaining stages of 3DS’ Telo-HLTM validation program, the timing and results of this validation program, the design and expected utility of 3DS’ Telo-HLTM test, the potential commercialization of 3DS’ Telo-HLTM test, the applicability and expected utility of 3DS’ TeloViewTM platform, 3DS’ ability to close its non-brokered private placement and the expected closing date thereof. Often, but not always, these Forward-Looking Statements can be identified by the use of words such as "estimates", "potential", "open", "future", "assumes", "projects", “anticipates”, “believes”, “may”, “continues”, “expects”, "plans", "will", "to be", or statements that events "could" or "should" occur or be achieved, and similar expressions, including negative variations.
Such Forward-Looking Statements reflect the Company’s current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by 3DS as of the date of such statements, are inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and contingencies. Many risk factors could cause the Company’s actual results, performance, achievements, prospects or opportunities to be materially different from any future results, performance or achievements that may be expressed or implied by such Forward-Looking Statements, including risks related to continued development of 3DS’ Telo-HLTM test, including that this test may not be developed and commercialized on-time or at all and that the test may not perform or operate in the manner currently expected, risks related to the Company’s TeloViewTM platform, the risk that 3DS’ non-brokered private placement will not close when expected or at all; risks related to 3DS’ early stage of development; the risk that 3DS’ tests will not be successfully deployed; risks related to 3DS’ dependence on third parties, including collaborative partners, licensors and others; risks related to 3DS’ clinical trial recruitment; uncertainties related to 3DS’ clinical trials and test development; that there is currently no market for 3DS’ products and that such market may be slow to develop if at all; risks related to 3DS’ reliance on key personnel; risks related to the competitive nature of the biotechnology industry; risks related to 3DS’ limited operating history, lack of revenue, history of losses and inability to assure that it will earn profits in the future or that profitability will be sustained; risks related to government regulation; risks related to rapid technological change; risks related to the fact that 3DS’ software may now or in the future contain undetected errors, bugs or vulnerabilities; the risk that 3DS or its directors and officers may be subject to a variety of civil or other legal proceedings, with or without merit, including product liability claims; risks related to the protection of 3DS’ intellectual property rights; risks related to 3DS’ limited sales, marketing and distribution experience; risks related to the possibility that 3DS’ directors and officers may be placed in a conflict of interest as a result of their employment or affiliation with third parties, risks related to 3DS’ use and storage of personal information and compliance with applicable privacy laws, as well as those risks discussed under the heading "Risk Factors" in the Company's management’s discussion and analysis dated October 23, 2017 and filed on SEDAR. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the Forward-Looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
In making the Forward-Looking Statements, the Company has made various material assumptions including, but not limited to, obtain positive results from 3DS’ current and planned clinical trials; that is current and planned clinical trials will commence and complete on its current timelines; that if developed and commercialized, its Telo-HLTM test will perform as expected; that the Company will successfully develop its Telo-HLTM test; that 3DS will close its non-brokered private placement within expected timelines; obtaining regulatory approvals with respect to 3DS’ clinical trials which are now ongoing or may in the future be commenced; assumptions regarding general business and economic conditions; 3DS’ ability to successfully develop its tests to currently expected standards and functionality; 3DS’ current positive relationship with third parties will be maintained; the availability of future financing on reasonable terms; 3DS’ ability to attract and retain skilled staff; assumptions regarding market competition and the products and technology offered by 3DS’ competitors; and 3DS’ ability to protect patents and proprietary rights.
3DS believes that the assumptions and expectations reflected in the Forward-Looking Statements in this press release are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-Looking Statements should not be unduly relied upon. This information speaks only as of the date of this press release, and 3DS will not necessarily update this information, unless required to do so by securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Jason Flowerday
CEO & Director
604-428-8842
investors@3dsignatures.com