EXHIBIT 99.1

 

Biostage Reports 2018 Third Quarter Financial Results

 

-        Scientific feedback along with new and consistent data continue to validate technology

-        Ongoing studies support mid-year 2019 filing of IND

 

Holliston, MA – November 8, 2018 –

Biostage, Inc. (OTCQB: BSTG) (“Biostage” or the “Company”), a biotechnology company developing bioengineered organ implants to treat life-threatening conditions of the esophagus, bronchus and trachea, today announced its financial results for the three and nine months ended September 30, 2018.

 

Summary of Third Quarter Financial Results

 

For the three months ended September 30, 2018, the Company reported a net loss of approximately $2.1 million, or a net loss per diluted share of $0.37, compared to a net loss of approximately $3.2 million, or a net loss per diluted share of $1.66 for the three months ended September 30, 2017. The $1.1 million year-over-year decrease in net loss was attributable primarily to a corresponding $1.1 million decrease in research and development costs.

 

For the nine months ended September 30, 2018, the Company reported a net loss of approximately $5.7 million, or a net loss per diluted share of $1.40, compared to a net loss of approximately $10.7 million, or a net loss per diluted share of $6.21 for the nine months ended September 30, 2017. The $5.0 million year-over-year decrease in net loss was attributable primarily to a $4.3 million decrease in research and development costs and a $500,000 net decrease in expense from change in the fair value of warrants.

 

The Company also recognized grant income for qualified expenditures from a Fast-Track Small Business Innovation Research (SBIR) grant of approximately $90,000 and $225,000, respectively, for the three and nine months ended September 30, 2018. There was no grant income recorded in the comparable periods in 2017.

 


The following information was filed by Biostage, Inc. (BSTG) on Thursday, November 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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