Exhibit 99.1
 
VistaGen Therapeutics Reports Third Quarter Fiscal 2018 Financial Results
 
South San Francisco, CA (February 12, 2018)
VistaGen Therapeutics, Inc. (NASDAQ: VTGN), a clinical-stage biopharmaceutical company focused on developing new generation medicines for depression and other central nervous system (CNS) disorders, today reported financial results for its third fiscal quarter ended December 31, 2017.
 
“Building on our significant progress last quarter, our team is prepared and eager to launch, during the current quarter, our AV-101 Phase 2 clinical development program, initially focused on adjunctive treatment of Major Depressive Disorder patients with an inadequate response to standard, FDA-approved antidepressants. This year has the potential to be transformative for VistaGen and the millions of depression patients seeking new generation treatment options that are fundamentally different from all currently available therapies,” commented Shawn Singh, Chief Executive Officer of VistaGen.
 
Financial Results for the Fiscal Quarter Ended December 31, 2017:
Net loss attributable to common stockholders for the fiscal quarter ended December 31, 2017 was approximately $3.5 million, compared to $2.9 million for the fiscal quarter ended December 31, 2016.
 
Research and development expense totaled approximately $1.6 million for the fiscal quarter ended December 31, 2017, compared with approximately $1.6 million for the fiscal quarter ended December 31, 2016. Research and development expense was primarily attributable to the Company's development of AV-101, its oral, new generation CNS drug candidate initially focused on displacing adjunctive atypical antipsychotics in the current Major Depressive Disorder (MDD) treatment paradigm, including final preparations to launch its AV-101 MDD Phase 2 adjunctive treatment study in patients with an inadequate response to standard FDA-approved antidepressants.
 
General and administrative expense was approximately $1.3 million in the fiscal quarter ended December 31, 2017, compared to approximately $2.3 million in the fiscal quarter ended December 31, 2016. The decrease was primarily attributable to decreased professional services expenses, a decrease in noncash expense attributable to grants of common stock for services, and a decrease in noncash warrant modification expense, partially offset by increased salary and benefits and noncash stock compensation expenses.
 
At December 31, 2017, the Company had cash and cash equivalents of approximately $13.0 million, compared to approximately $2.9 million at March 31, 2017.
 
 
-1-
 
 
 
About VistaGen
VistaGen Therapeutics, Inc. (NASDAQ: VTGN), is a clinical-stage biopharmaceutical company focused on developing new generation medicines for depression and other CNS disorders. VistaGen’s lead CNS product candidate, AV-101, is in Phase 2 development, initially as a new generation oral antidepressant drug candidate for MDD. AV-101's mechanism of action is fundamentally different from all FDA-approved antidepressants and atypical antipsychotics used adjunctively to treat MDD, with potential to drive a paradigm shift towards a new generation of safer and faster-acting antidepressants. AV-101 is currently being evaluated by the U.S. National Institute of Mental Health (NIMH) in a small Phase 2 monotherapy study in MDD being fully funded by the NIMH and conducted by Dr. Carlos Zarate Jr., Chief, Section on the Neurobiology and Treatment of Mood Disorders and Chief of Experimental Therapeutics and Pathophysiology Branch at the NIMH. VistaGen is preparing to launch a 180-patient Phase 2 study of AV-101 as an adjunctive treatment for MDD patients with an inadequate response to standard, FDA-approved antidepressants. Dr. Maurizio Fava of Harvard University is the Principal Investigator of the VistaGen’s AV-101 MDD Phase 2 adjunctive treatment study. AV-101 may also have the potential to treat multiple CNS disorders and neurodegenerative diseases in addition to MDD, including neuropathic pain, epilepsy, Huntington’s disease, Parkinson’s disease levodopa-induced dyskinesia (PD LID) and other CNS diseases and disorders where modulation of the NMDA receptors, activation of AMPA pathways and/or key active metabolites of AV-101 may achieve therapeutic benefit.
 
For more information, please visit www.vistagen.com and connect with VistaGen on:
Twitter
LinkedIn
Facebook
 
Forward-Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to the successful launch, continuation and results of the NIMH’s Phase 2 (MDD monotherapy) and/or the Company’s planned Phase 2 (MDD adjunctive treatment) clinical studies of AV-101, allowance of patent applications and continued protection of its intellectual property, and the availability of substantial additional capital to support its operations, including the AV-101 Phase 2 clinical development activities described above. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.
 
Company Contact
Mark A. McPartland
VistaGen Therapeutics Inc.
Phone: +1 (650) 577-3600
Email: IR@vistagen.com
 
Investor Contact:
Valter Pinto / Allison Soss
KCSA Strategic Communications
Phone: +1 (212) 896-1254/+1 (212) 896-1267
Email: VistaGen@KCSA.com
 
 
-2-
 
 
 
 
 
VISTAGEN THERAPEUTICS
 
 
Condensed Consolidated Balance Sheets
 
 
Amounts in Dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 March 31,
 
 
 
 2017
 
 
 2017
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 ASSETS
 
 Current assets:
 
 
 
 
 
 
 Cash and cash equivalents
 $13,031,800 
 $2,921,300 
 Prepaid expenses and other current assets
  940,400 
  456,600 
 Total current assets
  13,972,200 
  3,377,900 
 Property and equipment, net
  222,800 
  286,500 
 Security deposits and other assets
  47,800 
  47,800 
 Total assets
 $14,242,800 
 $3,712,200 
 
    
    
 
 LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 Current liabilities:
    
    
 Accounts payable
 $509,300 
 $867,300 
 Accrued expenses
  770,900 
  443,000 
 Current notes payable
  43,700 
  54,800 
 Capital lease obligations
  2,600 
  2,400 
 Total current liabilities
  1,326,500 
  1,367,500 
 
    
    
 Non-current liabilities:
    
    
 Accrued dividends on Series B Preferred Stock
  2,344,400 
  1,577,800 
 Deferred rent liability
  299,100 
  139,200 
 Capital lease obligations
  10,000 
  11,900 
 Total non-current liabilities
  2,653,500 
  1,728,900 
 Total liabilities
  3,980,000 
  3,096,400 
 
    
    
 Commitments and contingencies
    
    
 
    
    
 Stockholders’ equity:
    
    
      Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2017 and March 31, 2017:
    
    
          Series A Preferred, 500,000 shares authorized, issued and outstanding at December 31, 2017 and March 31, 2017
  500 
  500 
          Series B Preferred; 4,000,000 shares authorized at December 31, 2017 and March 31, 2017; 1,160,240
    
    
              shares issued and outstanding at December 31, 2017 and March 31, 2017
  1,200 
  1,200 
          Series C Preferred; 3,000,000 shares authorized at December 31, 2017 and March 31, 2017;
    
    
              2,318,012 shares issued and outstanding at December 31, 2017 and March 31, 2017
  2,300 
  2,300 
 Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized at December 31, 2017 and
    
    
       March 31, 2017, respectively; 22,723,504 and 8,974,386 shares issued and outstanding at December 31, 2017
    
    
       and March 31, 2017, respectively
  22,700 
  9,000 
 Additional paid-in capital
  166,669,200 
  146,569,600 
 Treasury stock, at cost, 135,665 shares of common stock held at December 31, 2017 and March 31, 2017
  (3,968,100)
  (3,968,100)
 Accumulated deficit
  (152,465,000)
  (141,998,700)
 Total stockholders’ equity
  10,262,800 
  615,800 
 Total liabilities and stockholders’ equity
 $14,242,800 
 $3,712,200 
 
 
 
-3-
 
 
 
 
VISTAGEN THERAPEUTICS
 
 
STATEMENT OF OPERATIONS
 
 
Amounts in Dollars, except share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNAUDITED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
 
 Nine Months Ended December 31,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 Sublicense revenue
 $- 
 $1,250,000 
 $- 
 $1,250,000 
  Total revenues
  - 
  1,250,000 
  - 
  1,250,000 
Operating expenses:
    
    
    
    
 Research and development
  1,601,800 
  1,611,000 
  5,124,600 
  4,042,800 
 General and administrative
  1,266,000 
  2,276,600 
  4,997,400 
  4,907,800 
  Total operating expenses
  2,867,800 
  3,887,600 
  10,122,000 
  8,950,600 
Loss from operations
  (2,867,800)
  (2,637,600)
  (10,122,000)
  (7,700,600)
Other expenses, net:
    
    
    
    
 Interest expense, net
  (2,000)
  (900)
  (7,700)
  (3,700)
  Loss on extinguishment of accounts payable
  (135,000)
  - 
  (135,000)
  - 
 
    
    
    
    
Loss before income taxes
  (3,004,800)
  (2,638,500)
  (10,264,700)
  (7,704,300)
Income taxes
  - 
  - 
  (2,400)
  (2,400)
Net loss and comprehensive loss
  (3,004,800)
  (2,638,500)
  (10,267,100)
  (7,706,700)
 
    
    
    
    
   Accrued dividend on Series B Preferred stock
  (263,000)
  (237,700)
  (766,600)
  (1,018,500)
   Deemed dividend from trigger of down round
    
    
    
    
       provision feature
  (199,200)
  - 
  (199,200)
  - 
   Deemed dividend on Series B Preferred Units
  - 
  - 
  - 
  (111,100)
 
    
    
    
    
Net loss attributable to common stockholders
 $(3,467,000)
 $(2,876,200)
 $(11,232,900)
 $(8,836,300)
 
    
    
    
    
Basic and diluted net loss attributable to common
    
    
    
    
     stockholders per common share
 $(0.25)
 $(0.34)
 $(1.03)
 $(1.23)
 
    
    
    
    
Weighted average shares used in computing basic
    
    
    
    
 and diluted net loss attributable to common
    
    
    
    
 stockholders per common share
  13,895,642 
  8,381,824 
  10,947,556 
  7,181,307 
 
 
 
 
-4-

The following information was filed by Vistagen Therapeutics, Inc. (VTGN) on Tuesday, February 13, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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