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OvaScience Reports Second Quarter 2016 Financial ResultsOvaScienceSM (NASDAQ: OVAS), a global fertility company focused on the discovery, development and commercialization of new treatment options, today reported its second quarter 2016 financial results and highlighted recent accomplishments. "Following our equity offering in June, which raised net proceeds of approximately $53.9 million, we are in a strong financial position to further expand access to the AUGMENT treatment and to advance the development of OvaPrime and OvaTure," said Harald Stock, Ph.D., President and Chief Executive Officer of OvaScience. "We have made important progress toward the corporate goals we outlined earlier this year and continue to build the commercial infrastructure and patient-centric business model to further expand access to AUGMENT in Canada and prepare for commercialization in Japan. We look forward to complementing these efforts with data from ongoing clinical studies, which will further support the real world value and benefit of our treatments." Second Quarter and Recent Highlights AUGMENT Treatment: The AUGMENTSM treatment is designed to improve egg health by using mitochondria from a woman's own egg precursor (EggPCSM) cells during in vitro fertilization (IVF). Improved egg health is essential for fertilization and embryo development.
OvaPrimeSM Treatment: The OvaPrime treatment is a potential fertility treatment that could enable a woman who makes too few or no eggs to increase her egg reserve. Poor egg reserve affects approximately 25% of those seeking fertility treatment. The OvaPrime treatment is designed to transfer a woman's EggPC cells to her own ovary, where they may mature into fertilizable eggs during a standard IVF process. In preclinical studies, OvaPrime was shown to result in a mature, fertilizable egg.
OvaTureSM Treatment: The OvaTure treatment is a potential next-generation IVF treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections by maturing EggPC cells into eggs outside the body. It may be an option for women with compromised eggs, who are unable to make eggs or may be unwilling or unable to undergo hormone hyperstimulation.
Corporate Highlights:
Expected Milestones: OvaScience is focused on execution in 2016 and remains on track to achieve the following milestones by year end:
Second Quarter Financial Results
As of June 30, 2016, OvaScience had cash, cash equivalents, and short-term investments of $147.7 million, compared to $126.7 million on December 31, 2015. The increase reflects the net proceeds of $53.9 million received from the completion of OvaScience's follow-on offering in the second quarter of 2016. Conference Call OvaScience will host a conference call at 4:30 p.m. EDT today, Thursday, August 4, 2016, to discuss these financial results and provide an update on the Company. The conference call can be accessed by dialing (888) 424-8151 (U.S.) or (847) 585-4422 (International) five minutes prior to the start of the call and providing the passcode 9515417. Additionally, the live, listen-only webcast of the conference call can be accessed by visiting the Investors section of the Company's website at www.ovascience.com. A replay of the conference call will be available from 7:00 p.m. EDT on Thursday, August 4, 2016, through 11:59 p.m. EDT on Thursday, August 11, 2016, and may be accessed by visiting OvaScience's website or by dialing (888) 843-7419 (U.S.) and (630) 652-3042 (International). The replay access code is 9515417. About OvaScience OvaScienceSM (NASDAQ: OVAS) is a global fertility company dedicated to improving treatment options for women around the world. OvaScience is discovering, developing and commercializing new fertility treatments because we believe women deserve more options. Each OvaScience treatment is based on the Company's proprietary technology platform that leverages the breakthrough discovery of egg precursor (EggPCSM) cells - immature egg cells found inside the protective ovarian lining. The AUGMENTSM treatment, a fertility option specifically designed to improve egg health, is available in certain IVF clinics in select international regions. OvaScience has commenced a non-commercial preceptorship training program with the OvaPrimeSM treatment, which could increase a woman's egg reserve, and is developing the OvaTureSM treatment, a potential next-generation IVF treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections. OvaScience treatments are not available in the U.S. For more information, please visit www.ovascience.com and www.augmenttreatment.com and connect with us on Twitter and Facebook. Forward-Looking Statements This press release includes forward-looking statements about the Company's plans for the AUGMENT treatment, OvaPrime treatment and OvaTure treatment, including statements relating to the anticipated commercialization of the AUGMENT treatment in Japan, plans to finalize a commercial agreement with IVF Japan, plans to build commercial infrastructure and a patient-centric business model, plans to expand access to the AUGMENT treatment;, plans to progress enrollment in the egg allocation study with the IVI Group and plans to announce data from the study in the second half of 2017, plans to pursue OvaPrime studies in Canada and the United Arab Emirates, plans to provide an update on the path forward for the OvaPrime treatment by year end, plans to provide an update on the Company's progress towards determining a U.S. market entry strategy for AUGMENT by year end, and plans to offer the AUGMENT treatment commercially at new clinic partners following the completion of preceptorship training programs. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: the possibility that international IVF clinics that we work with may determine not to provide or continue providing the AUGMENT treatment or OvaPrime treatment, or to delay providing such treatments, based on clinical efficacy, safety or commercial, logistic, regulatory or other reasons; the possibility that we may not succeed in executing a definitive commercial agreement with IVF Japan, the science underlying our treatments (including the AUGMENT, OvaPrime and OvaTure treatments), which is unproven; our ability to obtain regulatory approval or licenses where necessary for our treatments; our ability to develop our treatments on the timelines we expect, if at all; our ability to commercialize our treatments, on the timelines we expect, if at all; as well as those risks more fully discussed in the "Risk Factors" section of our most recently filed Quarterly Report on Form 10-Q and/or Annual Report on Form 10-K and Exhibit 99.3 to our current report on Form 8-K filed with the Securities and Exchange Commission on May 5, 2016. The forward-looking statements contained in this press release reflect our current views with respect to future events. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our view as of any date subsequent to the date hereof.
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