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Anchiano Therapeutics Reports Third Quarter 2019 Financial Results and Provides Corporate UpdateCAMBRIDGE, Mass., Nov. 15, 2019 (GLOBE NEWSWIRE) -- Anchiano Therapeutics Ltd. (Nasdaq: ANCN) (“Anchiano”), a biopharmaceutical company focused on discovery and development of novel therapies to treat cancer, today reported financial results for its third quarter and nine months ended September 30, 2019. Key Developments and Recent Highlights
Third Quarter 2019 Financial Results: On September 30, 2019, Anchiano had total cash and cash equivalents of approximately $23.2 million, compared to approximately $7.5 million on December 31, 2018. Financial resources are expected to suffice until the fourth quarter of 2020. Research and development expenses for the third quarter of 2019 were approximately $2.2 million, compared to approximately $1.4 million for the third quarter of 2018. This increase was mainly due to an increase in clinical trial expenses and an increase in manpower expenses. General and administrative expenses for the third quarter of 2019 were approximately $1.7 million, compared to approximately $1.1 million for the third quarter of 2018. This increase was mainly due to increases in professional, consulting, rental, insurance and manpower expenses. Financing expenses, net, for the third quarter of 2019 were approximately $12.5 million, compared to approximately $0.1 million for the third quarter of 2018. This change was mainly due to changes in the fair value of derivative financial instruments. Net loss for the third quarter of 2019 was approximately $15.9 million, or $0.43 per share, compared to approximately $2.6 million, or $0.17 per share in the third quarter of 2018. Nine Months Ended September 30, 2019 Financial Results: Research and development expenses for the nine months ended September 30, 2019 were approximately $9 million, compared to approximately $5.7 million for the same period in 2018. This increase was mainly due to an increase in clinical trial expenses, manufacturing expenses and an increase in manpower expenses. General and administrative expenses for the nine months ended September 30, 2019 were approximately $4.8 million, compared to expenses of approximately $4.3 million for the same period in 2018. The increase was mainly due to increases in professional fees, insurance and manpower expenses, offset by a decrease in share-based payment. Financing expenses, net, in the nine months ended September 30, 2019 were approximately $22.6 million, compared to approximately $0.9 million for the same period in 2018. This change was mainly due to changes in the fair value of derivative financial instruments. Net loss for the nine months ended September 30, 2019 was approximately $36.2 million, or $1.08 per share, compared to approximately $11.5 million, or $0.98 per share for the same period in 2018. About Anchiano Anchiano is a biopharmaceutical company dedicated to the discovery, development, and commercialization of novel targeted therapies to treat cancer in areas of significant clinical need, with offices in Cambridge, MA, and Jerusalem, Israel. Anchiano is developing small-molecule pan-RAS inhibitors and inhibitors of PDE10 and the b-catenin pathway. For more information on Anchiano, please visit www.anchiano.com. Forward-Looking Statements This press release contains “forward-looking statements” that are subject to risks and uncertainties. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of Anchiano, including, without limitation, the risk factors and other matters set forth in its filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2018. Anchiano undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Company Contact: Investor Contact:
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