Tyme Technologies, Inc. (OTCMKTS:TYMI) Files An 8-K Results of Operations and Financial Condition
Today, TYME released the following preliminary financial information for the third quarter ended December 31, 2019. As of the third quarter ended December 31, 2019, the Company had approximately $11.5 million in cash and cash equivalents compared to $15.3 million as of the second quarter ended September 30, 2019. On January 7, 2019, TYME received an additional $20.0 million from the sale and issuance of 10,000,000 shares of common stock of the Company at $2.00 per share to Eagle Pharmaceuticals in a private placement, which resulted in TYME having cash and cash equivalents of $31.5 million as of January 7, 2020.
TYMEs operational cash burn rate for the third quarter of fiscal year 2020 was $4.5 million, compared to $4.2 million for the second quarter of fiscal year 2020 and $5.3 million for the third quarter of fiscal 2019. The burn rate is generally consistent with our previous projections and predominantly reflected costs associated with clinical development of SM-88.
Forward-Looking Statements/Disclosure Notice
In addition to historical information, this report contains forward-looking statements under the Private Securities Litigation Reform Act that involve substantial risks and uncertainties. Such forward-looking statements within this report include, without limitation, statements regarding our drug candidates (including SM-88 and TYME- 18) and their clinical potential and non-toxic safety profiles, our drug development plans and strategies, ongoing and planned clinical trials, preliminary data results and the therapeutic design and mechanisms of our drug candidates; and readers can identify forward-looking statements by sentences or passages involving the use of terms such as believes, expects, hopes, may, will, plan, intends, estimates, could, should, would, continue, seeks, or anticipates, and similar words (including their use in the negative) or by discussions of future matters such as the cost of development and potential commercialization of our lead drug candidate and of other new products, expected releases of interim or final data from our clinical trials, possible collaborations, the timing, scope and objectives of our ongoing and planned clinical trials and other statements that are not historical. The forward-looking statements contained in this report are based on managements current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of TYMEs control. These statements involve known and unknown risks, uncertainties and other factors which may cause the Companys actual results, performance or achievements to be materially different from any historical results and future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, that the information is of a preliminary nature and may be subject to change; uncertainties inherent in the cost and outcomes of research and development, including the cost and availability of acceptable-quality clinical supply and the ability to achieve adequate clinical study design and start and completion dates; the possibility of unfavorable study results, including unfavorable new clinical data and additional analyses of existing data; risks associated with early, initial data, including the risk that the final data from any clinical trials may differ from prior or preliminary study data; final results of additional clinical trials that may be different from the preliminary data analysis and may not support further clinical development; that past reported data are not necessarily predictive of future patient or clinical data outcomes; whether and when any applications or other submissions for SM-88 may be filed with regulatory authorities; whether and when regulatory authorities may approve any applications or submissions; decisions by regulatory authorities regarding labeling and other matters that could affect commercial availability of SM-88; the ability of TYME and its collaborators to develop and realize collaborative synergies; competitive developments; and the factors described in the section captioned Risk Factors of TYMEs Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on June 12, 2019, as well as subsequent reports we file from time to time with the U.S. Securities and Exchange Commission (available at www.sec.gov).