BENITEC BIOPHARMA LIMITED Sydney, Australia -‐ May 24, 2016 -‐ Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ: BNTCW) today lodged its Interim Report for the nine months ended March 31, 2016. The report includes the financial results and a review of operations for the period.
Summary of the key points from the Interim Report:
The net loss for the nine months was $A18.5 million and included research and development spending of AU$11.1 million. Benitec's current assets at March 31, 2016 were A$26.5 million.
In March 2016 Benitec announced encouraging results of its recent in vivo efficacy study of BB-‐ HB-‐331. Key findings indicate that a single BB-‐HB-‐331 treatment in the PhoenixBio mouse model can result in suppression of hepatitis B (HBV). These results demonstrate the potential utility of an approach that combines RNAi with gene therapy to treat HBV, and the Company intends to advance the HBV program towards the clinic.
On February 26, 2016 Benitec announced that it would wind-‐down its hepatitis C program and terminate the program upon completion of patients in Cohort 4 in its Phase I/IIa clinical trial for TT-‐034.
In December 2015, Benitec announced positive in vitro data demonstrating the efficacy of BB-‐ HB-‐331 and supporting the progression of BB-‐HB-‐331 into in vivo preclinical testing. The data was presented at the HEPDART 2015 conference in the US in December 2015.
In August 2015, Benitec completed a NASDAQ listing raising A$18.8 million (US$13.8 million) before costs.
In July 2015, Benitec announced it acquired full rights to its preclinical DNA-‐directed RNA interference based hepatitis B therapeutic program for $2.5 million. The program was previously a joint development collaboration between Benitec and Biomics.
Benitec anticipates completing in vivo preclinical proof of concept studies for age-‐related macular degeneration ('AMD') and oculopharyngeal muscular dystrophy ('OPMD') by the end of calendar year 2016
Webcast Information and Conference Call:
The Company will host a live audio webcast and conference call on Wednesday, March 25 at 8:00am AEST (Australian Eastern) and simultaneously on Tuesday, March 24 at 6.00pm EDT (US Eastern Daylight Savings Time), to provide an operational and financial update.
To access the live webcast please enter http://services.choruscall.com/links/bntc160523 into your internet browser. Investors will be able to submit questions in writing via the webcast, to be addressed by Benitec's management during the call.
To access the conference call, please use the dial in details below.
Conference ID: 902026
US dial in: +1 855-‐624-‐0077
Australia dial in: 1800 908 299 or 1800 455 963
All other locations dial: +61 2 9007 8048
Shareholders are encouraged to use the webcast link, as conference call lines are limited. An archive of the webcast will remain available on Benitec's website for 90 days beginning at approximately 9:30am AEST on 25 May 2016.
For further information regarding Benitec and its activities, please contact the persons below, or visit the Benitec website at www.benitec.com
Australia Investor Relations United States Investor Relations
MarketEye Orla Keegan Director
Tel: +61 (2) 8097 1201
Email: orla.keegan@marketeye.com.au
PCG Advisory Group Adam Holdsworth
Managing Director of Investor Relations Tel: + 1 646-‐862-‐4607
Email: adamh@pcgadvisory.com
Sean Leous
Managing Director of Public Relations Tel: +1 646-‐863-‐8998
Email: sleous@pcgadvisory.com
About Benitec Biopharma Limited:
Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ: BNTCW) is a biotechnology company developing innovative therapeutics based on its patented gene-‐silencing technology called ddRNAi or 'expressed RNAi'. Based in Sydney, Australia with labs in Hayward, CA (USA) and collaborators and licensees around the world, the company is developing ddRNAi-‐based therapeutics for chronic and life-‐threatening human conditions including hepatitis B, wet age-‐related macular degeneration and OPMD. Benitec has also licensed ddRNAi to other biopharmaceutical companies for applications including HIV/AIDS, Huntington's Disease, chronic neuropathic pain and retinitis pigmentosa.
Safe Harbor Statement:
This press release contains "forward-‐looking statements" within the meaning of section 27A of the US Securities Act of 1933 and section 21E of the US Securities Exchange Act of 1934. Any forward-‐looking statements that may be in the press release are subject to risks and uncertainties relating to the difficulties in Benitec's plans to develop and commercialize its product candidates, the timing of the initiation and completion of preclinical and clinical trials, the timing of patient enrolment and dosing in clinical trials, the timing of expected regulatory filings, the clinical utility and potential attributes and benefits of ddRNAi and Benitec's product candidates, potential future out-‐licenses and collaborations, the intellectual property position and the ability to procure additional sources of financing. Accordingly, you should not rely on those forward-‐looking statements as a prediction of actual future results.
BENITEC BIOPHARMA LIMITEDABN 64 068 943 662
Interim Reportfor the nine months ended March 31, 2016
Contents
Results 2
Company history, general information, explanatory notes and forward looking statements 3
Directors' Report, including the review of operations 5
Auditors' Independence Declaration 14
Financial Statements
Consolidated Statement of Profit or Loss and Other comprehensive Income 15
Consolidated Statement of Financial Position 16
Consolidated Statement of Changes in Equity 17
Consolidated Statement of Cash Flows 18
Notes to the Consolidated Financial Statements 19
Management's discussion and analysis of financial condition and review of operations 26
Risk factors 34
Directors' Declaration 35
Independent Review Report to the members of Benitec Biopharma Limited 36
The information in this report should be read in conjunction with the most recent annual financial report and any public announcements made by Benitec Biopharma Limited.
Results for Announcement to the Marketfor the nine months ended March 31, 2016
Reporting period
The financial information contained in this report is for the nine months ended March 31, 2016. Comparative amounts for the Consolidated Statement of Profit or Loss and Other Comprehensive Income are the nine months ended March 31, 2015. Financial Position comparatives are at June 30, 2015.
Results for Announcement to the Market
Change % Change $A'000
Revenue from ordinary activities down (41%) 385
(Loss) from ordinary activities after tax attributable to
members up 195% (18,528)
Net (loss) for the period attributable to members up 195% (18,528)
The amount per security and franked amount per security of final and interim dividends
A brief explanation of any of the figures in 2.1 to 2.3 necessary to enable the figures to be understood
No dividends were declared or paid during the period
Refer to commentary below which was extracted from the Benitec Biopharma Limited interim report for the nine months to March 31, 2016 which forms part of this announcement
Commentary on results for the period
Benitec's comprehensive loss for the nine months to March 31, 2016 was A$18.5 million compared to a comprehensive loss of A$6.3 million for the previous corresponding period.
Operating revenue was A$0.21 million compared to A$0.20 million in the previous corresponding period. Operating expenses were A$22.5 million compared with operating expenses in the previous period of A$9.8 million.
The nine month loss includes research and development spending of A$11.1 million compared to A$4.2 million in the previous corresponding period. Benitec acquired full rights to its preclinical hepatitis B program from its collaborator, Biomics Biotechnologies, for A$2.5 million with plans to independently progress the product candidate in this therapeutic field.
Benitec's current assets at March 31, 2016 were A$26.5 million (June 30, 2015: A$25.1 million), with current liabilities of A$2.2 million (June 30, 2015: A$1.6 million).
Net tangible asset backing per share
March 2016 June 2015
Net tangible asset backing per ordinary share 17.0 cents 20.6 cents
BENITEC BIOPHARMA LIMITED Page | 2
Interim Report for the nine months ended March 31, 2016
Benitec Biopharma Ltd. published this content on 24 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 May 2016 07:55:04 UTC.
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