Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products primarily for the treatment of autoimmune and infectious diseases, is reporting on its financial results for the third quarter ended Sept. 30, 2023; the report also included key business updates. Financial numbers to note in the report include R&D expenses of $1.13 million compared to $1.19 million for the same quarter in 2022; marketing, general and administrative expenses for the quarter totaled $0.97 million compared to $0.96 million for the three months ended Sept. 30, 2022; total operating expenses for the quarter came in at $2.1 million with financial income for the three months totaling $5.2 million and net income loss for Q3 2023 at $3.1 million, down from the $4.7 million loss reported for Q3 2022. The report also noted that as of Sept. 30, 2023, Scinai had cash and cash equivalents of $6.4 million as compared to $14.2 million as of Dec. 31, 2022. Corporate highlights cited included a strategic pivot, which entailed rebranding as Scinai Immunotherapeutics, and the raising of $1.33 million through a registered direct offering with H.C. Wainwright & Co. acting as placement agent. The report also noted that the company’s primary creditor, the European Investment Bank (“EIB”), is considering favorably adjusting the terms of its financial facility contract with Scinai in order to extend the cash runway and address a NASDAQ minimum shareholders’ equity compliance issue.
The announcement said that formal feedback from EIB management regarding a definitive amendment to the facility could come as soon as this month. In addition, this month the company closed its first contract to provide CDMO services and is in advanced contract discussions with other potential clients. The report also noted that Scinai is aggressively advancing the NanoAb preclinical development with meaningful ex vivo results anticipated in Q4 2023; Scinai is also pursuing a strategic partnership for its COVID-19 self-administered inhaled NanoAb, which showed highly promising in vivo results in animals as both a therapeutic and prophylactic treatment. “I thank the EIB for their ongoing support and cooperation,” said Scinai Immunotherapeutics CEO Amir Reichman in the press release. “As the lending arm of the European Union, the EIB’s mission includes providing financing to support medical research and improve healthcare. The anticipated adjustment of our financial facility agreement with the EIB will provide much-needed relief to our financial position, thereby helping to clear the path towards developing Scinai into a company that provides significant benefits to patients and investors.”
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About Scinai Immunotherapeutics Ltd.
Scinai Immunotherapeutics is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products primarily for the treatment of autoimmune and infectious diseases. With a state-of-the-art facility for biopharmaceutical product development and manufacturing along with highly experienced pharmaceutical industry leadership, Scinai offers end-to-end boutique CDMO services in parallel to developing its own pipeline of diversified and commercially viable products and platforms beginning with an innovative nanosized VHH antibody, or NanoAb, pipeline targeting diseases with large unmet medical needs. For more information, visit the company’s website at www.Scinai.com.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://ibn.fm/SCNI
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