CohBar (COB.U): Q4 Results plus New CEO Simon Allen

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CohBar, Inc. (OTCQX: CWBR and TSXV: COB.U), an innovative biotechnology company focused on developing mitochondria-based therapeutics (MBTs) to treat diseases associated with aging, reported financial results for the fourth quarter ended December 31, 2015.

“The CohBar team made significant progress in the fourth quarter in advancing our lead MOTS-c program and underlying technology,” said Simon Allen, CohBar’s newly-appointed CEO, “and expanded the company’s communications programs to broaden investment market awareness of our unique platform for research and development of mitochondria-based therapeutics. At the same time, our founders continue to be recognized as leading experts and innovators in the field of aging, and are bringing increased awareness to the age-related diseases that we are targeting with our therapeutics.”

Fourth Quarter Business Highlights and Developments

During the quarter, the company continued to focus on increasing awareness in the investment community through its investor relations activities and communications outreach programs:

  • CohBar was added to the OTCQX Composite Index in October. The OTCQX Composite Index tracks the overall performance of the OTCQX marketplace. The index highlights the most transparent, investor-focused companies trading in the OTC marketplaces.
  • The company also presented at the OTCQX Life Sciences Virtual Investors Conference in October, which featured live webcast presentations by senior executives from OTCQX-traded life science companies showcasing their investment profiles to prospective investors.
  • CohBar participated in the Torrey Hills Capital Emerging Growth Conference in November, and subsequently engaged Torrey Hills Capital to provide market awareness and investor relations services to the company. CohBar also completed a successful multi-city California roadshow in February, the first in a planned series of investor presentations organized by Torrey Hills Capital for various US regions throughout the year.
  • CohBar presented to investors at the GCFF Vancouver Conference in November as a follow-on to our presentation at the GCFF Toronto Conference in September.The Global Chinese Financial Forum (GCFF) is the most prominent series of bi-lingual financial forums across both North America and China.
  • The company released its Vision Video in November featuring its founders, scientists and management. The video describes the company’s vision and mission for increasing healthy lifespan through the development of mitochondria-based therapeutics. The video was produced by MacDougall Biomedical Communications, and is available on the company’s website at

CohBar’s founders again received public recognition during the quarter for their leadership in the study of aging and for innovations in the treatment of diseases associated with aging:

  • Dr. Nir Barzilai was featured on the National Geographic Channel and the BBC World News. “The Age of Aging” episode from theBreakthroughdocu-series by filmmaker Ron Howard highlighted Dr. Barzilai’s and his colleagues’ efforts working with the FDA to advance an unprecedented clinical trial design for a drug targeting the process and diseases of aging:
  • Dr. Barzilai’s subsequent interview with the BBC World News further highlighted the proposed FDA “TAME” study .
  • Dr. Pinchas Cohen was named to the Advisory Board for the Milken Institute Center for the Future of Aging. The Center assembles top experts on aging, and their new advisory board includes respected thought leaders committed to change. With a mission to advance healthy, productive and purposeful aging, the Center for the Future of Aging is recognized as a hub for thought leadership in the United States and around the world.

Summary of Fourth Quarter Financial Results:

  • Cash and Investments. CohBar had cash and investments of $10,291,487 on December 31, 2015, compared to $1,194,492 on December 31, 2014.
  • R&D Expenses. Research and development expenses were $709,146 for the three months ended December 31, 2015, compared to $174,259 for the same period in the prior year, a $534,887 increase. The increase in research and development expenses was primarily due to an increase in compensation expenses associated with the timing of the hiring of laboratory personnel, an increase in preclinical studies and supplies related to efforts to develop optimized MBT candidates and an increase in rent expense related to new and expanded lab space.
  • G&A Expenses. General and administrative expenses were $440,321 for the three months ended December 31, 2015, compared to $318,742 for the same period in the prior year period, a $121,579 increase. The increase in general and administrative expenses was primarily due to an increase in compliance and investor relations costs associated with being a publicly traded company, and an increase in professional fees associated with intellectual property filings and the costs of recruiting for the company’s new Chief Executive Officer. The increases in general and administrative expenses were offset by a decrease in compensation expenses primarily due to lower stock based compensation costs in the current year quarter.
  • Net Loss. For the three months ended December 31, 2015, net loss was $1,150,160, or $0.04 per share basic and diluted, compared to a net loss of $495,086, or $0.04 per share basic and diluted, for the three months ended December 31, 2014.

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