BioMedNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Releases FY 2023 Financial Results, Provides Business Update

Company: Scinai Immunotherapeutics Ltd. (SCNI)
Category: News

Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on the development of inflammation and immunology (“I&I”) biological products and on providing contract development and manufacturing organization (“CDMO”) services through its Scinai Bioservices business unit, is reporting its full-year financial results for 2023 along with a company update. Highlights of the report included news that, in the first four months of 2024, the company has received CDMO work orders valued at approximately $500,000, with current guidance for this year of approximately $1.25 million in expected revenues. The report also noted that the company is “aggressively advancing” its NanoAb preclinical development, with promising results obtained in a psoriatic human skin model and the conclusion of an in-vivo proof of concept animal study conducted in collaboration with Professor Amos Gilhar, a world-renowned dermatologist. The company is preparing for a scientific advisory meeting with the Paul Erlich Institute (“PEI”) of Germany, which is considered the European comparable to a pre-IND meeting with the U.S. Food and Drug Administration in the United States. Financial numbers show R&D expensesfor FY 2023 reached $5.2 million, compared to $5.7 million for 2022, with marketing, general and administrative expensesfor the year totaling $4.5 million , compared to $5.3 million for 2022. Financial incometotaled $3.2 million with net loss of $6.5 million with the company reporting cash and cash equivalents and short-term deposits of $4.9 million.

To view the full press release, visit https://ibn.fm/msFcQ

About Scinai Immunotherapeutics Ltd. 

Scinai Immunotherapeutics is a biopharmaceutical company with two complementary business units: one focused on in-house development of inflammation and immunology (“I&I”) biological therapeutic products beginning with an innovative, derisked pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with large unmet medical needs, and the other a boutique CDMO providing biological drug development, analytical methods development, clinical GMP manufacturing, and preclinical and clinical trial design and execution services to early-stage biotech companies. 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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