BioMedNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Releases Q1 2024 Financial Reports, 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 on its financial results for the quarter ended March 31, 2024; the company also released a business update. Notable financial numbers include R&D expenses for the three-month period totaling $1,568,000; marketing, general and administrative expenses totaling $484,000; financial income totaling $231,000; and net loss reported at $2,159,000; the company also reported cash and cash equivalents and short-term deposits of $4,826,000 as of March 31, 2024. Business highlights include raising $1.69 million in gross proceeds from the exercise of outstanding warrants and the issuance of new warrants as well as regaining compliance with NASDAQ’s minimum $1 bid price requirement. Scinai also received a letter of intent from the EIB outlining the terms for converting the EIB’s loan into equity. The company’s contract development and manufacturing organization (“CDMO”) business unit received work orders valued at approximately $500,000 and is in advanced contract discussions with other potential clients. Scinai is also advancing its NanoAb preclinical development, including preparations for a preclinical toxicology study before beginning a first-in-human clinical trial of a proprietary anti-IL NanoAbs for the treatment of plaque psoriasis and research in additional NanoAbs for treatment of autoimmune diseases such as asthma, atopic dermatitis and wet AMD. Based on current projections and expectations, the company maintains its sales guidance for 2024 of $1.25 million in expected revenues.

To view the full press release, visit https://ibn.fm/7b4g8

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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