Medgenics Announces Third Quarter 2016 Financial Results

Medgenics, Inc. (NASDAQ: MDGN) today released third quarter 2016 financial results. The company, which focuses on genomic medicine, also provided a business update.
According to the press release:

“Gross and net research and development expenses for the three months ended September 30, 2016 were $7.73 million and $7.53 million, respectively, increasing from $4.57 million and $4.20 million, respectively, for the same period in 2015 mainly due to increased sub-contractor costs to advance the Company’s clinical activities related to the NFC-1 (MDGN-001) program.”

CEO Mike Cola said the following:

“We are pleased with the Company’s accomplishments during the first nine months of 2016. The phenotype/genotype data presented during the recent AACAP conference confirms the prevalence of mGluR mutations in the targeted pediatric and adolescent ADHD populations, and demonstrates the Company’s ability to identify genetically stratified patient populations.”

Read the full press release here.