On March 29, 2018 Bio-Path Holdings, Inc., (NASDAQ: BPTH), a biotechnology company leveraging its proprietary DNAbilize antisense RNAi nanoparticle technology to develop a portfolio of targeted nucleic acid cancer drugs, reported that data from its Phase 1 study of prexigebersen (BP1001) as a treatment for haematological malignancies was published in the online edition of The Lancet Haematology in an article titled, "Liposomal Grb2 antisense oligodeoxynucleotide (BP1001) in patients with refractory or relapsed haematological malignancies: a single-centre, open-label, dose-escalation, phase 1/1b trial (Press release, Bio-Path Holdings, MAR 29, 2018, View Source [SID1234525801])."

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The single-center, open-label, dose-escalation phase 1/1b trial enrolled and treated 39 subjects (aged ≥18 years) with refractory or relapsed hematologic malignancies at MD Anderson Cancer Center in Houston. The objectives of this study were to establish the toxicity and tolerance of escalating doses of BP1001 monotherapy in patients with refractory or relapsed leukemia, to assess the maximum tolerated dose of BP1001, and to determine the optimal biologically active dose of BP1001, defined as a 50% reduction in Grb2 expression in circulating leukemia cells. The study also assessed the in-vivo pharmacokinetics of BP1001 and tumor response.

The study employed a 3+3 dose escalation strategy, with at least three patients enrolled at each dose level. BP1001 was administered intravenously, twice weekly for 28 days with a starting dose in cohort 1 of 5 mg/m², cohort 2 (10 mg/m²), cohort 3 (20 mg/m²), cohort 4 (40 mg/m²), cohort 5 (60 mg/m²), or cohort 6 (90 mg/m²). Following completion of monotherapy, the safety and toxicity of BP1001 (60 or 90 mg/m²) in combination with 20 mg low-dose cytarabine (twice-daily subcutaneous injections) was evaluated in a phase 1b study in patients with refractory or relapsed acute myeloid leukemia (i.e., those patients who were refractory to at least one previous therapy regimen and no more than one previous salvage regimen).

The study results showed that BP1001 was well tolerated, with early evidence of anti-leukaemic activity in combination with low-dose cytarabine. To further explore this anti-leukaemic activity, BP1001 in combination with low-dose cytarabine combination is being studied in an ongoing phase 2 clinical trial in patients with previously untreated acute myeloid leukaemia who are ineligible for intensive induction therapy.

In addition to the publication of the study results, the article was selected for commentary by Xavier Thomas, MD and Etienne Paubelle, MD, PhD, Department of Hematology, Lyon-Sud Hospital, Pierre Bénite, France. In their view, "Much improvement is still needed in the treatment of these high-risk patients. Because of their specific mechanism of action and their good tolerance, liposome-incorporated antisense oligodeoxynucleotides might be an effective new therapeutic strategy."

"We are delighted to have these very favorable data published in The Lancet Haematology and to have the formal commentary of Drs. Thomas and Paubelle, two recognized international hematologists," noted Peter H. Nielsen, Chief Executive Officer of Bio-Path. "We continue to enroll our Phase 2 study of prexigebersen in patients with untreated acute myeloid leukemia and these anti-leukemic data are especially encouraging."

On March 29, 2018 Altimmune, Inc. (Nasdaq: ALT), a clinical-stage immunotherapeutics company, reported financial results for the year ended December 31, 2017 (Press release, Altimmune, MAR 29, 2018, View Source [SID1234525052]).

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Corporate Highlights

Enrolled first two cohorts of government funded Phase 1 trial of NasoShield, an intranasal vaccine against anthrax infection

Positive data in two Phase 2 clinical programs:

Announced positive proof-of-concept Phase 2 flu vaccine trial results with our NasoVAX vaccine

Announced positive pre-clinical data from the Company’s SparVax-L trial comparing SparVax-L and BioThrax against anthrax infection

Extended its IP protection of NasoShield in the U.S. with a Notice of Allowance from the U.S. Patent Office

Elected Mitchel Sayare, Ph.D., as Chairman of its Board of Directors

Raised approximately $30 million in financing, including through a Series B preferred offering, cash acquired in connection with the reverse merger with PharmAthene and a pre-merger private placement with existing investors, providing cash into the first quarter of 2019
"We have had a very data-rich few weeks with results being reported from our NasoVAX, HepTcell, and SparVax-L programs and moving forward on enrollment in our Phase 1 trial of NasoShield," said William J. Enright, Chief Executive Officer of Altimmune. "We are very excited by the positive results from our NasoVAX trial and look forward to continuing to advance that program. NasoVAX is a very different type of flu vaccine that has tremendous potential as an effective, easy-to-use vaccine that potentially provides better protection than current vaccines. We are also excited by the results on our SparVax-L trial and look forward to moving that program forward once we secure additional government funding. We continue to evaluate our HepTcell results will update investors on our next steps as we better understand those results."

Mr. Enright continued, "operationally, we are pleased with our progress. In 2017 we closed the reverse merger with PharmAthene, allowing us to leverage our resources and create a focused immunotherapeutics company. We strengthened our scientific team with the promotion of Dr. Sybil Tasker to Chief Medical Officer in early 2017. Additionally, in January 2018, Mitchel Sayare, Ph.D. was elected as Chairman of our Board of Directors bringing in-depth biotechnology experience as the former CEO of Immunogen. We anticipate continuing to build on our momentum in 2018 as we move forward with our NasoVAX, SparVax-L and NasoShield programs."

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Financial Results for the Year Ended December 31, 2017

Revenue for the year ended December 31, 2017 was $10.7 million compared to $3.2 million for 2016. The increase was due to $5.7 million increase in revenue from our contract with BARDA and $1.8 million revenue from the NIAID contract we assumed from our merger with PharmAthene in May 2017.

Research and development expenses were $18.4 million for the year ended December 31, 2017 compared to $7.2 million for 2016. The increase in research and development expenses was primarily the result of increases relating to NasoShield, NasoVAX, HepTcell, and SparVax-L clinical and preclinical trial costs, partially offset by $0.5 million reduced spending on the Oncosyn program. Research and development expenses for the year ended December 31, 2016 did not include PharmAthene or costs incurred under the NIAID contract.

General and administrative expenses were $8.5 million for the year ended December 31, 2017, compared to $7.1 million for 2016. The increase was the combined result of increased professional fees related to the merger with PharmAthene and costs incurred by us as a public company, including insurance costs and stock compensation expense, offset by $2.4 million of costs related to our initial public offering incurred in 2016 that did not recur in 2017.

We determined that our goodwill was impaired and a non-cash goodwill impairment charge of $35.9 million was recorded during the year ended December 31, 2017 which was classified as a component of operating expenses. The non-cash charge resulted from our goodwill assessment based on our market capitalization plus an implied control premium relative to the carrying value of our net assets. The non-cash charge has no effect on our current cash balance or operating cash flows.

We recorded an income tax benefit of $5.6 million during the year ended December 31, 2017, which reflected estimated tax refunds we expect to receive from carrying back our 2017 net operating losses to offset the 2016 federal and state income taxes paid by PharmAthene.

Net loss attributable to common stockholders for the year ended December 31, 2017 was $51.4 million compared with $11.5 million for 2016. Excluding the non-cash goodwill impairment charges, net loss attributable to common stockholders for the year ended December 31, 2017 was $15.4 million compared to $11.5 million for 2016.

Net loss per share attributable to common stockholders for the year ended December 31, 2017 was ($4.01) compared with ($1.66) for 2016. Excluding the non-cash goodwill impairment charges, net loss per share attributable to common stockholders for the year ended December 31, 2017 was ($1.21), compared to ($1.66) for 2016.

At December 31, 2017, the Company had cash, cash equivalents, and restricted cash of approximately $12.3 million, of which $3.5 million was restricted under the terms of the Series B preferred offering.

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Non-GAAP Measures

To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this press release includes a discussion of adjusted net loss attributable to common stockholders and adjusted net loss per share attributable to common stockholders, in each case adjusted for the loss due to a goodwill impairment charge. The Company believes that these non-GAAP measures, when taken into consideration with the corresponding GAAP financial measures, provide investors with meaningful comparisons of current results to prior period results by excluding items that the Company does not believe reflect its fundamental business performance. See the attached schedule for a reconciliation of net loss to adjusted net loss and loss per share to adjusted loss per share for the twelve months ended December 31, 2017 and 2016.

On March 28, 2018 -Alpine Immune Sciences, Inc. (NASDAQ:ALPN), a company focused on discovering and developing innovative, protein-based immunotherapies targeting the immune synapse to treat cancer, autoimmune, and inflammatory diseases, reported financial results for the year ended December 31, 2017 (Press release, Alpine Immune Sciences, 28 28, 2018, View Source;oq=Alpine+Immune+Sciences+Provides+Corporate+Update+and+Reports+Full+Year+2017+Financial+Results&aqs=chrome..69i57j69i60l2.1122j0j7&sourceid=chrome&ie=UTF-8 [SID1234525043]).

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"We expect to file an IND in the fourth quarter of 2018 for our lead autoimmune/inflammatory program ALPN-101, a potential first-in-class dual ICOS/CD28 antagonist, and an IND in 2019 for our lead oncology program ALPN-202, a dual PD-L1/CTLA-4 antagonist with CD28 costimulation."

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"We are pleased with the progress we have made and look forward to having two programs entering clinical trials from our proprietary Variant Immunoglobulin Domain (vlgD) technology. The preclinical data we have generated supports the biologic rationale of our approach and we believe Alpine is at the forefront of next-generation therapeutics capable of both inhibiting and/or activating multiple human immune system proteins simultaneously," said Mitchell H. Gold, M.D., Executive Chairman and Chief Executive Officer of Alpine. "We expect to file an IND in the fourth quarter of 2018 for our lead autoimmune/inflammatory program ALPN-101, a potential first-in-class dual ICOS/CD28 antagonist, and an IND in 2019 for our lead oncology program ALPN-202, a dual PD-L1/CTLA-4 antagonist with CD28 costimulation."

Alpine will present a poster at the upcoming 2018 American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting. The poster will show data from preclinical experiments in the ALPN-202 program, which is based on a single vIgD protein capable of modulating multiple immune system targets for the treatment of cancer. Alpine’s CD80 vIgD-Fc fusion proteins are capable of antagonizing both PD-L1 and CTLA-4, while providing T cell costimulation via CD28.

Poster Title: CD80 vlgD-Fc proteins combine checkpoint antagonism and costimulatory signaling for potent antitumor immunity
Session Category: Clinical Research
Session Title: Immune Checkpoints 4
Session Date and Time: Tuesday, April 17, 2018 – 1:00 PM – 5:00 PM
Location: McCormick Place South, Exhibit Hall A, Poster Section 25
Poster Board #: 5
2017 Highlights

Completion of Preferred Financing and Merger with Nivalis Therapeutics: On July 24, 2017, Alpine closed its merger with Nivalis Therapeutics. The combined company, named Alpine Immune Sciences, Inc., began trading on the NASDAQ Global market on July 25, 2017 under the ticker symbol "ALPN". Upon completion of the merger, Alpine had approximately $90 million in cash, cash equivalents, and short-term investments. This included $17.0 million in proceeds from the purchase of Alpine convertible preferred shares immediately prior to the merger from current Alpine investors OrbiMed Advisors, Frazier Healthcare Partners, and Alpine BioVentures at a purchase price of $12.74 per share.

American College of Rheumatology/Association of Rheumatology Health Professionals (ACR/ARHP): Alpine’s poster at the 2017 ACR/ARHP Annual Meeting disclosed preclinical studies evaluating ALPN-101 program dual ICOS/CD28 antagonists generated by Alpine’s directed evolution platform. ICOSL vIgD-Fc fusion proteins demonstrated potent activity in an animal model of rheumatoid arthritis and in a humanized mouse model of graft vs. host disease (GvHD), suggesting ALPN-101 candidates could have potential clinical utility in multiple inflammatory diseases.

American Society of Hematology (ASH) (Free ASH Whitepaper): At the 59th Annual ASH (Free ASH Whitepaper) Meeting & Exposition, Alpine’s poster disclosed results from a preclinical study of the Company’s lead program, ALPN-101, in a humanized model of graft vs. host disease (GvHD). Results showed Alpine’s ICOSL vlgD-Fc fusion proteins demonstrated therapeutic efficacy, reducing GvHD disease activity and improving survival.

San Antonio Breast Cancer Symposium (SABCS): Alpine’s poster at the 40th Annual SABCS disclosed preclinical data combining vIgDs generated by its novel directed evolution platform with the monoclonal antibody trastuzumab. Alpine scientists fused a costimulatory ICOS/CD28 vIgD to trastuzumab with the goal of activating T cells against HER2-positive tumors in the tumor microenvironment. Results showed these trastuzumab-ICOSL "V-mAbs" promoted T cell proliferation and cytokine secretion.

Society for the Immunotherapy of Cancer (SITC) (Free SITC Whitepaper): At the SITC (Free SITC Whitepaper) 32nd Annual Meeting, Alpine’s poster disclosed distinct preclinical data from multiple novel immuno-oncology programs, all also generated from its vlgD technology. Multiple formats of vIgD-based proteins were functionally active, utilizing multiple mechanisms of action. Some suppressed tumors in an animal model. The demonstrated versatility of the scientific platform suggests it has the potential to contribute to the next generation of immuno-oncology therapeutics.

Full Year 2017 Financial Results

As of December 31, 2017, Alpine had cash, cash equivalents, and short-term investments totaling $81.2 million. Net cash used in operating activities for the year ended December 31, 2017 was $16.6 million compared to $3.8 million for the year ended December 31, 2016. Alpine recorded a net loss of $7.8 million and $1.2 million for the years ended December 31, 2017 and 2016, respectively.

Collaboration revenue for the year ended December 31, 2017 was $1.7 million compared to $2.9 million for the year ended December 31, 2016. The decrease was primarily attributable to the timing of revenue recognized under Alpine’s collaboration agreement with Kite Pharma, Inc., a Gilead (NASDAQ:GILD) company. As previously announced, under the terms of this research collaboration and license agreement, Alpine received upfront payments of $5.5 million, which were initially recorded as deferred revenue and expensed over the period of the research term. The research term of the agreement with Kite was extended in October 2017.

Research and development expenses for the year ended December 31, 2017 were $10.6 million compared to $3.0 million for the year ended December 31, 2016. The increase was primarily attributable to an increase in direct research, contract manufacturing, and process development activities to support ALPN-101, plus increases in research personnel related to expanding research and discovery programs and associated overhead and facility costs.

General and administrative expenses for the year ended December 31, 2017 were $6.1 million compared to $1.1 million for the same period in 2016. The increase was primarily attributable to professional and legal service fees to support the merger with Nivalis and operating as a public company, in addition to personnel-related expenses and costs associated with expanding the company’s operations as it accelerates preclinical activity.

The excess of the estimated fair value of net assets acquired over the acquisition consideration paid for Nivalis resulted in a bargain purchase gain to the statement of operations. This is a non-cash item.

Cash Guidance

The company expects to have cash to fund operations into 2020, including the clinical advancement of its lead autoimmune/inflammatory program, ALPN-101, and its lead oncology program, ALPN-202.

Alpine Immune Sciences, Inc. is focused on developing novel protein-based immunotherapies using its proprietary variant Ig Domain (vIgD) technology. vIgDs are designed to interact with multiple targets, including many present in the immune synapse. Alpine’s vIgDs are developed using its directed evolution platform, which produces proteins capable of either enhancing or diminishing an immune response and thereby may potentially apply therapeutically to cancer, autoimmune, and inflammatory diseases. Alpine has also developed Transmembrane Immunomodulatory Protein (TIP) technology, based on vIgDs, to potentially enhance engineered cellular therapies. For more information, visit www.alpineimmunesciences.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical fact and include statements regarding Alpine’s platform technology, potential therapies, potential milestone and royalty payments, future development plans, clinical and regulatory objectives and the timing thereof, expectations regarding the sufficiency of cash to fund operations into 2020, expectations regarding the plans of its collaborator, and expectations regarding the potential efficacy and commercial potential of Alpine’s and its collaborator’s product candidates. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "intend," and other similar expressions among others. These forward-looking statements are based on current assumptions involving risks, uncertainties, and other factors that may cause actual results, events, or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: Alpine’s discovery-stage and pre-clinical programs may not advance into the clinic or result in approved products on a timely or cost-effective basis or at all; Alpine may not achieve additional milestone payments pursuant to its collaborations; the impact of competition; adverse conditions in the general domestic and global economic markets; as well as the other risks identified in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof, Alpine undertakes no obligation to update forward-looking statements, and readers are cautioned not to place undue reliance on such forward-looking statements.

"Transmembrane Immunomodulatory Protein," "TIP," "Variant Ig Domain," "vIgD," and the Alpine logo are registered trademarks or trademarks of Alpine Immune Sciences, Inc. in various jurisdictions. All other trademarks belong to their respective owne

On April 28, 2018 Ipsen (Euronext: IPN; ADR: IPSEY) reported that the European Medicines Agency (EMA), the European regulatory authority, has validated the filing of a new application for an additional indication for Cabometyx, for patients with previously treated advanced Hepatocellular Carcinoma (HCC) (Press release, Ipsen, MAR 28, 2018, View Source [SID1234525464]).

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The filing is based on the results of the global placebo-controlled phase 3 CELESTIAL trial which met its primary endpoint of overall survival (OS), with cabozantinib providing a statistically significant improvement and clinically meaningful improvement in median OS compared with placebo in patients with advanced hepatocellular carcinoma who have been previously treated with sorafenib.

Alexandre Lebeaut, MD, Executive Vice-President, R&D, Chief Scientific Officer, Ipsen, said:

"This milestone is an important step forward for the cabozantinib ongoing development program
across solid tumors, with the potential, if approved, to provide patients with advanced HCC – which is still an unmet medical need – with a new oral systemic treatment."

On March 28, 2018 Aeterna Zentaris Inc. (NASDAQ:AEZS) (TSX:AEZS) reported financial and operating results for the fourth quarter and year ended December 31, 2017 (Press release, AEterna Zentaris, MAR 28, 2018, View Source [SID1234525022]).

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All Amounts are in U.S. Dollars

Recent Key Developments

U.S. Food and Drug Administration (FDA) granted marketing approval for Macrilen

Marketing Authorization Application (MAA) for the use of Macrilen (macimorelin) for the evaluation of AGHD was accepted by the European Medicines Agency (EMA) for regulatory review

Macrilen(macimorelin) License and Assignment Agreement to Strongbridge Biopharma completed

Financial condition and capital structure improved

As of December 31, 2017, we had $7.8 million of unrestricted cash and cash equivalents at year-end and no third-party debt;

Upfront payment of $24 million received from Strongbridge in January 2018

Approximately 16,440,760 Common Shares outstanding as of March 27, 2018

Appointment of James Clavijo as Chief Financial Officer
Commenting on recent key developments, Michael V. Ward, President and Chief Executive Officer for Aeterna Zentaris, stated, "We made a positive transformation in the fourth quarter 2017 when we pursued out-licensing to maximize shareholder value and now are focused on the flawless execution of the contractual obligations with Strongbridge. We have been working with the exceptional leadership team at Strongbridge to transition Macrilen and are on target to support their efforts to successfully launch Macrilen as early as possible."

Mr. Ward continued his commentary with an update on the development of Macrilen. "We are now in a better position to maximize additional value of Macrilen by licensing in territories outside of the United States and Canada. We have continued adjustment of the operating plan in Germany and the United States to reduce non-essential expenses. We further enhanced our operations with the appointment of James Clavijo as Chief Financial Officer on March 5, 2018. James is highly-skilled at building effective financial systems, organization restructuring, and developing solutions leading to financial and operational improvements."

Financial Highlights

Revenues $0.9 million

Research and Development ("R&D") Costs $10.7 million

General and Administrative ("G&A") Expenses $8.2 million

Selling Expenses $5.1 million

Net Finance Costs Income $2.8 million

Income Tax Recovery $3.5 million

Net Loss $16.8 million

Working Capital $3.6 million

Fourth Quarter and Full-Year Highlights

Revenues

Sales commission and other were $0.1 million and $0.5 million for the three and twelve months ended December 31, 2017 and $0.1 million and $0.4 million for the same periods in 2016, and thus increased in 2017 as compared to 2016. In 2017, those revenues mainly resulted from our sales team exceeding pre-established unit sales baseline thresholds under our co-promotion agreement to sell Saizen. We also generated sales commission in connection with our promotion of APIFINY. In the corresponding periods in 2016, sales commission and other revenues were mainly related to EstroGel.

License fees were $0.1 million and $0.5 million for the three and twelve months ended December 31, 2017, as compared to $0.2 million and $0.5 million for the same periods in 2016.

The Company currently has deferred revenues at December 31, 2017 of $541,000 relating to non-refundable upfront payments it previously received for licensing and technology transfer arrangements that it entered into with respect to the development of Zoptrex in various territories. Due to events that occurred in 2018, the Company does not anticipate development of Zoptrex under the licensing agreements, therefore the Company’s remaining carrying amount of deferred revenues will be recognized in the first quarter of 2018 as income.

Operating Expenses

R&D costs were $0.5 million and $10.7 million for the three and twelve months ended December 31, 2017, compared to $4.6 million and $16.5 million for the same periods in 2016. R&D costs decreased for the three-month and twelve-month periods ended December 31, 2017 as compared to the same period in 2016. The decrease in R&D costs is mainly attributable to lower comparative third-party costs, as described below, partially offset by the recording, in the third quarter of 2017, of a provision in connection with the 2017 German Restructuring.

Additionally, the decrease in our R&D costs for the twelve months ended December 31, 2017, as compared to the same period in 2016, is attributable to lower employee compensation and benefits costs, lower facilities rent and maintenance costs as well as lower other costs. A substantial portion of this decrease is due to the realization of cost savings in connection with our ongoing efforts to streamline our R&D activities and to increase our commercial operations and flexibility by reducing our R&D staff, which was started in 2014 (the "Resource Optimization Program"). The R&D costs for the year ended December 31, 2017 were lower than anticipated mainly because we were able to negotiate reductions to a change order received from our principal R&D third-party service provider.

Third-party costs attributable to Zoptrex decreased during the three and twelve months ended December 31, 2017, as compared to the same period in 2016, mainly since we closed out the study and related activities in the second quarter following the negative Zoptrex top-line results on May 1, 2017. The negative costs for the three-month period ended December 31, 2017 are mainly explained by lower close out costs as compared to the accrual made in the second quarter.

Third-party costs attributable to Macrilen (macimorelin) decreased during the three and twelve months ended December 31, 2017, as compared to the same period in 2016. This is mainly since we completed the Phase 3 clinical trial at the end of 2016. The costs incurred in 2017 related to the detailed analysis of the top-line results as well as the preparation of the NDA filing which was submitted on June 30, 2017. The costs reversal in the fourth quarter of 2017 are explained mainly by the reductions to close out costs.

Excluding the impact of foreign exchange rate fluctuations, we expect that we will incur overall R&D costs of between $1.0 million and $2.0 million for the year ended December 31, 2018.

G&A expenses were $2.8 million and $8.2 million for both the three and twelve-month periods ended December 31, 2017, as compared to $1.8 million and $7.1 million for the same periods in 2016. The increase in our G&A costs for the three and twelve months ended December 31, 2017, as compared to the same period in 2016, is mainly due to outside legal costs. The G&A expenses are in line with expectations.

Excluding the impact of foreign exchange rate fluctuations and the recording of transaction costs related to potential financing activities (not currently known or estimable), we expect that G&A expenses will range between $9.0 million and $11.0 million in 2018.

Selling expenses were $0.5 million and $5.1 million for the three and twelve months ended December 31, 2017, as compared to $1.5 million and $6.7 million for the same periods in 2016. Selling expenses for the three and twelve months ended December 31, 2017 and 2016 represent mainly the costs of our sales force related to the co-promotion activities as well as our sales management team. The decrease in selling expenses is explained by the elimination of sales representatives. In the fourth quarter, we eliminated all sales representatives as part of the restructuring efforts. Based on currently available information, we expect selling expenses to range between $0.2 million and $0.5 million in 2018.

Other Income (Costs)

Net finance income (costs) was $(0.4) million and $2.8 million for the three and twelve months ended December 31, 2017, as compared to $(0.6) million and $4.5 million, for the same periods in 2016. The decrease in finance income is mainly attributable to the change in fair value of warrant liability. Such change in fair value results from the periodic "mark-to-market" revaluation, via the application of pricing models, of outstanding share purchase warrants. The closing price of our common shares, which, on the NASDAQ, fluctuated from $0.84 to $3.65 during the twelve-month period ended December 31, 2017, compared to $2.67 to $4.94 during the same period in 2016, also had a direct impact on the change in fair value of warrant liability.

Net Loss

Net loss for the three and twelve months ended December 31, 2017 was $0.5 million and $16.8 million (or $0.03 and $1.12 per share), as compared to a net loss of $8.2 million and $25.0 million (or $0.71 and $2.41 per share) for the same periods in 2016. The decrease in net loss for the three-month period ended December 31, 2017 is a result of the reduction in third party R&D costs. The reduction is attributed to closing out the Zoptrex study and successful completion in the U.S. of the Macrilen (macimorelin) filing.

Liquidity

Our operations and capital expenditures have been financed through certain transactions impacting our cash flows from operating activities, public equity offerings and issuances under various ATM programs.

At December 31, 2017, we had $7.8 million of cash and cash equivalents. We expect existing cash balances and operating cash flows (including the upfront cash payment of $24 million from Strongbridge discussed below) will provide us with adequate funds to support our current operating plan for at least the next twelve months.

Conference Call

The Company will host a conference call to discuss these results on Wednesday, March 28, 2017, at 8:30 a.m., Eastern Time. Participants may access the conference call by telephone using the following dial-in numbers:

Toll-Free: 877-407-8029, Confirmation #13677806

Toll: 201-689-8029, Confirmation #13677806
A replay of the conference call will also be available on the Company’s website for a period of 30 days.

For reference, the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the fourth quarter and full year 2017, as well as the Company’s audited consolidated financial statements as at December 31, 2017, 2016 and 2015, can be found at www.aezsinc.com in the"Investors" section