NEW YORK, NY / ACCESSWIRE / April 10, 2018 / SeeThruEquity, a leading independent equity research and corporate access firm focused on small-cap and micro-cap public companies, today announced it has issued an update on Amarantus Bioscience Holdings, Inc. (OTC PINK: AMBS).
The report is available here: AMBS April 2018 Update Note.
Based in San Francisco, CA, Amarantus Bioscience Holdings, Inc. (OTC PINK: AMBS, "Amarantus") is a biotechnology company developing treatments and diagnostics for diseases in orphan neurologic, regenerative medicine and ophthalmic therapies, through three wholly-owned subsidiary companies. The company's Elto Pharma subsidiary has development rights to eltoprazine, a Phase 2b-ready small molecule indicated for Parkinson's disease levodopa-induced dyskinesia (PD-LID), Alzheimer's aggression and adult ADHD. Amarantus has also acquired the rights to the Engineered Skin Substitute program (ESS), a Phase 3 ready regenerative medicine-based approach for treating severe burns with full-thickness autologous skin grown in tissue culture, which is being pursued by its subsidiary Cutanogen Corporation. Amarantus' subsidiary MANF Therapeutics, Inc. is developing pre-clinical products as treatments for brain and ophthalmic disorders, which were discovered by CEO John Commissiong, PhD using its proprietary discovery engine PhenoGuard. AMBS also owns approximately 79.25mn shares of Avant Diagnostics, Inc. (AVDX) via the 2016 sale of its subsidiary Amarantus Diagnostics, Inc.
Highlights from the report include:
We are updating our coverage of Amarantus following recent events, which include the completion of a tender exchange, which is expected to provide a clean path to new capital, as well as the hiring of a new COO/CFO, in addition to further clinical activities. Highlights of recent activities include:
- Amarantus disclosed that it has completed an exchange of outstanding securities with holders of approximately 96% of the outstanding convertible securities eligible to participate in the tender exchange announced in October 2017. As part of the exchange, holders of $8.43mn in senior secured convertible debt received new secured convertible notes with a principle of $6.74mn. Holders of $13.9mn Series E and Series H convertible preferred stock received new unsecured convertible notes with a principal amount of $10.43mn. Holders have agreed to a moratorium on conversions to equity until nine months following the tender exchange, and will then be able to do so in four agreed upon intervals over the following year.
- On April 5, 2018, Amarantus announced the appointment of Barney Monte as Interim Chief Operating Officer and Chief Financial Officer. Mr. Monte brings more than 20 years of experience to Amarantus, including roles in capital markets, private equity, and investment banking. Mr. Monte co-founded Ozado Partners LLC, a direct investment and merchant bank, and has acted as a principal and agent in more than $10 billion of transactions over his career.
- AMBS also announced that it had re-acquired the remaining rights held by Avant Diagnostics, Inc. (AVDX) to neurology-focused diagnostic tests LymPro Test, MSPrecise and NuroPro. As part of the announcement, CEO Gerald Commissiong stated that Amarantus intends to assign these diagnostic assets to a new subsidiary that aligns with Amarantus' holding company business model.
No change to target
We recently updated the price target for AMBS to $0.65 based on the potential value from advancing candidates at Elto Pharma and Cutanogen, taking into consideration the liabilities at the AMBS level. We see the AMBS as a high risk, high potential reward company emerging from distressed status.
Please review important disclosures in the report and on our website at www.seethruequity.com.
About Amarantus Bioscience Holdings, Inc.
Amarantus Bioscience Holdings (AMBS) is a biotechnology company developing treatments and diagnostics for diseases in the areas of neurology, regenerative medicine and orphan diseases through its subsidiaries. AMBS' wholly-owned subsidiary Elto Pharma, Inc. has development rights to eltoprazine, a Phase 2b-ready small molecule indicated for Parkinson's disease levodopa-induced dyskinesia, Alzheimer's aggression and adult ADHD. AMBS acquired the rights to the Engineered Skin Substitute program (ESS), a regenerative medicine-based approach for treating severe burns with full-thickness autologous skin grown in tissue culture that is being pursued by AMBS' wholly-owned subsidiary Cutanogen Corporation. AMBS' wholly-owned subsidiary MANF Therapeutics, Inc. owns key intellectual property rights and licenses from a number of prominent universities related to the development of the therapeutic protein known as mesencephalic astrocyte-derived neurotrophic factor (MANF). MANF Therapeutics, Inc. is developing MANF-based products as treatments for brain and ophthalmic disorders. MANF was discovered by the Company's Chief Scientific Officer John Commissiong, PhD. Dr. Commissiong discovered MANF from AMBS' proprietary discovery engine PhenoGuard. AMBS also owns approximately 80 million shares of Avant Diagnostics, Inc. via the sale of its wholly-owned subsidiary Amarantus Diagnostics, Inc. that occurred in May 2016. www.Amarantus.com.
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