Vital Therapies Announces Fourth Quarter and Full Year 2017 Financial Results

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SAN DIEGO, March 13, 2018 (GLOBE NEWSWIRE) --  Vital Therapies, Inc. (Nasdaq:VTL), a biotherapeutic company developing ELAD®, a cell-based therapy targeting the treatment of acute forms of liver failure, today announced results for the fourth quarter and fiscal year ended December 31, 2017.

“As VTL-308 nears completion, I am proud of the job our team has done in designing and running this pivotal trial,” said Russell J. Cox, the Company’s Chief Executive Officer.  “Not only do baseline characteristics of subjects continue to track closely to the reference population, but also, blended event rates were found to be consistent with our modeled expectations.  We look forward to reporting topline results in the third quarter, and in the event of a positive outcome, preparing to file a biologics license application next year.”

Cash and cash equivalents at December 31, 2017, totaled $56.9 million compared to $60.0 million at December 31, 2016.  The Company believes its current cash position should provide funding through the first quarter of 2019, well past the expected announcement of VTL-308 top-line trial results.

The Company reported a net loss of $14.6 million for the three months ended December 31, 2017, which compared with a net loss of $11.7 million for the same prior year period.  This resulted in a net loss of $0.35 per share for the three months ended December 31, 2017, as compared to a net loss of $0.37 per share for the corresponding period in 2016, on both a basic and diluted basis.  These per share figures are based on weighted-average common shares outstanding of 42,244,880 shares and 32,083,830 shares, respectively, with the increase in common shares outstanding at December 31, 2017 primarily attributable to shares issued as part of the Company’s follow-on offering in the first quarter of 2017.

Research and development expenses increased to $10.2 million for the three months ended December 31, 2017 as compared to $8.9 million for the three months ended December 31, 2016.  This was primarily due to an increase in clinical trial and related costs in comparison to the prior year period.  General and administrative expenses were $4.6 million for the three months ended December 31, 2017, as compared to $3.0 million for the three months ended December 31, 2016.

The Company will be presenting at the H.C. Wainwright Global Life Sciences Conference on Tuesday, April 10th at 3:50 PM Central European Time (10:50 AM Eastern).  A live webcast of the Company's presentation will be available on the Investor Relations page of the Company's website at: . An archive of the presentation will be available for replay following the conference.

Vital Therapies will host a conference call to discuss these results and provide a corporate update today at 4:30 PM ET, which will be open to the public.  The conference call dial-in numbers are (855) 765-5682 for domestic callers and (919) 825-3204 for international callers.  The conference ID number for the call is 7392256.  Participants can access the live webcast via a link on the Vital Therapies website in the Investor Relations section under “Events” at:  .

For those unable to listen in at the designated time, a conference call replay will be available for one week following the conference call. The conference call replay numbers for domestic and international callers are (855) 859-2056 and (404) 537-3406, respectively. The conference ID number for the replay is 7392256.

Vital Therapies, Inc. is a biotherapeutic company developing a cell-based therapy targeting the treatment of acute forms of liver failure.  The Company’s ELAD System is an extracorporeal human allogeneic cellular liver therapy currently in phase 3 clinical trials. Vital Therapies, Inc. is based in San Diego, California.  Vital Therapies® and ELAD® are trademarks of Vital Therapies, Inc.

Contact: Vital Therapies, Inc.  Al KildaniVice President, Investor Relations and Business Development 858-673-6840




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Globe Newswire: 20:01 GMT Tuesday 13th March 2018

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