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Aethlon Medical, Inc. Message Board

  • robert.vince robert.vince Jul 18, 2013 8:56 AM Flag

    AEMD: Recent Progress Helps De-Risk Aethlon

    Zacks mention:
    We have updated our report on Aethlon Medical (OTC BB:AEMD) for their 10-K filing as well as other recent events. See below for access to the full report.
    Aethlon (AEMD) filed their 10-K for the fiscal year ending 3/31/2013 on July 15th. Results (excluding non-cash change in derivative liability expense) remain very much in-line with our estimates. AEMD booked $404k in DARPA contract revenue in Q4 compared to our $380k estimate. Revenue relates to the tenth and eleventh milestones under the DARPA contract (the second and third milestones under the year-2 contract). Subsequent to (in April 2013) the end of fiscal 2013 AEMD booked another $196k related to the twelfth milestone.
    These three milestones are (per AEMD's 10-K):

    Milestone 2.3.2.1 – Demonstrate the effectiveness of the prototype device in vivo in animals preventing platelet activation or clotting in at least a 2 hour blood pumping experiment at 75 mL/min blood flow. The milestone payment amount was $195,581. Management considers this milestone to be substantive as it was not dependent on the passage of time nor was it based solely on another party's efforts. The prototype device was successfully used in vivo in animals preventing platelet activation or clotting in at least a 2 hour blood pumping experiment at 75 mL/min blood flow. The report was accepted by the contracting officer's representative and the invoice was submitted thereafter.

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    • AEMD ON FRON PAGE ON YAHOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

      • 1 Reply to rent4la
      • Not really is like many other sites and caters to your interest but that doesn't mean the story is not good or desirable Info. or that it isn't seen by others or good advertising. AEMD is just getting revved up and we should see some progress in the near future. Right now they are getting everything finalized for trials ect...something that couldn;t complete until the FDA gave it's approval,.

        Sentiment: Strong Buy

    • Milestone M4 – Target capture 50% in 24 hours for at least 5 targets in blood or blood components. The milestone payment was $208,781. Management considers this milestone to be substantive as it was not dependent on the passage of time nor was it based solely on another party's efforts. We demonstrated that we were able to capture 50% in 24 hours for at least 5 of the agreed targets in blood or blood components. The report was accepted by the contracting officer's representative and the invoice was submitted thereafter.

      Milestone 2.3.2.2 (booked in fiscal Q1 2014) – Formulate initial design based on work from previous phase. Begin to build and test selected instrument design and tubing sets. The milestone payment amount was $195,581. Management considers this milestone to be substantive as it was not dependent on the passage of time nor was it based solely on another party's efforts. We demonstrated that we had begun to build and test selected instrument design and tubing sets. The report was accepted by the contracting officer's representative and the invoice was submitted thereafter.

      Through April 2013 AEMD has booked approximately $2.8 million in DARPA revenue and had approximately $790k remaining to invoice under the year 2 contract. As a reminder, DARPA has the option of entering into the remainder of the proposed contract for years three through five, which would pay Aethlon up to an additional $3.2 million, annual payments under which would range between $775k and $1.6 million.

      Q4 operating expenses were $1.3 million, just slightly higher than our $1.2 million estimate. Q4 net income and EPS of ($2.8) million and ($0.02) were below our ($1.0) million and ($0.01) due to a non-cash change in derivative liability expense.

      • 1 Reply to robert.vince
      • Cash
        Aethlon exited fiscal 2013 with $125k in cash and equivalents, compared to $108k at the end of the prior quarter (12/31/2012). Subsequent to fiscal year end the company raised an additional $128k from the sale of equity, entered into $400k in loans from directors of the company and collected $404k from the DARPA contract.

        Cash used in operations was $522k in Q4 ($2.1 million in 12 months ending 3/31/13), compared to $662k in Q3 and $1.8 million in fiscal 2012. AEMD continues to be successful in raising operating capital, raising over $2.1 million from the sale of common stock in fiscal 2013.

        Along with their ongoing ability to continue to raise operating capital, we have been encouraged, from the standpoint of strengthening their financial position and balance sheet, by the success of converting some of their outstanding debt to stock. While a substantial portion of debt remains in default, the company continues to make progress on cleaning up their balance sheet, which we view as meaningful from a de-risking perspective. We reiterate, however, as we have in the past, that Aethlon will need to raise a substantial amount of cash, enter into partnering arrangements or score additional valuable contracts/grants in order to complete the recently announced U.S. safety study and to be able to maintain operations for the longer-term. Nonetheless, we believe management's recent progress should not be marginalized.

 
AEMD
0.1955-0.0095(-4.63%)Apr 13 3:59 PMEDT