Enanta Pharmaceuticals Announces Financial Results for the Second Fiscal Quarter and Six Months Ended March 31, 2013
Revenue for the three months ended
Research and development expenses totaled
General and administrative expenses totaled
Net loss for the three months ended
Cash, cash equivalents and marketable securities totaled
“With our successful initial public offering in March, Enanta remains well-funded and positioned to advance our proprietary HCV assets through early clinical development and to fund new research and development activities,” stated
Recent Developments
- A milestone payment of
$11 million was received fromNovartis in January for the initiation of a Phase 1 clinical trial that includes EDP-239. EDP-239 is Enanta’s NS5A inhibitor for Hepatitis C Virus (HCV) which is being developed byNovartis . - The Company closed its IPO on
March 26, 2013 resulting in net proceeds of$59.9 million . - New data on HCV protease inhibitor ABT-450 from the "Aviator" study, a Phase 2b interferon-free combination study being performed by
AbbVie , was presented inApril 2013 at the Annual Meeting of theEuropean Association for the Study of the Liver (EASL). 12 weeks of treatment demonstrated high SVR12 and SVR24 rates of 99% and 96%, respectively, in patients new to treatment (naïve) and SVR12 and SVR24 rates of 93% in patients who had previously failed treatment with pegylated interferon and ribavirin (null responders). - Breakthrough Therapy designation was granted by the
U.S. Food and Drug Administration to AbbVie’s investigational HCV combination treatment regimen containing ABT-450, Enanta’s lead protease inhibitor.
Upcoming Events and Presentations
Enanta management will present a corporate overview at the following investor conferences:
- Jefferies 2013 Healthcare Conference,
June 3-6, 2013 ,New York Wells Fargo Securities 2013 Healthcare Conference,Boston ,June 18-19 , 2013JMP Securities Healthcare Conference ,July 9-10, 2013 ,New York
Presentations related to ABT-450
- Digestive Disease Week,
Orlando, FL ,May 20, 2013 Maribel Rodriguez-Torres , et al.
"Interferon-Free Regimens of ABT-450/r, ABT-267, ABT-333 and Ribavirin Achieve High Sustained Virologic Response 4 Weeks Post-Treatment (SVR4) Rates in Patients with Chronic HCV Genotype 1 Regardless of Race, Ethnicity, or other Baseline Characteristic"
About Enanta
Forward Looking Statements Disclaimer
This press release contains forward-looking statements, including statements with respect to the prospects for clinical development of ABT-450 and EDP-239, funding and prospects for Enanta’s other proprietary programs, and the Breakthrough Therapy designation that the
ENANTA PHARMACEUTICALS, INC. |
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CONDENSED STATEMENT OF OPERATIONS | ||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenue | $ | 1,196 | $ | 36,565 | $ | 29,055 | $ | 37,306 | ||||||||||
Operating expenses | ||||||||||||||||||
Research and development | 3,855 | 3,263 | 8,653 | 5,935 | ||||||||||||||
General and administrative | 1,342 | 1,207 | 2,494 | 2,458 | ||||||||||||||
Total operating expenses | 5,197 | 4,470 | 11,147 | 8,393 | ||||||||||||||
Income from operations | (4,001) | 32,095 | 17,908 | 28,913 | ||||||||||||||
Other income (expense) | ||||||||||||||||||
Interest income | 47 | 15 | 82 | 29 | ||||||||||||||
Interest expense | (9) | - | (16) | - | ||||||||||||||
Change in fair value of warrant liability | 214 | 1 | 234 | 10 | ||||||||||||||
Total other income (expense), net | 252 | 16 | 300 | 39 | ||||||||||||||
Net income (loss) | (3,749) | 32,111 | 18,208 | 28,952 | ||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value |
(1,244) | (1,331) | (2,526) | (2,705) | ||||||||||||||
Net income (loss) allocable to participating securities | - | (25,279) | (12,329) | (21,802) | ||||||||||||||
Net income (loss) allocable to common stockholders | (4,993) | 5,501 | 3,353 | 4,445 | ||||||||||||||
Net income (loss) per share allocable to common stockholders: | ||||||||||||||||||
Basic | (2.28) | 2.41 | 1.21 | 2.06 | ||||||||||||||
Diluted | (2.28) | 2.17 | 1.09 | 1.87 | ||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||
Basic | 2,192,470 | 1,088,251 | 1,669,578 | 1,053,912 | ||||||||||||||
Diluted | 2,192,470 | 2,536,900 | 3,084,084 | 2,377,211 |
ENANTA PHARMACEUTICALS, INC. |
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CONDENSED BALANCE SHEET DATA | ||||||||||||
(In thousands) | ||||||||||||
March 31, | September 30, | |||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 74,464 | $ | 10,511 | ||||||||
Short-term marketable securities | 34,647 | 33,251 | ||||||||||
Accounts receivable | 669 | 1,049 | ||||||||||
Unbilled receivable | 768 | 1,893 | ||||||||||
Prepaid expenses and other current assets | 1,116 | 604 | ||||||||||
Total current assets | 111,664 | 47,308 | ||||||||||
Property and equipment, net | 876 | 611 | ||||||||||
Long-term marketable securities | 12,629 | 1,656 | ||||||||||
Restricted cash | 436 | 436 | ||||||||||
Other assets | 22 | 2,151 | ||||||||||
Total assets | $ | 125,627 | $ | 52,162 | ||||||||
Liabilities and Stockholders' Equity (Deficit) | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 2,371 | $ | 1,851 | ||||||||
Accrued expenses | 2,465 | 3,866 | ||||||||||
Deferred Revenue | 115 | 17 | ||||||||||
Total current liabilities | 4,951 | 5,734 | ||||||||||
Warrant liability | 1,767 | 2,001 | ||||||||||
Other long-term liabilities | 534 | 498 | ||||||||||
Total liabilities | 7,252 | 8,233 | ||||||||||
Total stockholders' equity (deficit) | 118,375 | (115,353) | ||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 125,627 | $ | 52,162 |
Source:
Investor Contact
Enanta Pharmaceuticals, Inc.
Carol Miceli, 617-607-0710
cmiceli@enanta.com
or
Media Contact
MacDougall Biomedical Communications
Kari Watson, 781-235-3060
kwatson@macbiocom.com
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