Furiex Pharmaceuticals, Inc. (Nasdaq: FURX) today reported its
financial and operating results for the quarter ended September 30,
2011. Furiex was spun off from PPD, Inc. as a separate public
company effective June 14, 2010. As a result, the Furiex financial
information prior to that date was derived from PPD’s discovery
sciences segment and does not reflect the consolidated results of
operations or cash flows of the company had it been a separate,
stand-alone entity.
Furiex recorded third quarter royalty revenues of $1.3 million,
compared to $0.3 million for the same period in the prior year.
Royalty revenue included royalties related to Priligy™ sales in
various countries outside of the United States and Nesina® sales in
Japan.
Research and development expenses were $12.0 million for the
quarter ended September 30, 2011, compared to $20.0 million for the
same period in the prior year. The decrease of $8.0 million in
research and development expenses was a result of an approximate
$10.8 million decrease in development costs related to the two
therapeutic compounds licensed from Janssen Pharmaceutica N.V. in
November 2009, MuDelta and JNJ-Q2, offset by a $2.8 million
increase in development costs associated with the novel statin,
PPD-10558.
Third quarter selling, general and administrative expenses were
$2.1 million for 2011, compared to $1.5 million for the third
quarter of 2010. The increase in selling, general and
administrative expenses was the result of additional costs
associated with legal and consulting services of $0.5 million in
the third quarter of 2011.
Operating loss was $12.9 million for the third quarter of 2011,
compared to $21.2 million for the third quarter of 2010. Net loss
of $13.0 million in the third quarter of 2011 represents an $8.2
million decrease from net loss of $21.2 million in the third
quarter of 2010. The decrease in operating and net loss during the
third quarter of 2011, as compared to the third quarter of 2010,
relates primarily to the decrease in research and development
expenses of $8.0 million.
Net loss per share for the third quarter of 2011 was $1.32,
compared to $2.14 for the third quarter of 2010.
“With the successful completion of our MuDelta Phase II study
and enrollment of our PPD-10558 Phase II study, we continue to
demonstrate our ability and commitment to advance our pipeline
products rapidly toward commercialization," said June Almenoff,
M.D., Ph.D., president and chief medical officer of Furiex.
Added Fred Eshelman, Pharm.D., chairman of Furiex, “Focused and
disciplined execution from the Furiex team resulted in another
quarter with positive news flow. Our product portfolio continues to
demonstrate increasing value, evidenced by a 46 percent increase in
royalty revenue over last quarter.”
Furiex will conduct a live conference call and webcast
Wednesday, November 2, 2011, at 9:00 a.m. ET to discuss its third
quarter 2011 results and financial outlook for 2011 as well as
provide an overview of its business and pipeline. A Q&A session
will follow. All interested parties can access the webcast through
the Presentations & Events link in the Investors section of the
Furiex website at www.furiex.com. The webcast will be archived
shortly after the call for on-demand replay. The conference call
will be broadcast live over the Internet and will also be available
using the following direct dial numbers:
Participant dial-in:
+1.877.267.0934 (U.S./Canada)
+1.706.643.0961 (International)
Conference ID:
14593700
About Furiex
Furiex Pharmaceuticals is a drug development collaboration
company that uses innovative clinical development design to
accelerate and increase value of internal and partnered drug
programs by advancing them through the drug discovery and
development process in a cost-efficient manner. Development
programs are designed and driven by a core team with extensive drug
development experience. The company collaborates with
pharmaceutical and biotechnology companies and has a strong,
diversified product portfolio and pipeline with multiple
therapeutic candidates including late-stage assets and two products
on the market. The company's mission is to develop innovative
medicines faster and at a lower cost, thereby improving
profitability and accelerating time to market while providing
life-improving therapies for patients. For more information, visit
www.furiex.com.
Except for historical information, all of the statements,
expectations and assumptions contained in this news release are
forward-looking statements that involve a number of risks and
uncertainties. Although Furiex attempts to be accurate in making
these forward-looking statements, it is possible that future
circumstances might differ from the assumptions on which such
statements are based. In addition, other important factors which
could cause actual results to differ materially include the
following: the risks and expense of continuing the research and
development activities of our existing candidates; changes in the
safety and efficacy profile of our existing candidates as they
progress through research and development; potential FDA changes to
its regulatory guidance; new collaborative agreements that we might
enter into in the future; progress of product candidates in
clinical trials as it relates to receiving future milestone
payments; time required to gain regulatory approvals; the demand
for our potential products, if and when approved; continuing losses
and our potential need for additional financing; the costs of
defending or prosecuting any patent opposition or litigation
necessary to protect our proprietary technologies; and the other
risk factors set forth from time to time in the SEC filings for
Furiex, copies of which can be found on our website.
FURIEX PHARMACEUTICALS, INC.
COMBINED AND CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (In thousands, except per
share data) Three Months Ended Nine Months Ended
September 30, September 30, 2010 2011 2010 2011 Revenue: Milestones
$ — $ — $ 7,500 $ —
Royalties 270 1,272 1,047 2,505 Service — — 75 — Other 18
— 72
—
Total revenue 288 1,272
8,694 2,505
Direct expenses — —
21
—
Research and development expenses 19,993 12,024
40,227
38,123 Selling, general and administrative expenses 1,451 2,100
6,230 6,424 Depreciation and amortization 19
19 87 64
Total operating expenses 21,463
14,143 46,565
44,611 Operating loss
(21,175
)
(12,871
)
(37,871
)
(42,106
)
Interest expense — 136 — 136 Other income, net 1
— 6 —
Loss from continuing operations before
provision for income taxes
(21,174
)
(13,007
)
(37,865
)
(42,242
)
Provision for income taxes 6 6
8 18 Loss
from continuing operations
(21,180
)
(13,013
)
(37,873
)
(42,260
)
Loss from discontinued operations, net of income taxes —
—
(5,133
)
— Net loss $
(21,180
)
$
(13,013
)
$
(43,006
)
$
(42,260
)
Loss from continuing operations per basic and diluted
share $ (2.14 ) $ (1.32
)
$ (3.83
)
$ (4.28
)
Loss from discontinued operations, net of income taxes per
basic and diluted share $ — $ — $
(0.52
)
$
— Net loss per basic and diluted share $ (2.14
)
$ (1.32
)
$ (4.35
)
$ (4.28
)
. Weighted-average shares used to compute net loss per basic and
diluted share: 9,881 9,881 9,881 9,881
FURIEX
PHARMACEUTICALS, INC. CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands) Assets
December 31, September 30, 2010 2011
Current assets: Cash and cash equivalents $ 82,030 $ 44,809
Short-term investments — 10,000 Accounts receivable, net 259 1,272
Prepaid expenses 226 411 Other current assets 740
— Total current assets 83,255 56,492
Property and equipment, net 188 130 Goodwill 49,116
49,116 Total assets $ 132,559 $
105,738
Liabilities and Shareholders’
Equity
Current liabilities: Accounts payable $ 96 $ 60 Accrued
expenses 13,767 16,242 Current portion of long-term debt —
541 Total current liabilities
13,863 16,843 Long-term debt, net — 9,459 Other long-term
liabilities 192 220 Total
liabilities 14,055 26,522
Common stock, $0.001 par value, 40,000,000
shares authorized; 9,881,340 shares issued andoutstanding at
December 31, 2010 and September 30, 2011
10 10
Preferred stock, $0.001 par value,
10,000,000 shares authorized; No shares issued andoutstanding at
December 31, 2010 and September 30, 2011
—
— Paid-in capital 153,638 156,610 Accumulated deficit
(35,144 ) (77,404 ) Total shareholders’ equity
118,504 79,216 Total liabilities and
shareholders’ equity $ 132,559 $ 105,738
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