Xeris Biopharma Updates Its Outlook For 2022
05 January 2023 - 11:00PM
Business Wire
Company expects to end 2022 with over $120M in
cash, cash equivalents, and short-term investments and at the top
of its net product revenue guidance of $105M-$110M
Company to report Q4 and FY 2022 financial
results on or about March 8, 2023
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented
biopharmaceutical company committed to improving patients’ lives by
developing and commercializing innovative products across a range
of therapies, today announced that, in connection with investor
meetings the Company is planning to conduct next week in San
Francisco, it has updated its outlook for full year 2022 expecting
net product revenue to be at the top of its guidance range of $105
million to $110 million and its year-end cash balance to be above
the previously announced range of $110 million to $120 million.
“Our momentum continued through the fourth quarter with strong
patient demand for both Recorlev® and Keveyis® and better than
expected prescription growth for Gvoke® giving us confidence that
we will end 2022 at the top of our net product revenue guidance of
$105 million to $110 million,” said Paul R. Edick, Xeris’ Chairman
and CEO. “Also in the fourth quarter, we drew down the final $50
million tranche from our Hayfin debt facility, received an upfront
payment from the Horizon Therapeutics collaboration and option
agreement, and continued disciplined management of our cash and
expenses and expect to end 2022 with over $120 million in cash,
cash equivalents, and short-term investments.”
“Recently, the FDA approved a generic version of Keveyis®
(dichlorphenamide),” Mr. Edick added. “We acquired the Strongbridge
business with the assumption of exclusivity loss and have been
planning for a generic entry since the expiry in August 2022, and
we believe that we can defend our Keveyis franchise for the
foreseeable future.” Mr. Edick continued, “Building off our
commercial product momentum in 2022 coupled with our very solid
financial position, we do not anticipate the need to raise equity
to fund our operations.”
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical
company committed to improving patients’ lives by developing and
commercializing innovative products across a range of therapies.
Xeris has three commercially available products; Gvoke®, a
ready-to-use liquid glucagon for the treatment of severe
hypoglycemia, Keveyis®, the first and only FDA-approved therapy for
primary periodic paralysis, and Recorlev® for the treatment of
endogenous Cushing’s syndrome. Xeris also has a robust pipeline of
development programs to extend the current marketed products into
important new indications and uses and bring new products forward
using its proprietary formulation technology platforms, XeriSol™
and XeriJect™, supporting long-term product development and
commercial success.
Xeris Biopharma Holdings is headquartered in Chicago, IL. For
more information, visit www.xerispharma.com, or follow us on
Twitter, LinkedIn, or Instagram.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Xeris Biopharma Holdings, Inc. including
statements regarding the financial outlook for the full-year 2022,
including projections regarding year-end 2022 cash estimates and
net product revenue, the Company’s expectations regarding its cash
flow breakeven projection, estimates and projections about the
potential synergies in fiscal year 2022 resulting from the
Strongbridge Biopharma acquisition, the market and therapeutic
potential of its products and product candidates, the ability of
the Company to defend its Keveyis franchise against generic
competition, the timing or likelihood of expansion into additional
markets, the potential utility of its formulation platforms and
other statements containing the words “will,” “would,” “continue,”
“expect,” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
numerous assumptions and assessments made in light of Xeris’
experience and perception of historical trends, current conditions,
business strategies, operating environment, future developments,
geopolitical factors and other factors it believes appropriate. By
their nature, forward-looking statements involve known and unknown
risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. The factors described
in the context of such forward-looking statements in this
communication could cause Xeris’ actual results, performance or
achievements, industry results and developments to differ
materially from those expressed in or implied by such
forward-looking statements. Although it is believed that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct and persons reading this communication
are therefore cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date of this
communication. Additional information about potential impacts of
COVID-19, financial, operational, economic, competitive,
regulatory, governmental, technological, and other factors that may
affect Xeris is set forth in the "Risk Factors" section of the most
recently filed Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission, the contents of which are not
incorporated by reference into, nor do they form part of, this
communication. Subject to any obligations under applicable law,
Xeris does not undertake any obligation to update any
forward-looking statement whether as a result of new information,
future developments or otherwise, or to conform any forward-looking
statement to actual results, future events, or to changes in
expectations. All subsequent written and oral forward-looking
statements attributable to Xeris or any person acting on behalf of
any of them are expressly qualified in their entirety by this
paragraph.
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version on businesswire.com: https://www.businesswire.com/news/home/20230105005261/en/
Investor Contact Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com 312-736-1237
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