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Cempra, Inc. Reports Fourth Quarter and Full Year 2012 Financial and Operating Results
Date:2/28/2013

3% increase compared to the fourth quarter of 2011. The increased R&D expense was primarily due to increases in clinical activity in the Phase 3 oral, Phase 2 urethritis and Phase 1 intravenous clinical programs for solithromycin.  General and administrative expense was $1.8 million, a 73% increase compared to the quarter ended December 31, 2011, driven primarily by increased employee and legal expenses.

Year ended December 31, 2012 compared to the year ended December 31, 2011

For the year ended December 31, 2012, Cempra reported a net loss of $24.5 million, or $1.23 per share, compared to a net loss of $25.0 million, or $47.53 per share, for the year ended 2011. 

Research and development expense was $16.9 million, consistent with the $16.9 million of R&D spend for 2011. General and administrative expense was $6.1 million, a 64% increase over the $3.7 million for the year ended 2011.

At December 31, 2012, Cempra had cash and equivalents of $70.1 million.  The increase compared to December 31, 2011 was due to proceeds obtained from the IPO in February 2012 and from the private placement in October 2012 less operational expenses that were incurred during 2012.

Fourth Quarter 2012 Highlights

  • Released top-line results of the solithromycin Phase 2 trial in patients with uncomplicated urogenital gonococcal infections early in the fourth quarter of 2012; all 22 then evaluable patients were cleared of their gonococcal infections at all infected body sites with a single dose of solithromycin
  • Announced results from the Phase 1 intravenous (IV) dosing clinical trial early in the fourth quarter of 2012 and indicated that 400 mg once-daily would be used in the IV-to-oral Phase 3 study
  • Raised approximately $25 million in a private placement fo
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  • SOURCE Cempra, Inc.
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