Conference call scheduled for 5:00 pm ET today
BEDMINSTER, N.J., March 13 /PRNewswire-FirstCall/ -- NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) today reported 2007 financial results and accomplishments that reflected the implementation of a new strategy to develop the company's late-stage product candidates in specialty indications for gastrointestinal and endocrine disorders with high unmet medical need.
In line with its new business plan, during 2007 NPS retired a substantial amount of its debt and significantly reduced operating expenditures. In 2007, the company raised more than $275.0 million of capital and retired $191.0 million in convertible debt due in 2008. The company's cash, cash equivalents, short- and long-term investments totaled $161.7 million as of December 31, 2007. NPS now expects its 2008 cash burn to be in the range of $45 to $55 million. The increase in the company's 2008 cash burn from previous guidance is principally due to the timing of payments of certain 2007 expenses, which are now projected to occur in 2008.
For the fourth quarter of 2007, NPS reported net income of $21.2 million, or $0.39 per diluted share, versus a net loss of $14.0 million, or $0.30 per diluted share, for the fourth quarter of 2006. For the year ended December 31, 2007, NPS reported a net loss of $657,000 or $0.01 per diluted share, as compared to a net loss of $112.7 million or $2.43 per diluted share for 2006. NPS's improved 2007 financial results were primarily due to (i) a $30.0 million gain related to the sale of its interests in an early-stage research and development collaboration, (ii) declines in operating expenditures, and (iii) increased milestone and royalty revenues.
Tony Coles, M.D., preside
|SOURCE NPS Pharmaceuticals, Inc.|
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