BEDMINSTER, N.J., Nov. 1 /PRNewswire-FirstCall/ -- NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) today reported its financial results for the quarter ended September 30, 2007 and provided an update on its 2007 milestones and financial guidance.
Update on 2007 Milestones
With the confirmation of its partnership with Nycomed to develop GATTEX(TM) (teduglutide) outside North America, NPS has now met or exceeded all of its key corporate milestones for 2007. The company announced that it has:
-- Completed the Phase 3 study of GATTEX in short bowel syndrome and
announced top-line results in October;
-- Secured a development and commercialization partner for one of its
-- Monetized non-core assets to raise cash;
-- Retired substantially all of its 2008 convertible debt;
-- Reduced cash burn guidance to $70 to $80 million from previous guidance
of $80 to $90 million;
-- Positioned the company to burn between $35 and $45 million in 2008;
-- Explored the development of PREOS and GATTEX in at least one new
indication for each program.
Dr. Tony Coles, president and CEO of NPS, stated: "Our team's diligent efforts this year have strengthened our balance sheet and increased our operating flexibility to drive our late-stage products forward. By monetizing our non-core assets and addressing our debt, we are in a much stronger position to maximize the value of GATTEX and PREOS for patients and shareholders. As a result of the improvements in our financial profile, we are revising our 2007 guidance to reflect the transformation our business has undergone this year."
Business Highlights and Revised 2007 Financial Guidanc
|SOURCE NPS Pharmaceuticals, Inc.|
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