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Pfenex Reports Second Quarter 2014 Results and Provides Business Update
Date:8/29/2014

SAN DIEGO, Aug. 29, 2014 /PRNewswire/ -- Pfenex Inc. (NYSE MKT: PFNX), a clinical-stage biotechnology company engaged in the development of high-value and difficult to manufacture proteins including biosimilar therapeutics, today provided a business update and reported financial results for the second quarter ended June 30, 2014.

"With the successful completion of our initial public offering, we have the capital to continue to advance our biosimilar product candidates, derived from our proprietary protein expression platform," stated Bertrand C. Liang, chief executive officer of Pfenex. "We expect to complete the phase 1b/2a trial for our lead product candidate, PF582, a biosimilar to Lucentis, by the end of 2014 and initiate the phase 3 trial in mid-2015." 

Business Updates

  • On July 29, 2014 we closed our initial public offering.  Including the underwriters exercise of their option to purchase additional shares, 9,429,084 shares of common stock were sold in the offering for a total capital raise of approximately $52.6 million after underwriter fees and discounts but before deducting offering expenses.
  • With the close of our initial public offering, Pfenex expanded the leadership team through the addition of two new board members, William R. Rohn and Philip R. Schneider. Mr. Rohn joined the board as chairman and brings extensive biotech industry experience having served in managerial roles at Biogen IDEC, IDEC Pharmaceuticals and Adria Laboratories. Mr. Schneider also joined the board with broad industry experience through previous management positions with IDEC Pharmaceuticals and Syntex Pharmaceuticals.
  • Financial Highlights for the three months ended June 30, 2014

  • Total revenue for the second quarter of 2014 was $3.3 million compared to $2.3 million in the second quarter of 2013.
    The increase in revenue was due to an increase in activity related to our Px563L product candidate development under
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