CRANBURY, N.J., Nov. 8, 2010 /PRNewswire-FirstCall/ -- Amicus Therapeutics (Nasdaq: FOLD) today announced financial results for the quarter ended September 30, 2010, provided an update on its product development pipeline, including its Phase 3 program with Amigal (migalastat HCl) for the treatment of Fabry disease and reaffirmed the financial strength of the Company.
John F. Crowley, Chairman and CEO of Amicus Therapeutics stated, "During the third quarter we made significant progress further establishing Amicus as a leader in the research and development of new treatments for rare diseases. Our strategic partnership with GSK not only supports the potential for success with the Amigal program but also provides us with multiple strategic options for continued growth. Moving forward, we intend to judiciously invest in our pipeline and to explore a series of additional partnerships, all while ensuring that our financial strength allows us to fund our operations and capital expenditures through the anticipated U.S. commercial launch of Amigal."
Third Quarter Financial SummaryAs of September 30, 2010, Amicus held $57.6 million of cash, cash equivalents, and marketable securities.
For the three months ended September 30, 2010, Amicus reported a net loss of $15.4 million, or $0.56 per share attributable to common stockholders, compared to a net loss of $13.4 million, or $0.59 per share attributable to common stockholders for the same period in 2009.
Pipeline OverviewAmigal™ (migalastat HCl) for the Treatment of Fabry DiseaseOn October 29, 2010, Amicus announced a definitive agreement with GlaxoSmithKline PLC (GSK) to develop and commercialize Amigal™ (migalastat HCl), currently in Phase 3 for the treatment of Fabry disease. Under the terms of the agreement, GSK received an exclusive worldwide license to d
|SOURCE Amicus Therapeutics|
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