HAYWARD, Calif., May 3, 2011 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH), today announced financial results and business highlights for the quarter ended March 31, 2011.
Total operating expenses for the first quarter ended March 31, 2011 were $18.7 million, as compared to $6.5 million for the same period in 2010. The increased operating expenses in the first quarter of 2011 were driven by expenses related to site initiations and the active enrollment of patients in our Phase 3 VISTA-16 study (Vascular Inflammation Suppression to Treat Acute Coronary Syndrome - 16 Weeks), which is an event driven study in Acute Coronary Syndrome (ACS) patients studying the benefit of varespladib anti-inflammatory treatment in high risk patients. In addition, the increased manufacturing expenses related to the development of A-623, our large molecule inhibitor of BAFF, and the accelerating enrollment of Anthera's Phase 2b study, PEARL-SC (A Randomized, Double-Blind Phase 2b Study to Evaluate the Efficacy, Safety, and Tolerability of A623 AdministRation in Subjects with Systemic Lupus Erythematosus) at up to 90 clinical sites in up to 12 countries contributed to the increased expense. The quarterly results also reflect the previously anticipated increase in professional services and other costs associated with operating as a public company.
Anthera ended the first quarter of 2011 with approximately $78.5 million in cash and cash equivalents and short-term investments, which includes approximately $25.0 million of gross proceeds received from a term loan which closed on March 25, 2011. This is compared to $63.4 million in cash and cash equivalents and short-term investments for the fourth quarter ended December 31, 2010.
Recent Business Highlights and Upcoming Events:
About Anthera Pharmaceuticals
Anthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation, including cardiovascular and autoimmune diseases. Anthera has three late stage clinical products. A-002 (Varespladib Methyl) and A-001 inhibit a novel enzyme target known as Secretory Phospholipase A2 (sPLA2). Elevated levels of sPLA2 have been implicated in a variety of acute inflammatory conditions, including acute coronary syndrome (ACS) and acute chest syndrome, as well as chronic diseases such as stable coronary artery disease (CAD). A-623 targets elevated levels of B-lymphocyte stimulator (BAFF) which have been associated with a variety of B-Cell mediated autoimmune diseases, including systemic lupus erythematosus (lupus) and rheumatoid arthritis. For more information, please visit www.anthera.com.
Safe Harbor Statement
Any statements contained in this press release that refer to future events or other non-historical matters are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to the anticipated initiation of Anthera's clinical studies, anticipated duration and expected results of these studies, and the progression of Anthera's products through future stages of clinical development. These forward-looking statements are based on Anthera's expectations as of the date of this press release and are subject to certain risks and uncertainties that could cause actual results to differ materially as set forth in the Company's public filings with the Securities and Exchange Commission, including Anthera's Annual Report on Form 10-K for the year ended December 31, 2010. Anthera disclaims any intent or obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.
CONTACT: Bianca Nery of Anthera Pharmaceuticals, Inc., email@example.com or 510-856-5586.ANTHERA PHARMACEUTICALS, INC.A Development Stage CompanySTATEMENT OF OPERATIONS(unaudited)Three Months Ended March 31,20112010OPERATING EXPENSE:Research and development
5,241,814General and administrative
2,339,8821,224,110Total operating expense
18,656,6406,465,924LOSS FROM OPERATIONS:
(18,656,640)(6,465,924)OTHER INCOME (EXPENSE):Other expense and interest income, net
90,935(4,637,868)Total other income (expense)
$ (18,565,705)$ (11,103,792)Net loss per share--basic and diluted
(0.83)Weighted-average number of shares used in
per share calculation-- basic and diluted
32,895,15213,344,231ANTHERA PHARMACEUTICALS, INC.A Development Stage CompanyBALANCE SHEET DATA(unaudited)March 31,
2010Cash and cash equivalents
40,029,972Short term investments
3,791,693Accrued clinical trial expense
3,136,786Total current liabilities
8,005,382Total notes payable
8212;Deficit accumulated during development stage
$ (124,209,472)$ (105,643,767)Total shareholders' equity
57,257,680Common shares outstanding
|SOURCE Anthera Pharmaceuticals, Inc.|
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