HAYWARD, Calif., July 29, 2011 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH), today announced financial results and business highlights for the quarter ended June 30, 2011.
Total operating expenses for the second quarter ended June 30, 2011 were $22.7 million, as compared to $7.9 million for the same period in 2010. For the six months ended June 30, 2011, total operating expenses were $41.3 million, as compared to $14.4 million for the same period in 2010. Increased operating expenses in the second quarter of 2011 can be attributed to accelerating enrollment of our Phase 3 VISTA-16 cardiovascular study (Vascular Inflammation Suppression to Treat Acute Coronary Syndrome - 16 Weeks) following the recent completion of the interim biomarker analysis. VISTA-16 is an event driven study in Acute Coronary Syndrome (ACS) patients studying the benefit of varespladib anti-inflammatory treatment in high risk patients. Additionally, enrollment of Anthera's Phase 2b Lupus 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) has exceeded expectations. During the second quarter we accelerated manufacturing activity related to the development of blisibimod (A-623), our large molecule inhibitor of BAFF being dosed in the PEARL-SC clinical study, which also contributed to incremental expenses.
Anthera ended the second quarter of 2011 with approximately $112.1 million in cash and cash equivalents and short-term investments, which includes approximately $54.0 million of net proceeds received from a public offering, which closed on June 8, 2011. This is compared to $78.5 million in cash and cash equivalents and short-term investments for the first quarter ended March 31, 2011.
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: varespladib methyl (A-002), A-001 and blisibimod (A-623). Varespladib methyl (A-002) and A-001 are designed to 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 and acute chest syndrome, as well as chronic diseases such as stable coronary artery disease. Blisibimod 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.
Safe Harbor Statement
Any statements contained in this press release that refer to future events or other non-historical matters, including statements that are preceded by, followed by, or that include such words as "estimate," "intend," "anticipate," "believe," "plan," "goal," "expect," "project," or similar statements, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 Anthera's public filings with the SEC, including Anthera's Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. 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., firstname.lastname@example.org or 510-856-5586.ANTHERA PHARMACEUTICALS, INC.A Development Stage CompanySTATEMENTS OF OPERATIONS(unaudited)(in thousands, except share and per share data)Three Months Ended June 30Six Months Ended June 302011201020112010OPERATING EXPENSE: Research and development
,680 General and administrative
2,0961,5104,4362,734Total operating expense
22,6827,94841,33914,414LOSS FROM OPERATIONS:
(22,682)(7,948)(41,339)(14,414)OTHER INCOME (EXPENSE):Interest and other income
4141257415Interest and other expense
(902)(971)(845)Warrant mark to market adjustment
———(3,796)Total other income (expense)
$ (23,170)$ (7,936)$ (41,736)$ (19,040)Net loss per share--basic and diluted
(1.07) Weighted-average number of shares used in per share calculation-- basic and diluted34,900,22522,223,94133,903,16617,843,335ANTHERA PHARMACEUTICALS, INC.A Development Stage CompanyBALANCE SHEET DATA(unaudited)(in thousands except share amounts)June 30,
2010Cash and cash equivalents
40,030Short term investments
5,263Total current liabilities
8,005Total notes payable
8212;Deficit accumulated during development stage
(147,380)$ (105,644)Total shareholders' equity
57,258Common shares outstanding
|SOURCE Anthera Pharmaceuticals, Inc.|
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