HAYWARD, Calif., Nov. 1, 2011 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH), today announced financial results and business highlights for the quarter ended September 30, 2011.
Total operating expenses for the third quarter ended September 30, 2011 were $23.4 million, as compared to $8.4 million for the same period in 2010. For the nine months ended September 30, 2011, total operating expenses were $64.7 million, as compared to $22.8 million for the same period in 2010. Increased operating expenses in the third quarter of 2011 can be primarily attributed to the continued development and manufacturing of blisibimod (A-623), Anthera's Phase 2b product that inhibits both soluble and membrane-bound BAFF in patients with Systemic Lupus Erythematosus (SLE), and to the enrollment of our Phase 3 VISTA-16 cardiovascular study (Vascular Inflammation Suppression to Treat Acute Coronary Syndrome - 16 Weeks).
Anthera ended the third quarter of 2011 with approximately $93.3 million in cash and cash equivalents and short-term investments. This is compared to $112.1 million in cash and cash equivalents and short-term investments for the second quarter ended June 30, 2011.
In conjunction with the release of the third quarter 2011 financial report, Anthera will host a conference call at 5 pm Eastern Time today, November 1, 2011. U.S. and Canadian participants may dial (877) 312-8807; international participants may dial (253) 237-1190. The Conference ID is 22066672. To access the 24-hour audio replay, U.S. and Canadian participants may dial (855) 859-2056; international participants may dial (404) 537-3406. The conference ID for the replay is 22066672. The audio replay will be available until November 8, 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 June 30, 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., email@example.com 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 September 30,Nine Months Ended September 30,2011201020112010OPERATING EXPENSE: Research and development
8,565 General and administrative
1,8241,5106,2604,244Total operating expense
23,3708,39564,70922,809LOSS FROM OPERATIONS:
(23,370)(8,395)(64,709)(22,809)OTHER INCOME (EXPENSE):Other income/ (expense)
(920)(1,891)(845)Warrant mark to market adjustment
———(3,796)Total other income (expense)
(27,374)Net loss per share--basic and diluted
(1.40) Weighted-average number of shares used in per share calculation-- basic and diluted
40,833,49522,964,27936,238,66219,567,058ANTHERA PHARMACEUTICALS, INC.A Development Stage CompanyBALANCE SHEET DATA(unaudited)(in thousands except share amounts)September 30,
2010Cash and cash equivalents
40,030Short term investments
5,263Total current liabilities
8,005Total notes payable
8212;Deficit accumulated during development stage
$ (171,823)$ (105,644)Total shareholders' equity
57,258Common shares outstanding
|SOURCE Anthera Pharmaceuticals, Inc.|
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