HAYWARD, Calif., Aug. 7, 2012 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (NASDAQ: ANTH), today announced financial results and business highlights for the quarter ended June 30, 2012.
Total operating expenses for the second quarter ended June 30, 2012 were $16.7 million, as compared to $20.1 million for the first quarter ended March 31, 2012. The decrease in operating expenses for the period is related to the reduced clinical activity following the completion of patient dosing in the PEARL-SC study in April 2012.
Anthera ended the second quarter of 2012 with approximately $22.9 million in cash and cash equivalents and short-term investments. On July 24, 2012, the Company completed a public offering of shares of its common stock resulting in net proceeds of approximately $35.5 million. Cash burn during the second quarter was higher than expected due to the accelerated payments made that were previously slated for Q3 2012.
Recent Business Highlights and Upcoming Events:
*SELENA-SLEDAI -- Safety of Estrogen in Lupus Erythematosus National Assessment / Systemic Lupus Erythematosus Activity Index is a cumulative, weighted index of systemic lupus erythematosus disease activity.
About Anthera PharmaceuticalsAnthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation and autoimmune diseases.
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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, 2011 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. 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 CompanySTATEMENT OF OPERATIONS(unaudited)(in thousands except share and per share data)Three Months Ended June 30,Six Months Ended June 30,2012201120122011OPERATING EXPENSE: Research and development
36,903 General and administrative
1,7992,0964,1214,436Total operating expense
16,66422,68236,72441,339LOSS FROM OPERATIONS:
(16,664)(22,682)(36,724)(41,339)OTHER (EXPENSE)/INCOME:Other (expense) income
(908)(902)(1,751)(971)Total other income (expense)
$ (17,600)$ (23,170)$ (38,513)$ (41,736)Net loss per share--basic and diluted
(1.23) Weighted-average number of shares used in per share calculation-- basic and diluted
41,097,88234,900,22541,049,15233,903,166ANTHERA PHARMACEUTICALS, INC.A Development Stage CompanyBALANCE SHEET DATA*(unaudited)(in thousands except share amounts)June 30,2012December 31,2011Cash and cash equivalents
5,624Short term investments
9,493Total current liabilities, excluding current portion of notes payable
26,078Total notes payable
24,331Deficit accumulated during development stage
$ (239,492)$ (200,979)Total shareholders' (deficit) equity
9,084Common shares outstanding
41,159,98040,933,354* Balance Sheet Data does not include capital raised in the public offering of shares of its common stock on July 24, 2012, which resulted in net proceeds of approximately $35.5 million.
|SOURCE Anthera Pharmaceuticals, Inc.|
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