HAYWARD, Calif., July 30, 2013 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (NASDAQ: ANTH), today announced financial results and business highlights for the quarter ended June 30, 2013.
Second Quarter 2013 Financial Results: Loss from operations decreased in the second quarter of 2013 to $7.0 million from $16.7 million in the second quarter of 2012, and to $13.9 million for the six months ended June 30, 2013 compared to $36.7 million for the comparable period in 2012. The decreases in loss from operations primarily resulted from a decrease in research and development expenses due to the Company's shift in focus to the development of blisibimod for systemic lupus erythematosus, or lupus, and IgA nephropathy, an orphan disease in the United States.
Net loss for the quarter ended June 30, 2013 was $8.3 million, or $0.43 loss per basic and diluted share, compared with a net loss of $17.6 million, or $3.43 loss per basic and diluted share for the quarter ended June 30, 2012. Net loss in the current quarter included a non-cash charge of $0.5 million in unamortized note discount and debt issuance cost as a result of the Company's successful restructuring of its debt obligations with Hercules Technology Growth Capital. The Company reported a net loss of $15.9 million or $0.92 per basic and diluted share for the six months ended June 30, 2013, compared with a net loss of $38.5 million or $7.51 per basic and diluted share for the comparable period in 2012. The decrease in net losses per basic and diluted share in 2013 as compared to 2012 both quarterly and year-to-date were primarily due to the result of lower loss from operations, and higher common shares outstanding attributable to the closing of an underwritten public offering of 8,712,119 shares of the Company's common stock in January 2013 from which the Company raised net proceeds of $42.7 million, combined with proceeds of $2.0 million received in April 2013 through the issuance of 464,686 shares pursuant to an Equity Purchase Agreement with Lincoln Park Capital.
As of June 30, 2013, the Company had cash, cash equivalents and short-term investments of $48.4 million, including $10.0 million of restricted cash placed in a cash security account to collateralize a term loan.
Recent Business Highlights from Second Quarter and Upcoming Events:Clinical:
About Anthera PharmaceuticalsAnthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with autoimmune disorders.
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, 2012 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. 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: Dennis Lutz of Anthera Pharmaceuticals, Inc., firstname.lastname@example.org or 510.856.5598.
ANTHERA PHARMACEUTICALS, INC.(A Development Stage Company)CONDENSED STATEMENTS OF OPERATIONS(in thousands, except share and per share data)(unaudited)Three months ended June 30,Six months endedJune 30,2013201220132012Operating expenses:Research and development $
32,603General and administrative 1,6881,7993,6604,121Total operating expenses 6,95316,66413,85436,724Loss from operations(6,953)(16,664)(13,854)(36,724)Other Income (expense):Other income (expense) - net(6)(28)19(38)Interest expense (1,322)(908)(2,026)(1,751)Total other (expense) - net(1,328)(936)(2,007)(1,789)Net loss $
Net loss per basic and diluted:$
Weighted-average number of shares used in per share calculation-basic and diluted19,059,1305,137,21817,297,0985,131,126
Common stock and per share data adjusted to reflect reverse split of stock effectuated on July 15, 2013.ANTHERA PHARMACEUTICALS, INC.(A Development Stage Company)BALANCE SHEET DATA(in thousands, except share data)(unaudited)June 30, 2013December 31,2012Cash and cash equivalents
19,431Short term investments
26,445Total current liabilities, excluding current portion of notes payable
9,421Total notes payable
20,550Deficit accumulated during development stage
(260,378)Total shareholders' equity (deficit)
(3,526)(2) Common shares outstanding
Common shares outstanding data adjusted to reflect reverse split of stock effectuated on July 15, 2013.
|SOURCE Anthera Pharmaceuticals, Inc.|
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