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KaloBios Reports First Quarter 2013 Financial Results
Date:5/14/2013

SOUTH SAN FRANCISCO, Calif., May 14, 2013 /PRNewswire/ -- KaloBios Pharmaceuticals, Inc. (Nasdaq: KBIO) a biopharmaceutical company with a portfolio of patient-targeted, first-in-class, antibodies to treat serious medical conditions with a primary clinical focus on respiratory diseases and cancer, announced today its financial results for the first quarter ended March 31, 2013.

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"KaloBios marked the first quarter of 2013 with an important milestone in our company's evolution: the successful completion of our initial public offering, with net proceeds to KaloBios of approximately $62 million," said David Pritchard, KaloBios President and Chief Executive Officer. "We also achieved an important clinical milestone this quarter with the start of a Phase 2 trial of KB001-A, our targeted agent against Pseudomonas aeruginosa (Pa), in patients with cystic fibrosis. We were pleased to announce shortly after the quarter's end our partner Sanofi Pasteur's receipt from the U.S. Food and Drug Administration of Fast Track Designation for KB001-A intended for protection against bacterial pneumonia caused by Pa in mechanically ventilated patients.  Finally, in April, we achieved 50% clinical enrollment for our KB003 Phase 2 asthma study putting us on track for top line results in the first quarter of 2014.

The net loss for the first quarter of 2013 was $8.6 million, or $0.55 per basic and diluted share. This compared to a net loss of $1.1 million, or $.56 per basic and diluted share, for the same period in 2012. Increased spending for our clinical trial programs and general and administrative expenses associated with being a public company resulted in the reported loss during the first quarter of 2013.  As of Mar
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SOURCE KaloBios Pharmaceuticals, Inc.
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