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Mast Therapeutics Reports First Quarter 2013 Financial Results
Date:5/15/2013

SAN DIEGO, May 15, 2013 /PRNewswire/ -- Mast Therapeutics, Inc. (NYSE MKT: MSTX) today reported financial results for the quarter ended March 31, 2013.

Brian M. Culley , Chief Executive Officer, said: "We have opened more than a dozen clinical sites in EPIC, our pivotal phase 3 study in sickle cell disease, and are on track to meet our goal of opening approximately 40 U.S. sites by year-end.  We also plan to support U.S. enrollment by opening roughly 30 sites outside the U.S., beginning early next year.  Mast remains the only company with a new drug in phase 3 development in sickle cell disease and investigators have been enthusiastic about the potential for MST-188 to become the first agent approved to treat an on-going vaso-occlusive crisis of sickle cell disease."

First Quarter 2013 Operating ResultsThe Company's net loss for the first quarter of 2013 was $5.6 million, or $0.12 per share (basic and diluted), compared to a net loss of $4.2 million, or $0.09 per share (basic and diluted), for the same period in 2012.

Research and development (R&D) expenses for the first quarter of 2013 were $3.4 million, an increase of $1.2 million, or 56%, compared to $2.2 million for the same period in 2012. The increase was primarily due to increases of $2.0 million in external clinical study fees and expenses and $0.2 million in personnel costs, offset by a $1.0 million decrease in external nonclinical study fees and expenses.  The increase in external clinical study fees and expenses was primarily related to EPIC, the Company's phase 3 study of MST-188 in sickle cell disease, and its thorough QT/QTc study of MST-188 in healthy volunteers, both of which were initiated in the first quarter.  The decrease in external nonclinical study fees and expenses resulted primarily from a decrease in research-related manufacturing expenses for ANX-514, which the Company discontinue
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SOURCE Mast Therapeutics, Inc.
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