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Tuesday, May 3, 2011

NPS Pharmaceuticals ( NASDAQ: NPSP ) Q1 loss widens due to Phase III advancements of products

NPS Pharmaceuticals

(BUSINESS WIRE)--NPS Pharmaceuticals, Inc. (NASDAQ: NPSP), a specialty pharmaceutical company developing innovative therapeutics for rare gastrointestinal and endocrine disorders, today reported its results for the first quarter of 2011.

NPS Pharmaceuticals reported a net loss of $9.2 million or $0.13 per diluted share for first quarter of 2011 compared with a net loss of $3.1 million or 0.06 per diluted share a year earlier. The year-over-year change in the company’s financial results were principally driven by the advancement of the company’s two Phase 3 registration programs, GATTEX® (teduglutide) in short bowel syndrome (SBS) and NPSP558 in hypoparathyroidism. On a pro forma basis, cash and investments totaled $220.0 million at March 31, 2011 after including net proceeds of approximately $106.8 million from a recent public offering of common stock.

“The success of our recent equity offering, which raised $107 million, gives us the financial flexibility to deliver a number of key milestones, including the approval of our first product in 2012,” said Francois Nader, M.D., president and chief executive officer of NPS Pharmaceuticals. “We look forward to reporting additional data from the GATTEX Phase 3 clinical program at the upcoming Digestive Disease Week conference in Chicago and submitting the drug for U.S. approval later this year. We also remain on track to report top-line results from the Phase 3 REPLACE study of NPSP558 before year-end.”


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