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Exhibit 99.1
Aclaris Therapeutics Reports Third Quarter 2018 Financial Results and Provides Update on Clinical and Commercial Developments
Management to Host Conference Call at 5:00 PM ET today
Wayne, PA – November 6, 2018 (GLOBE NEWSWIRE) – Aclaris Therapeutics, Inc. (NASDAQ:ACRS), a dermatologist-led biopharmaceutical company focused on identifying, developing, and commercializing innovative therapies to address significant unmet needs in aesthetic and medical dermatology and immunology, today announced financial results for the third quarter of 2018 and provided an update on its clinical development and commercial programs.
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In October, Aclaris entered into a definitive asset purchase agreement with Allergan Sales, LLC to acquire worldwide rights to RHOFADE® (oxymetazoline hydrochloride) cream, 1% and additional intellectual property. The acquisition includes an exclusive license to certain intellectual property for RHOFADE, which is approved in the United States for the topical treatment of persistent facial erythema (redness) associated with rosacea in adults. Aclaris expects this acquisition to close in the fourth quarter of 2018. |
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During the third quarter of 2018, total net revenue was $1.6 million, which consisted of net sales of ESKATA® (hydrogen peroxide) Topical Solution, 40% (w/w) of $0.5 million and contract research revenue of $1.1 million. |
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In September, Aclaris initiated the Phase 3 program for A-101 45% Topical Solution (A-101 45%) for the treatment of common warts (verruca vulgaris). |
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Aclaris has completed enrollment in the ongoing AA-201 topical formulation trial of ATI-502 in patients with patchy alopecia areata (AA), a less severe phenotype of AA, data from which is expected in the first half of 2019. |
“This is an exciting time for Aclaris. With the anticipated closing of the acquisition of RHOFADE in the fourth quarter, we will take another major step toward establishing ourselves as a fully integrated biopharmaceutical company with multiple commercial products, a robust clinical-stage pipeline and drug discovery engine,” said Dr. Neal Walker, President and Chief Executive Officer of Aclaris.
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Aclaris Therapeutics, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Research and Development Expenses The following table summarizes our research and development expenses: The decrease in costs associated with the development of ESKATA resulted primarily from the filing of our NDA in February 2017 following the completion of clinical trials.
Factors that could cause or contribute to these differences include those below and elsewhere in this Quarterly Report on Form 10-Q, particularly in Part II Item 1A, Risk Factors, in our Annual Report on Form 10-K in Part I, Item 1A, Risk Factors, and in our other filings with the Securities and Exchange Commission, or SEC.
General and administrative expenses also include facility-related costs, patent filing and prosecution costs, professional fees for legal, auditing and tax services, insurance costs, as well as payments made under our related party services agreement and milestone payments under our finders services agreement with KPT Consulting, LLC, or KPT, or Finders Services Agreement.
We expect our research and development expenses to increase significantly over the next several years as we increase personnel costs, including stock-based compensation, continue to conduct clinical trials of A-101 45% Topical Solution for the treatment of common warts, and conduct clinical trials and prepare regulatory filings for our other drug candidates.
Other Income, Net The $0.1...Read more
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Contract research revenue of $1.1...Read more
Contract research revenue of $3.4...Read more
Under ASC Topic 606, revenue...Read more
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At contract inception, we assess...Read more
ASU 2018-07 is effective for...Read more
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We have also received revenue...Read more
In April 2017, we sold...Read more
Expenses related to A-101 45%...Read more
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We believe our existing cash,...Read more
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Recently Issued Accounting Pronouncements In...Read more
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29 Other Income, Net Other...Read more
With respect to any products...Read more
We currently have no ongoing...Read more
August 2017 Public Offering In...Read more
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Laboratory service revenue is generally...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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Aclaris Therapeutics, Inc. provided additional information to their SEC Filing as exhibits
Ticker: ACRS
CIK: 1557746
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-008658
Submitted to the SEC: Tue Nov 06 2018 12:01:33 PM EST
Accepted by the SEC: Tue Nov 06 2018
Period: Sunday, September 30, 2018
Industry: Pharmaceutical Preparations