DARA BIOSCIENCES ANNOUNCES THIRD QUARTER 2014 RESULTS
Continued strong revenue growth driven by sales momentum across broad portfolio
Raleigh, NC – November 5, 2014 – DARA BioSciences, Inc. (NASDAQ: DARA), an oncology supportive care pharmaceutical company dedicated to providing healthcare professionals a synergistic portfolio of medicines to help cancer patients adhere to their therapy and manage side effects arising from their cancer treatment, today announced its third quarter 2014 results.
Third Quarter 2014 Financial Snapshot
DARA reported net revenues of $597.8 thousand for the third quarter ended September 30, 2014 based on gross product sales in excess of $690 thousand, as compared to net revenues of $138.9 thousand for the third quarter ended September 30, 2013, a year over year increase of 330%. The increase in revenues was primarily attributable to the expanded commercial sales organization and success in generating interest and prescriptions across DARA’s portfolio.
DARA reported a loss attributable to controlling interest of approximately $2.1 million or ($0.11) per share for the third quarter ended September 30, 2014, as compared to a loss attributable to controlling interest of approximately $2.5 million, or ($0.51) per share for the third quarter ended September 30, 2013. The loss attributable to controlling interest for the quarter was $423,661 less than the same period last year. Additionally, sales and marketing costs for the quarter remained essentially flat despite the expansion of the sales force to 20 representatives. An increase in general and administrative expenses of approximately $66.0 thousand, related to additional Nasdaq fees was offset by a decrease of approximately $70.0 thousand in research and development expenses primarily related to a decrease in formulation development and drug manufacturing costs associated with the KRN5500 program. As of September 30, 2014, cash and cash equivalents totaled approximately $14.0 million.
“Our third quarter results highlight the continued success we are achieving by executing and enhancing our commercial sales strategy. Sequential and year-over-year revenue growth was driven by positive traction across the majority of our product portfolio, with strong demand for our flagship product Gelclair serving as the foundation for this increase. As the year has progressed, we are now realizing the dividends of the unwavering focus and dedication of our sales team in building a strong brand image and product awareness among prescribers and patients for our entire portfolio of supportive care products. This sustained success we have seen gives us confidence in continued positive sales momentum for our commercial business,” stated Christopher G. Clement, President and Chief Executive Officer of DARA BioSciences. “While pleased with our recent sales success, we remain focused on proactively enhancing and driving our sales strategy, bolstering our existing product portfolio, and maximizing the value of our key development asset KRN5500 with the ultimate goal of establishing DARA as the leading oncology supportive care company and creating sustainable growth and value for our shareholders.”
Dr. David J. Drutz, Executive Chairman of the Board and Chief Medical Officer of DARA BioSciences, commented, “We continue to feel optimistic regarding the development pathway of KRN5500. We have been engaged in various partnership discussions and are evaluating opportunities in a careful and systematic manner. In parallel to these discussions, we have been in communication with the FDA with regard to the remainder of the clinical and technical development program for KRN5500 and hope to receive feedback from them before the end of the year, which we believe will help advance our conversations with potential partners.”
DARA believes that its currently available funds, together with projected sales of Gelclair®, an FDA-approved bioadherent oral rinse gel for treating the painful symptoms of oral mucositis (OM), Soltamox®, (tamoxifen citrate) oral liquid solution , Bionect®, (hyaluronic acid sodium salt, 0.2%) a topical treatment for skin irritation and burns associated with radiation therapy and the Mission Pharmacal products, Ferralet® 90 (for anemia), BINOSTO® (alendronate sodium effervescent tablet indicated for the treatment of osteoporosis), and Aquoral® (for cancer-related dry mouth), will enable the Company to fund its current operations and to meet its obligations through 2015.
The following information was filed by Midatech Pharma Us Inc. (DARA) on Wednesday, November 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.