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Intercept Pharmaceuticals Announces 2014 Financial Results
Conference Call Scheduled Monday, March 2nd at 8:30 a.m. ET
NEW YORK, March 2, 2015 (GLOBE NEWSWIRE) — Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) (Intercept), a clinical stage biopharmaceutical company focused on the development and commercialization of novel bile acid therapeutics to treat chronic liver diseases, today reported financial results for the fourth quarter and full year ended December 31, 2014. Intercept will hold a conference call and audio webcast today at 8:30 a.m. ET to review this information with conference call details provided below.
2014 Full-Year Financial Results
As of December 31, 2014, Intercept’s cash, cash equivalents and investment securities available for sale totaled approximately $239.7 million, compared to $144.8 million at December 31, 2013. The net $94.9 million increase is primarily due to the net proceeds of $183.5 million from a public equity offering in April 2014 offset by $87.7 million in cash outflows from operations.
In February 2015, Intercept completed an underwritten public offering of 1,150,000 shares of common stock. All shares in the offering were sold by Intercept at a public offering price of $176.00 per share. Intercept estimates that net proceeds were approximately $191.2 million, after deducting underwriting discounts and commissions and estimated offering expenses.
Net loss attributable to common stockholders for the full year 2014 was $283.2 million, or $13.63 per share, compared to a net loss of $67.8 million, or $3.76 per share, for the full year 2013, representing an increase of $215.4 million, or $9.87 per share. The 2014 net loss includes $170.8 million of non-cash warrant revaluation expense, an increase of $142.4 million from 2013, and $20.1 million in non-cash stock-based compensation expense, an increase of $10.7 million from 2013.
During 2014, expenditures in the OCA development program increased by $34.8 million as Intercept focused its resources on completing the work and studies necessary for its planned New Drug Application and Marketing Authorization Application filings for OCA for the treatment of PBC, which are currently planned to be completed during the first half of 2015. In addition, Intercept also expanded its pre-commercialization activities resulting in an increase of approximately $6.8 million in expenses. Intercept also increased its operating costs such as legal, office and technology related expenses by approximately $5.1 million. In 2014, Intercept had an increase in cash compensation expenses of $12.4 million, primarily due to an overall increase in the personnel base by 96 employees.
As previously described, for the full year 2015, Intercept continues to project adjusted operating expenses in the range of $180 to $200 million, which exclude stock-based compensation and other non-cash items. These expenses will support the clinical development program for OCA in PBC, NASH and PSC, expansion of Intercept’s clinical, regulatory, medical affairs and commercial infrastructure in the United States and Europe, expansion of OCA manufacturing activities, as well as advancement of INT-767 and other preclinical pipeline programs. Adjusted operating expense, as presented above, is a non-GAAP financial measure. Intercept anticipates that stock-based compensation expense will represent the most significant non-cash item that is excluded in adjusted operating expenses as compared to operating expenses under GAAP.
Conference Call on March 2 at 8:30 a.m. ET
Intercept will hold its 2014 financial results conference call and webcast on Monday, March 2 at 8:30 a.m. ET. The live event will be available on the investor page of Intercept’s website at http://ir.interceptpharma.com or by calling (855) 232-3919 (toll-free domestic) or (315) 625-6894 (international) five minutes prior to the start time. A replay of the call will be available on Intercept’s website approximately two hours after the completion of the call and will be archived for two weeks.
The following information was filed by on Monday, March 2, 2015 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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