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NPS Pharmaceuticals Reports Financial Results for 2010 and Guidance for 2011
-- Positive GATTEX® Phase 3 STEPS study announced in January; U.S. marketing submission expected in second half 2011 --
-- Patient randomization in NPSP558 Phase 3 REPLACE study to conclude ahead of prior guidance; top-line results now expected in fourth quarter 2011 --
-- Conference call today at 5:00 PM ET --
BEDMINSTER, N.J.--(BUSINESS WIRE)--February 15, 2011--NPS Pharmaceuticals, Inc. (NASDAQ: NPSP), a specialty pharmaceutical company developing innovative therapeutics for rare gastrointestinal and endocrine disorders, today reported its results for 2010 and provided cash burn guidance for 2011.
NPS reported a net loss of $6.4 million or $0.09 per diluted share for the fourth quarter 2010, compared to a net loss of $2.0 million or $0.04 per diluted share for the fourth quarter 2009. For the full year, the company reported a net loss of $31.4 million or $0.54 per diluted share for 2010, versus $17.9 million or $0.37 per diluted share for 2009. The year-over-year changes in the company’s financial results were principally driven by increased research and development expenses of $2.9 million and $25.5 million for the fourth quarter and full year, respectively, due to the advancement of the company’s two Phase 3 registration programs, GATTEX® (teduglutide) in short bowel syndrome (SBS) and NPSP558 in hypoparathyroidism. Cash and investments totaled $133.8 million at December 31, 2010 versus $74.9 million at December 31, 2009.
“In 2010 we achieved our stated objectives and delivered meaningful results across all aspects of our business,” said Francois Nader, MD, president and chief executive officer of NPS Pharmaceuticals. “We recently reported positive top-line data from our Phase 3 STEPS study of GATTEX in short bowel syndrome and expect to submit our U.S. marketing application later this year. We are also pleased with the progress of our NPSP558 pivotal registration study in hypoparathyroidism. We achieved our randomization target ahead of prior guidance and now expect to report top-line results before the end of this year. And we further enhanced our financial position through successful financing activities and delivering full-year cash burn at the low end of our guidance.”
The following information was filed by Nps Pharmaceuticals Inc (NPSP) on Tuesday, February 15, 2011 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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