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Nivalis Therapeutics Reports First Quarter 2017 Financial Results
Nivalis and Alpine Immune Sciences, Inc. Pursuing Merger
Intend to Accelerate Development of Novel Immunotherapies Focused on Inflammation and Immuno-Oncology
Combined Company Expected to be Well Capitalized with $90 Million in Cash and Cash Equivalents
BOULDER, Colo., May 1, 2017 – Nivalis Therapeutics, Inc. (NASDAQ: NVLS), a pharmaceutical company historically focused on developing innovative solutions for people with cystic fibrosis (CF), today reported financial results and recent business highlights for the first quarter 2017. In April, Nivalis and Alpine Immune Sciences, Inc., a privately-held biotechnology company developing novel therapies using its next-generation immune system modulation platform, announced that they had entered into a definitive merger agreement under which Alpine will merge with a wholly owned subsidiary of Nivalis in an all-stock transaction with Alpine as the surviving entity. The merger will result in a company with a novel protein-based discovery platform focused on inflammation and immuno-oncology. The combined company is expected to have approximately $90 million in cash and cash equivalents at the closing of the transaction. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2017.
“After conducting an extensive and thorough review of our strategic alternatives, which generated proposals from over eighty companies, and following extensive negotiation, our board of directors selected Alpine as the best path forward,” said Michael Carruthers, Interim President and Chief Financial Officer of Nivalis. “We have great respect for the Alpine team and their accomplished track record, which has already received strong validation of its technology and approach through a collaboration with a leader in cancer immunotherapy, Kite Pharma. We believe the combination of Nivalis and Alpine will further a shared commitment to accelerate the development of novel therapies for patients while delivering value to our shareholders.”
First Quarter Financial Results
For the first quarter ended March 31, 2017, Nivalis reported a net loss of $8.9 million, or ($0.57) per share, compared to a net loss of $7.8 million, or ($0.51) per share, for the first quarter of the prior fiscal year. The increased loss for the quarter, compared with the same quarter last year, was the result of $3.5 million in restructuring charges and a $2.0 million increase in stock-based compensation expenses largely related to termination of all but five employees of the Company.
Other operating expenses decreased by $4.4 million due to the winding-down of our research and development activities as part of the decision to pursue strategic alternatives.
As of March 31, 2017, Nivalis had $52.7 million in cash and marketable securities. Nivalis has no outstanding debt and there were 15.7 million shares of common stock issued and outstanding as of the end of the quarter.
About the Proposed Merger with Alpine
On January 3, 2017, Nivalis announced the initiation of a process to explore and review a range of strategic alternatives focused on maximizing stockholder value from its clinical assets and cash resources. As part of that process, bids were solicited from interested parties and over eighty interested parties submitted a proposal to enter into a strategic transaction
The following information was filed by Nivalis Therapeutics, Inc. (NVLS) on Monday, May 1, 2017 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.
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