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Tetraphase Pharmaceuticals Reports Fourth-Quarter and Full-Year 2014 Financial Results
Company to host conference call at 4:30 p.m. ET today
WATERTOWN, Mass., March 5, 2015 Tetraphase Pharmaceuticals, Inc. (NASDAQ:TTPH), a clinical stage biopharmaceutical company developing novel antibiotics to treat life-threatening multidrug-resistant (MDR) infections, today reported financial results for the fourth quarter and year ended December 31, 2014 and provided an overview of recent key achievements.
In 2014, Tetraphase made significant progress in the development of eravacycline, our lead antibiotic candidate to treat bacterial infections, including those caused by MDR Gram-negative bacteria, said Guy Macdonald, President and CEO of Tetraphase. We reported positive top-line results from IGNITE 1, a pivotal Phase 3 clinical trial, which met its primary endpoint of efficacy and safety of intravenous (IV) eravacycline in patients with complicated intra-abdominal infections (cIAI). Prior to that, we reported positive top-line results from the lead-in portion of IGNITE 2, our second pivotal Phase 3 clinical trial, which validated the activity and safety profile of IV-to-oral transition therapy in complicated urinary tract infections (cUTI). We look forward to reporting top-line results from the pivotal portion of IGNITE 2 mid-year and continue to target submission of a New Drug Application (NDA) for both indications by year end.
Mr. Macdonald continued: Beyond eravacycline, we are also excited about the progress in our earlier-stage programs. In 2015, we are planning to file an investigational new drug application for TP-271, a novel broad spectrum antibiotic which is being developed with funding from the National Institute of Allergy and Infectious Diseases for the treatment of respiratory infections caused by bacterial biothreats. From our second-generation discovery program, we have selected a lead candidate, TP-6076. Preclinically, TP-6076 demonstrated excellent potency against MDR Gram-negative pathogens and we are now evaluating it in IND-enabling toxicology studies. We look forward to advancing both of these programs.
Fourth-Quarter and Full-Year 2014 Financial Results
For the fourth quarter of 2014, Tetraphase reported a net loss of $20.6 million, or $0.69 per share, compared to a net loss of $11.3 million, or $0.49 per share, for the same period in 2013. Revenues were $3.1 million compared to $1.9 million for the same period in 2013. Revenues for each period consisted of contract and grant revenue under U.S. government awards for the development of Tetraphase compounds for the treatment of diseases caused by bacterial biothreat pathogens and for certain infections caused by life-threatening multidrug-resistant bacteria. Research and development (R&D) expenses for the fourth quarter of 2014 were $19.7 million compared to $10.5 million for the same period in 2013. The increase in R&D expenses was due to clinical costs associated with the Companys Phase 3 global clinical trial of eravacycline for cUTI, as well as drug manufacturing and nonclinical activities in support of the planned NDA filing for eravacycline. General and administrative
The following information was filed by Tetraphase Pharmaceuticals Inc (TTPH) on Thursday, March 5, 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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