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Tetraphase Pharmaceuticals Reports Third Quarter 2019 Financial Results and
Highlights Recent Corporate Developments
XERAVATM Carton Sales Grew over 30% Compared with Second Quarter of 2019
Increased Formulary Uptake, with a 99% Success Rate for all Formulary Reviews to Date
-Company to Hold Conference Call Today at 4:30 PM ET-
WATERTOWN, Mass., November 12, 2019 Tetraphase Pharmaceuticals, Inc. (NASDAQ:TTPH) a biopharmaceutical company focused on commercializing its novel tetracycline XERAVATM (eravacycline for injection) to treat serious and life-threatening infections, today reported financial results for the third quarter ended September 30, 2019.
XERAVA has now been on the market for just over a year, and during that time we have made significant progress, particularly in the third quarter, with 30% carton growth over last quarter, leading to a 23% increase in net XERAVA revenue compared with the previous quarter, said Larry Edwards, President and Chief Executive Officer of Tetraphase. We are squarely focused on continuing to increase formulary uptake and pull-through, as we believe XERAVA is a critically important new addition to the hospital antibiotic armamentarium, and that increased formulary uptake and pull through will result in increased sales. With our recent equity offering and payoff of debt, we are now in a stronger financial position to execute on these goals.
Third Quarter and Recent Highlights
Continued to Progress Launch of XERAVA in U.S. Hospitals
The Company continues to see increased formulary uptake, with a 99% success rate for all formulary reviews to date. Tetraphases salesforce is now focusing on bringing XERAVA to both Tier 1 as well as Tier 2 institutions, which are the highest users of antibiotics defined by days of therapy. The reorder rate for XERAVA continues to be very strong with the reorder rates as high as 57% for all accounts and approximately 70% within the tier 1 account segment. XERAVA is available at more than 1,000 accounts and approximately 154 formulary reviews are pending or planned to take place by the end of the fourth quarter of 2019.
The following information was filed by Tetraphase Pharmaceuticals Inc (TTPH) on Tuesday, November 12, 2019 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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