WALTHAM, Mass., Oct. 25, 2012 (GLOBE NEWSWIRE) -- TESARO, Inc. (Nasdaq:TSRO), an oncology-focused biopharmaceutical company, today reported financial results for the third quarter of 2012 and provided an update on the Company's progress.
"Our team of dedicated associates has made significant progress with each of our three development programs," said Lonnie Moulder, Chief Executive Officer. "In addition to being on track to report data from the rolapitant global registration program in the second half of next year, we are expecting to initiate a phase 1/2 clinical trial of TSR-011 and are finalizing the clinical development plan for niraparib. We look forward to a strong finish for what has been a transformational year for TESARO."
Third Quarter 2012 -- Key Accomplishments
During the third quarter of 2012, TESARO advanced the development of its pipeline of oncology supportive care and anticancer product candidates.
Third Quarter 2012 Financial Results
2012 Key Objectives
During the remainder of 2012, TESARO anticipates achieving the following key objectives:
Today's Conference Call and Webcast Reminder
TESARO will host a conference call discussing the Company's third quarter 2012 accomplishments and financial results today at 4:30 p.m. (ET). The call can be accessed by dialing 1.877.853.5334 (U.S. and Canada) or 1.970.315.0307 (international).
A live, listen-only webcast of the conference call can also be accessed by visiting the TESARO website at www.tesarobio.com. A replay of the webcast will be archived on the Company's website for 30 days following the call.
About TESARO
TESARO, Inc. is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients.
The TESARO, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13456
To the extent that statements contained in this press release are not descriptions of historical facts regarding TESARO, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward looking statements contained in this press release include, among others, statements regarding our expectations regarding our development plans for our product candidates and statements under the heading 2012 Key Objectives. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the initiation of future clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, development progress of our companion diagnostics, and other matters that could affect the availability or commercial potential of our drug candidates or companion diagnostics. TESARO undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see TESARO's Prospectus filed with the Securities and Exchange Commission on June 29, 2012.
TESARO, Inc. | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
(in thousands, except per share amounts) | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
2011 | 2012 | 2011 | 2012 | |
Expenses: | ||||
Research and development | $ 1,921 | $ 11,876 | $ 3,767 | $ 31,558 |
General and administrative | 893 | 1,736 | 2,068 | 4,620 |
Acquired in-process research and development | -- | -- | 500 | 7,000 |
Total expenses | 2,814 | 13,612 | 6,335 | 43,178 |
Loss from operations | (2,814) | (13,612) | (6,335) | (43,178) |
Interest income | 14 | 53 | 25 | 112 |
Other loss | -- | -- | (1,010) | -- |
Net loss | $ (2,800) | $ (13,559) | $ (7,320) | $ (43,066) |
Net loss per share applicable to common stockholders - basic and diluted | $ (5.20) | $ (0.52) | $ (14.98) | $ (4.62) |
Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted | 539 | 26,130 | 489 | 9,316 |
TESARO, Inc. | ||
Unaudited Condensed Consolidated Balance Sheets | ||
(in thousands) | ||
December 31, 2011 |
September 30, 2012 |
|
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 39,825 | $ 138,580 |
Other current assets | 2,606 | 1,883 |
Total current assets | 42,431 | 140,463 |
Property and equipment, net | 118 | 173 |
Restricted cash | 200 | 200 |
Other assets | 130 | 364 |
Total assets | $ 42,879 | $ 141,200 |
Liabilities, convertible preferred stock and stockholders' (deficit) equity | ||
Current liabilities: | ||
Accounts payable | $ 605 | $ 1,877 |
Accrued expenses | 2,980 | 5,777 |
Other current liabilities | 11 | 6 |
Total current liabilities | 3,596 | 7,660 |
Other non-current liabilities | 3 | -- |
Commitments and contingencies | ||
Convertible preferred stock | 64,348 | -- |
Total stockholders' (deficit) equity | (25,068) | 133,540 |
Total liabilities, convertible preferred stock and stockholders' (deficit) equity | $ 42,879 | $ 141,200 |
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in TESARO's prospectus filed with the Securities and Exchange Commission on June 29, 2012, which includes the audited financial statements for the year ended December 31, 2011.