CAMBRIDGE, Mass., April 30, 2013 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the quarter ended March 31, 2013.
For the first quarter of 2013, the company reported a net loss of $24.1 million, or ($0.48) per share, compared to a net loss of $5.0 million, or ($0.10) per share, for the same period in 2012. At March 31, 2013, the company had cash, cash equivalents, and marketable securities of $324.2 million, compared to $340.6 million at December 31, 2012.
"During the first quarter of 2013, we continued to aggressively pursue the advancement of our programs and achievement of our corporate objectives for the year," said Craig A. Wheeler, President and Chief Executive Officer of Momenta Pharmaceuticals. "We remain in a strong financial position as we deploy our resources to secure approval of the ANDA for generic Copaxone, develop three products in our biosimilar collaboration with Baxter, develop our novel oncology product M402, and advance our research in our sialylation technology research program. We continue to work with regulators to navigate the evolving biosimilars pathway, and to tailor our innovative technology to develop important biosimilars and potentially interchangeable biologics."
First Quarter Highlights and Recent Progress
M356, generic version of Copaxone® (glatiramer acetate injection)
Enoxaparin Sodium Injection program update
Biosimilars and Potentially Interchangeable Biologics:
M402 Phase 1/2 study amended to add Abraxane®
"We are pleased to be amending the M402 study to include Abraxane based on its promising Phase 3 clinical results," said Jim Roach, M.D., Chief Medical Officer and Senior Vice President, Development at Momenta. "Our investigators are enthusiastic to be evaluating patients with this new treatment regimen in combination with M402."
Sialylation research program
First Quarter 2013 Financial Results
Total revenue for the first quarter of 2013 was $7.6 million (including product revenue of $5.4 million), compared to $24.2 million (including product revenue of $22.0 million) for the same period in 2012. The decrease in product revenue of $16.6 million was principally due to a change in the contractual basis of Momenta's earned enoxaparin product revenues following the January 2012 launch of a competitor's generic Lovenox® as well as decreased unit sales due to lower market share, and lower prices in response to competitor pricing reductions on enoxaparin. Sandoz reported first quarter enoxaparin net sales of $47 million, which was down from $176 million for the first quarter 2012 due to loss of enoxaparin exclusivity. Momenta first quarter 2013 revenues also include $2.2 million in research and development revenue, including $0.7 million in amortization of the $33 million payment received from the Baxter collaboration.
Research and development expenses, including stock-based compensation, for the first quarter of 2013 were $22.3 million, compared to $18.6 million, including stock-based compensation, for the same period in 2012. The increase was primarily due to research costs related to the company's biosimilars and novel products programs, clinical trial expenses, and increased headcount to support advancement of the company's pipeline of complex generics, biosimilars, and novel product candidates.
General and administrative expenses for the first quarter of 2013 were $9.7 million, including stock-based compensation, compared with $11.0 million, including stock-based compensation, for the same period in 2012. The decrease of $1.3 million from same period in 2012 was primarily due to a decrease of $0.7 million in professional fees principally due to decreased legal fees relating to Enoxaparin Sodium Injection patent litigation.
At March 31, 2013, Momenta had $324.2 million in cash, cash equivalents and marketable securities. This cash position excludes restricted cash of $17.5 million, which serves as collateral for a security bond related to enoxaparin legal proceedings, and $2.5 million related to a facility lease letter of credit.
Momenta confirmed its guidance for 2013 for total operating expenses, excluding stock compensation and net of collaborative revenues, averaging approximately $30 million per quarter. For 2013, Momenta is projecting that its net cash usage will average approximately $20 to $24 million per quarter for a total operating cash usage of approximately $80 to $90 million for 2013.
Conference Call Information
Management will host a conference call today, April 30, 2013 at 10:00 am EDT to discuss these results and provide an update on the company. To access the call, please dial (877) 224-9084 (domestic) or (720) 545-0022 (international) prior to the scheduled conference call time and provide the access code 34140526. A replay of the call will be available approximately two hours after the conclusion of the call and will be accessible through May 7, 2013. To access the replay, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and provide the access code 34140526.
A live audio webcast of the call will be available on the "Investors" section of the company's web site, www.momentapharma.com. ; Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Momenta web site approximately two hours after the call and will be available through May 14, 2013.
Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex mixture drugs and is headquartered in Cambridge, MA. Momenta is applying its technology to the development of generic versions of complex drugs, biosimilar and potentially interchangeable biologics, and to the discovery and development of novel products.
To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release.
Forward Looking Statements
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the Company's revenue, expenses and other results of operations, including the quarter ended March 31, 2013, expectations regarding the review of the M356 ANDA by the FDA, expected achievement of product development milestones, the timing of legal developments and decisions, plans for future research and development investment, and other product development and research plans and expectations may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "hope," "target," "project," "goals," "potential," "predict," "might," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors referred to in the company's Annual Report on Form 10-K for year ended December 31, 2012 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Momenta from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Momenta is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Momenta's logo, trademarks, and service marks are the property of Momenta Pharmaceuticals, Inc. All other trade names, trademarks, or service marks are property of their respective owners.
|MOMENTA PHARMACEUTICALS, INC.|
|Unaudited, Condensed Consolidated Balance Sheets|
|Cash and marketable securities||$ 324,204||$ 340,603|
|Total assets||$ 382,688||$ 406,629|
|Liabilities and Stockholders' Equity|
|Current liabilities||$ 15,890||$ 18,161|
|Deferred revenue, net of current portion||26,096||27,269|
|Total liabilities and stockholders' equity||$ 382,688||$ 406,629|
|MOMENTA PHARMACEUTICALS, INC.|
|Unaudited Condensed Statements of Comprehensive Loss|
|(in thousands, except per share amounts)|
Ended March 31,
|Product revenue||$ 5,396||$ 22,029|
|Research and development revenue||2,207||2,199|
|Total collaboration revenue||7,603||24,228|
|Research and development*||22,332||18,562|
|General and administrative*||9,716||10,955|
|Total operating expenses||32,048||29,517|
|Other income (expense):|
|Total other income||329||307|
|Net loss||$ (24,116)||$ (4,982)|
|Basic and diluted net loss per share||$ (0.48)||$ (0.10)|
|Shares used in computing basic and diluted net loss per share||50,635||50,240|
|Comprehensive loss||$ (24,181)||$ (4,875)|
|* Non-cash share-based compensation expense included in operating expenses is as follows:|
|Research and development||$ 1,123||$ 1,355|
|General and administrative||$ 1,748||$ 1,899|
Lora Pike Momenta Pharmaceuticals, Inc. (617) 395-5189