Heron Therapeutics Announces First Quarter 2015 Financial Results and Corporate Progress
05/08/2015
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First Quarter and Recent Corporate Progress:
In
In
“With the completion of enrollment in our MAGIC Phase 3 study of SUSTOL
and the positive results achieved in our Phase 1 study of HTX-011, we
are proud to have achieved two critical milestones since our last
quarterly update,” commented Barry Quart, Pharm.D., Chief Executive
Officer of
Results of Operations
As of
The Company’s net loss for the three months ended
The decrease in net loss per share for the three months ended
About SUSTOL® and Chemotherapy Induced Nausea and Vomiting
Heron Therapeutics’ lead investigational product candidate, SUSTOL® (granisetron injection, extended release), is being developed for the prevention of both acute- and delayed-onset chemotherapy induced nausea and vomiting (CINV) following the administration of moderately emetogenic chemotherapy (MEC) or highly emetogenic chemotherapy (HEC) agents. Affecting 70-80% of patients undergoing chemotherapy, CINV is one of the most debilitating side effects of such treatments, often attributed as a leading cause of premature discontinuation of cancer treatment. Injectable 5-hydroxytryptamine type 3 (5-HT3) receptor antagonists have been shown to be among the most effective and preferred treatments for CINV, however, an unmet medical need exists for patients suffering from CINV during the delayed-onset phase, which typically occurs 1-5 days following administration of chemotherapy agents. For delayed-onset CINV, only one injectable 5-HT3 receptor antagonist is approved for use following the administration of MEC agents, and none are approved for use following administration of HEC agents. SUSTOL contains the 5-HT3 receptor antagonist granisetron, selected due to its broad use by physicians based on a well-established record of safety and efficacy. SUSTOL is formulated with the Company's proprietary Biochronomer® drug delivery technology and in clinical trials has been shown to maintain therapeutic drug levels of granisetron for up to five days with a single subcutaneous injection.
About HTX-019 for Chemotherapy Induced Nausea and Vomiting
HTX-019 is a proprietary injectable formulation of aprepitant, a neurokinin-1 (NK1) receptor antagonist for the prevention of CINV. NK1 receptor antagonists are typically used in combination with 5-HT3 receptor antagonists. At present, the only injectable NK1 receptor antagonist approved in the U.S. contains polysorbate 80, a surfactant, which may cause hypersensitivity reactions or other adverse reactions in some patients. Heron Therapeutics’ formulation for HTX-019 does not contain polysorbate 80 and may have a lower incidence of infusion-site reactions than reported with other commercially available injectable NK1 receptor antagonists.
About HTX-011 for Post-Operative Pain
HTX-011, which utilizes Heron’s proprietary Biochronomer drug delivery technology, is a long-acting formulation of the local anesthetic bupivacaine in combination with the anti-inflammatory meloxicam for the prevention of post-operative pain. The effective management of pain with a reduction in the use of opioids remains an important area of unmet medical need, and HTX-011 could potentially provide a differentiated therapeutic profile with advantages compared to currently available pain management options. In a Phase 1 clinical trial, HTX-011 achieved the desired pharmacokinetic profile for both bupivacaine and meloxicam. Therapeutically relevant plasma bupivacaine levels were sustained for 2-3 days in the absence of the large initial peak that can be observed with commercially available formulations. The anesthetic effects of HTX-011 persisted through 96 hours, which closely correlated with plasma bupivacaine concentrations, and HTX-011 was well-tolerated with no serious adverse events.
About HTX-003 for Chronic Pain and Addiction
HTX-003, which utilizes Heron’s proprietary Biochronomer drug delivery technology, is a long-acting formulation of buprenorphine for the management of chronic pain and opioid addiction. HTX-003 is designed to maintain therapeutic drug levels of buprenorphine for 30 days following a single subcutaneous injection with a low potential for patient abuse.
About
Forward Looking Statements
This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995.
HERON THERAPEUTICS, INC. | ||||||||||
Condensed Consolidated Statements of Operations |
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(in thousands, except per share amounts) |
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Three Months Ended | ||||||||||
March 31, | ||||||||||
(Unaudited) | ||||||||||
2015 | 2014 | |||||||||
Operating expenses: | ||||||||||
Research and development | $ | 14,504 | $ | 11,628 | ||||||
General and administrative | 5,856 | 5,694 | ||||||||
Total operating expenses | 20,360 | 17,322 | ||||||||
Loss from operations | (20,360 | ) | (17,322 | ) | ||||||
Interest expense, net | (210 | ) | (216 | ) | ||||||
Net loss | $ | (20,570 | ) | $ | (17,538 | ) | ||||
Basic and diluted net loss per share | $ | (0.70 | ) | $ | (0.74 | ) | ||||
Shares used in computing basic and diluted net loss per share | 29,392 | 23,686 | ||||||||
HERON THERAPEUTICS, INC. | ||||||||
Condensed Consolidated Balance Sheet Data |
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(in thousands) |
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March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Cash | $ | 55,556 | $ | 72,675 | ||||
Total assets | 59,627 | 76,682 | ||||||
Total stockholders’ equity | $ | 48,001 | $ | 63,062 |
Source:
Heron Therapeutics, Inc.
Investor Relations Contact:
Jennifer
Capuzelo, 858-703-6063
Sr. Manager, Investor Relations
jcapuzelo@herontx.com
or
Corporate
Contact:
Barry D. Quart, Pharm D., 650-366-2626
Chief
Executive Officer