Heron Therapeutics Reports Second Quarter 2016 Financial Results and Recent Corporate Progress
Recent Corporate Progress:
- Heron announced preliminary, positive, top-line efficacy results from two Phase 2 clinical studies of HTX-011, its lead product candidate for the management of post-operative pain in patients undergoing bunionectomy and inguinal hernia repair, and safety data from its ongoing Phase 2 program. HTX-011 achieved the primary endpoints in both studies as well as several important secondary endpoints.
Heron entered into an agreement with
Tang Capital Partners, LPwhereby Tang Capitalwill lend the Company up to $100 million. The loan has a two-year term and bears interest of 8% per annum. The first close of $50 millionoccurred on August 5, 2016. The second close of an additional $50 millionis subject to the achievement of a corporate milestone. There are no fees, no warrants and no equity conversion feature associated with this transaction.
Christian Waageas a member of the Heron Board of Directors.
“We continue to work closely with the
Results of Operations
Heron’s net cash used for operating activities for the three and six
Heron’s net loss for the three and six months ended
The increases in net cash used for operating activities and net loss in the 2016 periods as compared to the 2015 periods were primarily due to costs incurred in preparation for the commercial launch of SUSTOL, as well as clinical and manufacturing costs related to our Phase 1 and Phase 2 clinical studies for HTX-011 and costs associated with the development of HTX-019.
This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. Heron cautions
readers that forward-looking statements are based on management’s
expectations and assumptions as of the date of this news release and are
subject to certain risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties include, but
are not limited to, those associated with: the projected sufficiency of
our capital position for future periods, our ability to repay any
indebtedness, the review of the SUSTOL NDA by the
HERON THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
Six Months Ended
|Research and development||$||27,286||$||16,175||$||43,378||$||30,679|
|General and administrative||4,774||4,082||10,141||7,669|
|Sales and marketing||11,006||2,757||22,859||5,026|
|Total operating expenses||43,066||23,014||76,378||43,374|
|Loss from operations||(43,066||)||(23,014||)||(76,378||)||(43,374||)|
|Interest expense, net||(160||)||(93||)||(293||)||(303||)|
|Basic and diluted net loss per share||$||(1.17||)||$||(0.74||)||$||(2.09||)||$||(1.45||)|
|Shares used in computing basic and diluted net loss per share||
HERON THERAPEUTICS, INC.
Condensed Consolidated Balance Sheet Data
|June 30,||December 31,|
|Cash, cash equivalents and short-term investments||$||74,643||$||131,166|
|Total stockholders’ equity||$||57,841||$||118,110|
Heron Therapeutics, Inc.
Investor Relations and Media Contact:
Jennifer Capuzelo, 858-703-6063
Associate Director, Investor Relations