Full Press Release Details
Aytu BioScience Reports 291% Revenue Growth in Q3 FY19
Company Posts Highest Ever Quarterly Revenue
ENGLEWOOD, CO / ACCESSWIRE / May 14, 2019
/ Aytu BioScience, Inc.
(NASDAQ: AYTU), a specialty pharmaceutical company focused on
commercializing novel products that address significant patient
needs, today will provide an overview of its business, including
the company's operational and financial results for its third
quarter of fiscal year 2019 that ended March 31, 2019. The company
will host a live conference call and webcast today at 9:00 a.m. ET.
Conference call details are provided at the end of this press
Q3 FY19 and Recent Operational Highlights
all-time high net revenue of approximately $2.4 million, 291%
growth over Q3 FY18 and a 33% increase sequentially from Q2
continuing sequential growth of Natesto revenue and total
prescriptions, and meaningful revenue contribution from
Tuzistra XR, ZolpiMist , and MiOXSYS
balance of approximately $15 million on March 31, 2019
positive interim results from the Natesto Spermatogenesis Study; if
confirmed in the final data read out this summer, Natesto would be
the only testosterone replacement therapy proven to maintain
fertility parameters in hypogonadal men
the U.S. field sales launch of Tuzistra XR and initiated sales
promotion to overlapping physician call points
a global distribution agreement with SUDA Pharmaceuticals to
sublicense ZolpiMist outside of the United States and
the submission of ZolpiMist for regulatory approval to the
Australian Therapeutic Goods Administration (TGA) by global partner
SUDA Pharmaceuticals
the appointment of Steven Boyd to the board of
Josh Disbrow, CEO of Aytu BioScience commented, "Fiscal Q3 2019 was
another record quarter for Aytu, and our fourth sequential quarter
of significant revenue growth. Revenue grew nearly 300%, over Q3
2018, to the highest level in company history. Importantly, we saw
increased contribution across our newly diversified portfolio
following the recent additions of ZolpiMist and Tuzistra XR, while
continuing to drive Natesto prescriptions and revenue. The company
has successfully transitioned over the last twelve months, now
commercializing four products with a combined total addressable
market of approximately $7 billion. While Natesto continues to be
the biggest percentage of revenue, with another increase in revenue
this quarter, we are excited by Tuzistra XR getting off to a good
start, and the growing contribution from ZolpiMist and
Mr. Disbrow continued, We also added several value drivers
during the quarter, and subsequent to the close of Q3. We announced
our partnership with SUDA, sublicensing the global distribution
rights for ZolpiMist, for which they are already pursuing
regulatory approval in Australia. Additionally, we continue to
receive good news on the Natesto Spermatogenesis Study, which is
investigating the impact of Natesto, the only FDA approved,
nasally-administered testosterone treatment, on the preservation of
fertility parameters. Interim results demonstrated preservation of
semen parameters after six months of Natesto treatment. Of the 56
subjects enrolled to date, 43 subjects have completed one month of
Natesto therapy, 23 subjects have completed three months, and 15
subjects have completed the full six-month treatment period
equivalent to two cycles of spermatogenesis. The entire study group
is expected to complete the full six-month treatment period during
summer 2019, and the full data will be reported soon thereafter.
Finally, MiOXSYS, our proprietary male infertility diagnostic
platform that we market primarily overseas, continues to make
outstanding progress in developing the global market for this
one-of-kind clinical device and is contributing meaningful revenue
to further broaden our revenue mix.
Mr. Disbrow concluded, Taken as a whole, we are encouraged
by the strong performance of our core product portfolio, the
operational progress we've made across our key strategies, as
well as the potential of our licensing and development
Q3 FY19 Financial Results
revenue for Q3 FY19 was $2.38 million, an increase of 291% over Q3
FY18 and 33% over Q2 FY19
cash equivalents, and restricted cash was approximately $15 million
as of March 31, 2019
used in operations for the quarter was $3.3 million, down 23%
sequentially from Q2 FY19
expenses for the quarter were $6.7 million, down 17% over the same
the end of Q3, the company retired all of its outstanding debt
through an exchange with Armistice Capital, which increased its
equity investment in the company. The $5 million exchange was
approved by a shareholder vote with 95% of votes cast supporting
Conference Call Information
The company will host a live conference call at 9:00 AM ET today.
The conference call can be accessed by dialing either:
1-862-298-0840 (international)
The webcast will be accessible live and archived on Aytu
BioScience's website, within the Investors section under Events
& Presentations, at aytubio.com,
A replay of the call will be available for fourteen days. Access
the replay by calling 1-877-481-4010 (toll-free) or 1-919-882-2331
(international) and using the replay access code
About Aytu BioScience, Inc.
Aytu BioScience is a commercial-stage specialty pharmaceutical
company focused on commercializing novel products that address
significant patient needs. The company currently markets
Natesto , the only FDA-approved nasal formulation of
testosterone for men with hypogonadism (low testosterone, or "Low
T"). Aytu also has exclusive U.S. and Canadian rights to
an FDA-approved, commercial-stage prescription sleep aid indicated
for the short-term treatment of insomnia characterized by
difficulties with sleep initiation. Aytu recently acquired