Full Press Release Details
Aytu BioScience Reports 71% Revenue Growth in Q2 FY19
Company Posts Highest Ever Quarterly Revenue
ENGLEWOOD, CO / ACCESSWIRE / February 7, 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 second
quarter of fiscal year 2019 that ended December 31, 2018. 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
Q2 FY19 and Recent Operational Highlights
all-time high net revenue of $1.8 million, 71% growth over Q2 FY18
and a 25% increase sequentially from Q1 FY19.
net revenue for the second quarter increased 37% sequentially from
balance of approximately $18 million on December 31,
positive interim results from Natesto spermatogenesis study. If
confirmed in the final data read out this summer, Natesto would be
the only testosterone replacement therapy that preserves fertility
the exclusive U.S. license to Tuzistra XR, the only 12-hour
codeine-based antitussive oral suspension. Tuzistra XR competes in
the $3 billion prescription antitussive category and generated
approximately 40,000 prescriptions in 2017.
its first full quarter of sales force promotion for
ZolpiMist , a product competing in the $1.8 billion U.S.
a $15.2 million underwritten public offering and full exercise of
over-allotment option, led by a fundamental healthcare
a strategic financing with Armistice Capital, LLC in the form of a
$5 million secured note, which was tied to the acquisition of
appointment of Ketan Mehta to the board of directors. Announced
that Steven Boyd is expected to be appointed to the board of
directors in the near future.
Josh Disbrow, CEO of Aytu BioScience commented, "Fiscal Q2 2019 was
a record quarter for Aytu. Revenue grew 71%, over Q2 2018, to the
highest level in company history, driven largely by Natesto's
performance, which was bolstered by the Natesto Direct
patient support program. The company
is now annualizing at over $7 million in revenue, and we expect to
continue on our growth trajectory in the coming quarters. We
recorded our first full quarter of sales force promotion for our
second product, ZolpiMist, a novel sleep aid competing in a $1.8
billion prescription category. Further, we acquired a third
product, Tuzistra XR, a unique antitussive competing in a $3 billion market and
bringing our total addressable market to nearly $7 billion. We look
forward to continuing Natesto's sales growth, launching our
newest products and selectively acquiring unique products with
similar physician call points, to build shareholder
Mr. Disbrow continued, We completed an equity financing in
October and had a cash balance of approximately $18 million at the
end of December. Furthermore, we announced positive interim results
from the Natesto spermatogenesis study, the appointment of Ketan
Mehta to the board of directors, and the expected appointment of
Steven Boyd to the board of directors in the near
Q2 FY19 Financial Results
cash equivalents, and restricted cash totaled approximately $18
million as of December 31, 2018.
revenue for Q2 FY19 was $1.8 million, an increase of 71% over Q2
FY18 and 25% growth sequentially, compared to $1.4 million in Q1
used in operations for the quarter was $4.3 million. The change in
cash use resulted from a large purchase of ZolpiMist inventory,
annual PDUFA fees paid to the FDA, along with one-time cash uses of
approximately $0.4 million for Q2 FY19.
Operating expenses for the quarter were $6.3
million, which include specific one-time expenses associated with
the commercial start-up costs for ZolpiMist and Tuzistra
these commercial start-up costs, pro forma operating expenses were
approximately $5.9 million.
the end of the quarter, Armistice Capital, owner of 4.99% of the
company's common stock based on Armistice's most recent
filing, proposed to increase its equity investment in the company
through an equity issuance in exchange for retiring the
company's $5 million secured note. Upon shareholder approval
at the company's upcoming annual meeting, the $5 million note
will be retired in exchange for an issuance of common stock, Series
E convertible preferred stock, and warrants.
Conference Call Information
The company will host a live conference call at 9:00 a.m. ET today.
The conference call can be accessed by dialing either:
1-866-682-6100 (toll-free)
1-862-298-0702 (international)
The webcast will be accessible live and archived on Aytu
BioScience's website, within the Investors section under Corporate
Presentations & Media, at aytubio.com, for 90 days.
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
ZolpiMist , 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 exclusive U.S. commercial rights to Tuzistra XR, the
only FDA-approved 12-hour codeine-based antitussive syrup. Tuzistra
XR is a prescription antitussive consisting of codeine polistirex
and chlorpheniramine polistirex in an extended-release oral