Full Press Release Details
Minerva Neurosciences Reports Fourth Quarter and Full Year 2014 Financial Results
MIN-101 Phase 2b trial for schizophrenia on track
Phase 2a trial planned for MIN-202 in primary insomnia in mid-2015;
Phase 1b in MDD patients also expected to begin in mid-2015
Company advancing CNS pipeline with MIN-117 and MIN-301
Management to host conference call today at 4:30 p.m. ET
WALTHAM, Mass. March 26, 2015 Minerva Neurosciences, Inc. (NASDAQ:NERV), a clinical-stage biopharmaceutical company focused on the
development of innovative therapies to treat central nervous system (CNS) diseases and disorders, today reported business highlights and financial results for the fourth quarter and full year ended December 31, 2014.
We are very pleased to report continued progress for each of our clinical development programs, and are looking forward to several upcoming milestones
in 2015 and 2016, commented Dr. Remy Luthringer, president and chief executive officer of Minerva. Following our recent private placement that resulted in net proceeds of approximately $28.8 million, we now have in place additional
financial resources to progress toward our goal of building a company with innovative therapeutics that we believe will address the unmet needs of patients across a range of CNS diseases.
Fourth Quarter and Recent Business Highlights:
Corporate Highlights:
Fourth Quarter and Full Year Ended December 31, 2014 Financial Results:
Conference Call Information:
Minerva Neurosciences will host a conference call and live audio webcast today at 4:30 p.m. ET to discuss the quarter and recent business
activities. To participate in the conference call, please dial (877) 312-5845 (domestic) or (765) 507-2618 (international) and refer to conference ID 9756969. The live webcast can be accessed under Events &
Presentations in the Investors section of the Company s website at www.minervaneurosciences.com. The archived webcast will be available on the Company s website beginning approximately two hours after the event and will be
archived for 30 days.
About Minerva Neurosciences:
Minerva Neurosciences, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of product
candidates to treat CNS diseases. Minerva is developing proprietary compounds, including its lead program MIN-101 in development for the treatment of schizophrenia,
MIN-202 in development for primary and comorbid insomnia, MIN-117 in development for the treatment of major depressive disorder and MIN-301 in development for the
treatment of Parkinson s disease. Minerva s common stock is listed on the NASDAQ Global Market where it trades under the symbol NERV . For more information, please visit: www.minervaneurosciences.com/.
Forward-Looking Safe-Harbor Statement:
This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements are statements that are not historical facts, reflect management s expectations as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the benefits of and our ability to leverage the proceeds of our financings; the timing and results of future clinical milestones; the timing of future clinical trials and results of clinical trials; the clinical and
therapeutic potential of our compounds; our ability to successfully develop and commercialize our therapeutic products; and management s ability to successfully achieve its goals. These forward-looking statements are only predictions and may
differ materially from actual results due to a variety of factors including, without limitation, whether any of our other therapeutic products will advance further in the clinical trials process and whether and when, if at all, they will receive
final approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies and for which indications; whether any of our therapeutic products will be successfully marketed if approved; whether any of our therapeutic product
discovery and development efforts will be successful; our ability to achieve the results contemplated by our co-development agreements; management s ability to successfully achieve its goals; our ability to raise additional capital to fund
our operations on terms acceptable to us; and general economic conditions. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption Risk
Factors in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange
Commission on March 26, 2015. Copies of reports filed with the SEC are posted on our website at www.minervaneurosciences.com. The forward-looking statements in this press release are based on information available to us as of the date hereof,
and we disclaim any obligation to update any forward-looking statements, except as required by law.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
| December 31, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 18,546 | $ | 1,818 | ||||
| Restricted cash | 35 | |||||||
| Prepaid expenses | 757 | 1 | ||||||
| Total current assets | $ | 19,338 | $ | 1,819 | ||||
| Equipment, net | 44 | 3 | ||||||
| In-process research and development | 34,200 | 19,000 | ||||||
| Goodwill | 14,869 | 7,918 | ||||||
| Deferred public offering costs | 434 | |||||||
| Total Assets | $ | 68,451 | $ | 29,174 | ||||
| LIABILITIES AND STOCKHOLDERS DEFICIT | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 642 | $ | 523 | ||||
| Accrued expenses and other current liabilities | 1,645 | 815 | ||||||
| Accrued collaborative expenses | 1,222 | |||||||
| Convertible promissory notes | 58 | |||||||
| Derivative liability | 10 | |||||||
| Total current liabilities | $ | 3,509 | $ | 1,406 | ||||
| Long-Term Liabilities: | ||||||||
| Deferred taxes | 13,434 | 7,589 | ||||||
| Other non-current liabilities | 8 | |||||||
| Total liabilities | $ | 16,951 | $ | 8,995 | ||||
| Stockholders Deficit | ||||||||
| Common stock | 2 | 1 | ||||||
| Additional paid-in capital | 126,229 | 38,008 | ||||||
| Accumulated deficit | (74,731 | ) | (17,830 | ) | ||||
| Total stockholders deficit | $ | 51 ,500 | $ | 20,179 | ||||
| Total Liabilities and Stockholders Deficit | $ | 68,451 | $ | 29,174 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Year Ended December 31, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands, except per share amounts) | ||||||||
| Revenues | $ | $ | ||||||
| Operating expenses: | ||||||||
| Research and development | 42,909 | 708 | ||||||
| General and administrative | 11,962 | 2,467 | ||||||
| Total operating expenses | 54,871 | 3,175 | ||||||
| Foreign exchange (gains)/losses | 19 | (29 | ) | |||||
| Interest expense, net | (2,050 | ) | (58 | ) | ||||
| Net loss | $ | (56,902 | ) | $ | (3,262 | ) | ||
| Loss per share: | ||||||||
| Basic and diluted | $ | (4.47 | ) | $ | (0.78 | ) | ||
| Weighted average shares: | ||||||||
| Basic and diluted | 12,724 | 4,186 |
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