Full Press Release Details
SOUTH PLAINFIELD, N.J. , Aug. 12, 2013 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT ), a biopharmaceutical company focused on the discovery and development of orally administered, proprietary small-molecule drugs that target post-transcriptional control processes, today announced financial and corporate results for the quarter ended June 30, 2013 .
"The first half of the year was a very exciting time for PTC. We successfully completed an IPO raising gross proceeds of more than $144 million . With over $165 million in cash on our balance sheet at the end of the quarter, we are now well capitalized to continue the late-stage clinical development of our lead product candidate, ataluren, in nonsense mutation Duchenne muscular dystrophy and cystic fibrosis," said Stuart Peltz , PhD, Chief Executive Officer, PTC Therapeutics, Inc. "We began enrolling patients in our Phase 3 nmDMD clinical trial earlier this year and we plan to begin enrollment in our Phase 3 nmCF clinical trial in the first half of 2014. We are also excited about the progress that is being made in our SMA program that is partnered with Roche where we recently announced the selection of a development candidate."
Key Recent Accomplishments
Second Quarter 2013 Financial Highlights
Today's Conference Call and Webcast Reminder
The PTC management team will host a conference call to discuss the company's financial results and recent and upcoming developments today, Monday, August 12, 2013 , at 4:30 p.m. ET . The call can be accessed by dialing 877-303-9216 (domestic) or 973-935-8152 (international) five minutes prior to the start of the call and providing the passcode 24942756.
The live, listen-only webcast of the conference call can also be accessed by visiting the "Investors Relations" section of the company's website at ir.ptcbio.com . A replay of the webcast will be archived on the PTC website for 30 days following the call.
ABOUT PTC THERAPEUTICS, INC .
PTC is biopharmaceutical company focused on the discovery and development of orally-administered, proprietary small molecule drugs that target post-transcriptional control processes. While PTC's discovery programs are directed at targets in multiple therapeutic areas, PTC is focusing particularly on the development and commercialization of treatments for orphan and ultra-orphan disorders. Post-transcriptional control processes regulate the rate and timing of protein production and are essential to proper cellular function. PTC's internally-discovered pipeline addresses multiple therapeutic areas, including neuromuscular disorders, oncology and infectious diseases. For more information on the company, please visit our website www.ptcbio.com .
FORWARD LOOKING STATEMENTS:
Any statements in this press release about future expectations, plans and prospects for the company, including statements about the development of ataluren, such as the timing and conduct of the company's Phase 3 clinical trial, the timing and likelihood of conditional approval of ataluren, pre-commercial activities, the advancement of the company's earlier stage pipeline and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan" "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those related to the initiation and conduct of clinical trials, availability of data from clinical trials, expectations for regulatory approvals, our scientific approach and general development progress, the availability or commercial potential of our product candidates, the sufficiency of our cash resources and need for additional financing and other factors discussed in the "Risk Factors" section of the final prospectus for our initial public offering, which is on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the company's views as of the date of this release. The company anticipates that subsequent events and developments will cause the company's views to change. However, while the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this release.
| PTC THERAPEUTICS, INC. | ||||||||||||
| Statements of Operations | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2012 | 2013 | 2012 | 2013 | |||||||||
| Revenues: | ||||||||||||
| Collaboration revenue | $ | 6,064,413 | 5,867,806 | 16,817,797 | 11,939,954 | |||||||
| Grant revenue | 1,520,764 | 986,406 | 3,293,100 | 2,055,922 | ||||||||
| Total revenues and non-cash cancellation revenue | 7,585,177 | 6,854,212 | 20,110,897 | 13,995,876 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 11,918,999 | 14,712,091 | 26,222,332 | 25,968,919 | ||||||||
| General and administrative | 3,164,385 | 6,595,057 | 7,607,009 | 11,056,302 | ||||||||
| Total operating expenses | 15,083,384 | 21,307,148 | 33,829,341 | 37,025,221 | ||||||||
| Loss from operations | (7,498,207) | (14,452,936) | (13,718,444) | (23,029,345) | ||||||||
| Interest expense, net | (335,081) | (114,173) | (760,261) | (6,276,229) | ||||||||
| Other income (expense), net | 1,765,216 | (19,469) | 1,812,772 | 34,461 | ||||||||
| Net loss | (6,068,072) | (14,586,578) | (12,665,933) | (29,271,113) | ||||||||
| Deemed dividend | — | — | — | (18,248,768) | ||||||||
| Gain on exchange of convertible preferred stock in | ||||||||||||
| connection with recapitalization | 159,954,069 | — | 159,954,069 | 3,390,750 | ||||||||
| Less beneficial conversion charge | (377,787) | — | (377,787) | — | ||||||||
| Net income (loss) attributable to common stockholders | $ | 153,508,210 | (14,586,578) | 146,910,349 | (44,129,131) |
| PTC THERAPEUTICS, INC. | ||
| Summary Balance Sheet | ||
| December 31, | June 30, | |
| 2012 | 2013 | |
| Cash, cash equivalents and marketable securities | $2,725,702 | $165,678,055 |
| Total Assets | 13,072,352 | 175,468,084 |
| Total Liabilities | 31,889,085 | 22,548,444 |
| Total Liabilities, convertible preferred stock | ||
| and stockholders' (deficit) equity | 13,072,352 | 175,468,084 |
SOURCE PTC Therapeutics, Inc.