Full Press Release Details
UroGen Pharma Reports First Quarter 2019 Financial Results and Recent
Corporate Developments
Recent Data Presentation Highlights Consistent Complete Response Rate and Strong Durability
at Six-Months in Evaluable Patients with Low-Grade Upper
Tract Urothelial Cancer (LG UTUC)
Completion of UGN-101 Rolling NDA Submission to the FDA
On Track for 2H 2019
Pre-Commercial Activities and Infrastructure Build-out Accelerate Ahead of Planned U.S.
Approval and Launch of
Conference Call and Webcast to be Held Today at 8:30 AM ET
NEW YORK, May 9, 2019 - UroGen Pharma Ltd. (Nasdaq:URGN), a clinical-stage biopharmaceutical company developing treatments to address
unmet needs in uro-oncology, today announced financial results for the first quarter ended March 31, 2019 and provided an overview of the Company s recent developments.
The accomplishments and performance of UroGen during the first quarter have set the stage for a pivotal and exciting year ahead as we prepare for the
potential approval and commercialization of UGN-101, our first investigational candidate. Our top priority remains completion of our rolling New Drug Application (NDA) for
UGN-101 for the treatment of patients with low-grade upper tract urothelial cancer (LG UTUC) and, with our commercial preparations well underway, we are confident in our
readiness to deliver on a strong launch in the first half of 2020, said Liz Barrett, President and Chief Executive Officer of UroGen. Our company sees great possibilities for the RTGel platform within uro-oncology, especially around new
therapeutic modalities. Our goal is to leverage that and continue to build a company with sustainable growth via a robust pipeline as well as assessing opportunities via external partnerships.
First Quarter 2019 Financial Results; 2019 Guidance
Conference Call & Webcast Information
of UroGen s management team will host a live conference call and webcast today at 8:30 am Eastern Time to review the Company s financial results and provide a general business update.
The live webcast can be accessed by visiting the Investors section of the Company s website at http://investors.urogen.com. Please connect at
least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call (888) 771-4371 (U.S.) or (847) 585-4405 (International) to listen to the live conference call. The conference ID number for the live call will be 48486174. An archive of the webcast will be available for two weeks on the Company s website.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share and per share data)
| March 31, 2019 | December 31, 2018 | |||||||
| Assets | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 246,692 | $ | 101,318 | ||||
| Restricted deposit | 407 | 253 | ||||||
| Prepaid expenses and other current assets | 1,196 | 672 | ||||||
| TOTAL CURRENT ASSETS | 248,295 | 102,243 | ||||||
| NON-CURRENT ASSETS: | ||||||||
| Property and equipment, net | 929 | 948 | ||||||
| Restricted deposit | 51 | 51 | ||||||
| Other non-current assets | 2,777 | 317 | ||||||
| TOTAL ASSETS | $ | 252,052 | $ | 103,559 | ||||
| Liabilities and Shareholders equity | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and accrued expenses | $ | 5,942 | $ | 8,540 | ||||
| Employee related accrued expenses | 3,334 | 4,925 | ||||||
| Other current liabilities | 1,001 | |||||||
| TOTAL CURRENT LIABILITIES | 10,277 | 13,465 | ||||||
| NON-CURRENT LIABILITIES: | ||||||||
| Long-term lease liability | 2,184 | |||||||
| TOTAL NON-CURRENT LIABILITIES | 2,184 | |||||||
| TOTAL LIABILITIES | 12,461 | 13,465 | ||||||
| TOTAL SHAREHOLDERS EQUITY | 239,591 | 90,094 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | $ | 252,052 | $ | 103,559 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
| Three months ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| REVENUES | $ | $ | 481 | |||||
| COST OF REVENUES | 430 | |||||||
| GROSS PROFIT | 51 | |||||||
| OPERATING EXPENSES: | ||||||||
| Research and development expenses, net | 9,726 | 7,622 | ||||||
| General and administrative expenses | 12,707 | 6,069 | ||||||
| OPERATING LOSS | 22,433 | 13,640 | ||||||
| FINANCE INCOME, NET | (989 | ) | (258 | ) | ||||
| NET LOSS | $ | 21,444 | $ | 13,382 | ||||
| NET LOSS PER ORDINARY SHARE, BASIC AND DILUTED | $ | 1.11 | $ | 0.88 | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | 19,340,082 | 15,267,939 |
About UroGen Pharma Ltd.
UroGen Pharma Ltd. (Nasdaq:URGN) is a clinical-stage biopharmaceutical company developing advanced
non-surgical treatments to address unmet needs in the field of urology, with a focus on uro-oncology. UroGen has developed RTGel reverse-thermal
hydrogel, a proprietary sustained release, hydrogel-based platform technology that has the potential to improve therapeutic profiles of existing drugs. UroGen s sustained release technology is designed to enable longer exposure of the urinary
tract tissue to medications, making local therapy a potentially more effective treatment option. UroGen s lead investigational candidates, UGN-101 (mitomycin gel) for instillation, and UGN-102 (mitomycin gel) for intravesical instillation, are designed to potentially ablate tumors by non-surgical means and to treat several forms of non-muscle invasive urothelial cancer, including low-grade upper tract urothelial cancer and low-grade
non-muscle invasive bladder cancer, respectively. UroGen is headquartered in New York, NY with operations in Los Angeles, CA and Israel.
Forward Looking Statements
This press release contains
forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation: plans to conduct an early stage feasibility evaluation; the potential of
UGN-101 for LG UTUC; the timing for completion of the rolling NDA for UGN-101; the anticipated timing for full Phase 3 data from the OLYMPUS trial; the potential
approval of UGN-101 and the timing thereof; the expectation that UGN-101, if approved, will be the first drug approved for the
non-surgical treatment of LG UTUC; the timing for completion of pre-commercial activities and infrastructure build-out in
anticipation of a potential commercial launch of UGN-101; the expected readiness of UroGen for a potential commercial launch of UGN-101 and the strength and timing of
the potential commercial launch of UGN-101; the potential of UroGen s proprietary RTGel technology platform to improve therapeutic profiles of
existing drugs; the anticipated timing for initial data from the OPTIMA II trial; the opportunity and potential of UGN-102 for LG NMIBC; and UroGen s 2019 guidance. These statements are subject to a
number of risks, uncertainties and assumptions, including, but not limited to: the timing and success of clinical trials, including the OLYMPUS Phase 3 trial and the OPTIMA II Phase 2b trial and potential safety and
other complications thereof; the ability to obtain regulatory approval within the timeframe expected, or at all; the ability to maintain regulatory approval; complications associated with
achieving commercial readiness for the launch of a new product; the labeling for any approved product; the scope, progress and expansion of developing and commercializing UroGen s product candidates; the size and growth of the market(s)
therefor and the rate and degree of market acceptance thereof vis- -vis alternative therapies; risks that UroGen s net loss for 2019 may differ materially
from the anticipated range previously provided by UroGen and affirmed in this press release due to changes in UroGen s operating plans and/or due to estimates that may prove to be incorrect; and UroGen s ability to attract or retain key
management, members of the board of directors and personnel. In light of these risks and uncertainties, and other risks and uncertainties that are described in the Risk Factors section of UroGen s Form
10-Q filed with the SEC on the date hereof and other filings that UroGen makes with the SEC from time to time (which are available at http://www.sec.gov), the events and circumstances discussed in such
forward-looking statements may not occur, and UroGen s actual results could differ materially and adversely from those anticipated or implied thereby. Any forward-looking statements speak only as of the date of this press release and are based
on information available to UroGen as of the date of this release.
Director, Corporate Communications &