Attached files
file | filename |
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8-K - 8-K - Paratek Pharmaceuticals, Inc. | prtk-8k_20150805.htm |
Exhibit 99.1
SELECTED FINANCIAL INFORMATION
Condensed Consolidated Statements of Operations - Unaudited
(in thousands, except loss per share data)
|
Three months ended |
|
Six months ended |
||||
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenue |
|
|
|
|
|
|
|
Research and development collaborations |
$ - |
|
$ 294 |
|
$ - |
|
$ 342 |
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
10,998 |
|
837 |
|
17,739 |
|
1,363 |
General and administrative |
4,281 |
|
1,338 |
|
8,552 |
|
1,791 |
Impairment of intangible asset |
- |
|
- |
|
2,761 |
|
- |
Changes in fair value of contingent |
|
|
|
|
|
|
|
consideration |
400 |
|
- |
|
(2,740) |
|
- |
Total operating expenses |
15,679 |
|
2,175 |
|
26,312 |
|
3,154 |
Loss from operations |
(15,679) |
|
(1,881) |
|
(26,312) |
|
(2,812) |
Other income and expenses: |
|
|
|
|
|
|
|
Interest expense, net |
(25) |
|
(384) |
|
(25) |
|
(556) |
Loss on mark-to-market of notes and |
|
|
|
|
|
|
|
warrants |
- |
|
- |
|
- |
|
(119) |
Other income (expense), net |
5 |
|
(5) |
|
5 |
|
6 |
Net loss |
(15,699) |
|
(2,270) |
|
(26,332) |
|
(3,481) |
Unaccredited dividends on convertible preferred stock |
- |
|
(737) |
|
- |
|
(939) |
Net loss attributable to common stockholders |
$(15,699) |
|
$ (3,007) |
|
$(26,332) |
|
$ (4,420) |
Basic and diluted net loss per common share |
$ (0.96) |
|
$ (41.79) |
|
$ (1.71) |
|
$ (63.32) |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
Basic and diluted |
16,372,694 |
|
71,950 |
|
15,400,819 |
|
69,738 |
PARATEK PHARMACEUTICALS, INC.
SELECTED FINANCIAL INFORMATION
Condensed Consolidated Balance Sheets
(in thousands)
|
|
June 30, |
|
December 31, |
|
|
|
|
|
Cash and cash equivalents |
|
$ 148,742 |
|
$ 95,856 |
Total assets |
|
160,101 |
|
109,967 |
Working capital (deficiency) |
|
142,659 |
|
97,588 |
Total current liabilities |
|
11,367 |
|
3,741 |
Long-term obligations, less current portion |
|
7,745 |
|
11,002 |
Common stock and additional paid-in capital |
|
365,187 |
|
293,090 |
Accumulated deficit |
|
(224,198) |
|
(197,866) |
Total stockholders’ equity |
|
140,989 |
|
95,224 |
The statements in this press release regarding Paratek’s belief that it is well positioned to execute its future objectives, its expectations that the company's cash and cash equivalents will fund operations through the second half of 2017, which is expected to coincide with the availability of top-line data from the planned Phase 3 study of omadacycline for CABP, its expectation that its study of omadacycline for CABP will be initiated before the end of 2015, its anticipation that if both studies are successful, the company will be submitting a new drug application in the U.S. in the first half of 2018, its belief that its sarecycline program remains on track with top-line data expected in 2016 and a potential new drug application in the U.S. in 2017, the expected benefits from the net proceeds from its public offering of common stock, and its plans to initiate a Phase 3 registration study in CABP with omadacycline before the end of 2015, are forward-looking statements. These forward-looking statements are based upon Paratek’s current expectations and involve substantial risks and uncertainties. Paratek may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in these forward-looking statements and you should not place undue reliance on these forward-looking statements. Paratek’s actual results and the timing of events could differ materially from those included in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to: (i) Paratek’s need for substantial additional funding to complete the development and commercialization of Paratek’s product candidates, (ii) Paratek’s ability to raise the capital to do so, (iii) the risk that unexpected results will be obtained in the clinical studies; (iv) risks that data to date and trends may not be predictive of future results; and (v) risks that Paratek’s clinical studies and product candidates do not receive regulatory approval. These and other risk factors are discussed under "Risk Factors" and elsewhere in Paratek’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, and Paratek’s other filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein.
# # #
CONTACTS:
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|
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Media Relations: |
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Investor Relations: |
Michael Lampe |
|
Hans Vitzthum |
(484) 575-5040 |
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LifeSci Advisors, LLC. |
michael@michaellampeconsulting.com |
|
212-915-2568 |