UroGen Reports Fourth Quarter and Full Year 2017 Financial Results
Presentation of MitoGel™ Interim Analysis from OLYMPUS Pivotal Trial in Patients with Low Grade Upper Tract Urothelial Cancer Planned at Upcoming Medical Meeting
Conference Call to be Held Today at 8:30am ET
RA’ANANA, ISRAEL and NEW YORK, March 15, 2018 (GLOBE NEWSWIRE) -- UroGen Pharma Ltd. (Nasdaq:URGN), a clinical-stage biopharmaceutical company developing treatments to address unmet needs in the field of urology, with a focus on uro-oncology, today announced financial results for the fourth quarter and full year ended December 31, 2017 and provided an overview of the Company’s recent developments.
“Last year was a pivotal year for UroGen. Coming off a successful initial public offering, we immediately set our goals on working towards establishing a leadership position in the treatment of urothelial cancers and other urological indications,” said Ron Bentsur, Chief Executive Officer of UroGen. “Our growing team is focused on executing on key milestones, particularly completion of the pivotal Phase 3 OLYMPUS trial for MitoGel. We are also advancing our other pipeline programs that could allow us to transform the treatment of urothelial cancers and other urological pathologies, and demonstrate the potential for the RTGel platform beyond oncology.”
Recent Highlights and Upcoming Milestones
- Clinical Development Progress of MitoGel:
- The Company will present an Interim Analysis from the OLYMPUS pivotal trial of MitoGel in patients with Low-Grade Upper Tract Urothelial Cancer (LG UTUC) at an upcoming medical meeting.
- Top-line data from the OLYMPUS pivotal trial are expected in Q3 2018.
- Assuming positive results, planned submission of the New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in Q1 2019.
- Potential approval and commercial launch of MitoGel in the United States is targeted for H2 2019.
- Advancing the Pipeline and Potential for the RTGel™ Platform:
- VesiGel™: VesiGel is a potential first-line chemoablation treatment and alternative to TURBT for low-grade non-muscle invasive bladder (NMIBC). The Company intends to submit an Investigational New Drug (IND) Application with the FDA for VesiGel for the treatment of LG NMIBC in Q2 2018 and commence a Phase 2b trial shortly thereafter.
- BotuGel™: Allergan initiated the Phase 2 trial of RTGel™ in combination with BOTOX® 1 for the treatment of overactive bladder in November 2017. Enrollment of patients by Allergan is ongoing and results have the potential to demonstrate the broad applicability of the RTGel platform beyond uro-oncology.
- Corporate Developments
- The Company strengthened its financial position with the completion of an upsized public offering of ordinary shares in January 2018, resulting in net proceeds of approximately $64 million.
- The addition of new senior leadership continues to enhance the Company’s ability to execute on both short-term and long-term goals. Stephen Mullennix was most recently appointed as Chief Operating Officer where he brings significant financial and operational expertise in high technology companies to the team.
- In late 2017, Cynthia M. Butitta was appointed to our Board of Directors. Ms. Butitta is a seasoned finance and operations executive with over 25 years of leadership experience in both biotechnology and high technology. Most recently, Ms. Butitta served as Chief Operating Officer of Kite Pharma, where she played an instrumental role leading up to Kite Pharma’s acquisition by Gilead Sciences for approximately $11.9 billion. From 2014 to 2016, Ms. Butitta served as Kite Pharma’s Chief Financial Officer.
- Earlier this week, Pini Orbach, Ph.D., resigned from our Board of Directors. Dr. Orbach was an early supporter of the Company and a contributor as we set the stage to transition to a new phase of the Company and prepare for potential commercialization of our first product.
Fourth Quarter and Full Year 2017 Financial Results
- As of December 31, 2017, cash, cash equivalents, and short-term investments totaled $73.0 million. In addition, in January 2018, the Company raised net proceeds of approximately $64 million from an underwritten public offering.
- Net research and development expenses for the year ended December 31, 2017 were $18.7 million, including non-cash share-based compensation expense of $3.9 million. Net research and development expenses for the three months ended December 31, 2017 were $6.8 million, including non-cash share-based compensation expense of $1.4 million.
- General and administrative expenses for the year ended December 31, 2017 were $8.8 million, including non-cash share-based compensation expense of $2.4 million. General and administrative expenses for the three months ended December 31, 2017 were $3.4 million, including non-cash share-based compensation expense of $0.9 million.
- The Company reported a net loss of $20.0 million, or basic and diluted net loss per ordinary share of $2.14, for the year ended December 31, 2017. The Company reported a net loss of $10.1 million, or basic and diluted net loss per ordinary share of $0.74, for the three months ended December 31, 2017.
Conference Call & Webcast Information
Members 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 46558329. An archive of the webcast will be available for two weeks on the Company’s website.
UROGEN PHARMA LTD. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(U.S. dollars in thousands, except share and per share data) | ||||||||
(Unaudited) | ||||||||
December 31, 2017 | December 31, 2016 | |||||||
Assets | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 36,999 | $ | 21,362 | ||||
Short-term investments | 36,001 | - | ||||||
Restricted deposit | 198 | 95 | ||||||
Accounts receivable | - | 83 | ||||||
Inventory | 316 | 105 | ||||||
Prepaid expenses and other current assets | 958 | 396 | ||||||
TOTAL CURRENT ASSETS | 74,472 | 22,041 | ||||||
NON-CURRENT ASSETS: | ||||||||
Property and equipment, net | 805 | 741 | ||||||
Restricted deposit | 29 | 24 | ||||||
Other non-current assets | 244 | 250 | ||||||
TOTAL ASSETS | $ | 75,550 | $ | 23,056 | ||||
Liabilities and Shareholders' equity | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable and accrued expenses | $ | 4,435 | $ | 1,880 | ||||
Employee related accrued expenses | 1,950 | 687 | ||||||
Deferred revenues | 650 | - | ||||||
Proceeds from exercise of warrants for preferred shares | - | 570 | ||||||
TOTAL CURRENT LIABILITIES | 7,035 | 3,137 | ||||||
NON-CURRENT LIABILITIES: | ||||||||
Warrants for preferred shares | - | 3,612 | ||||||
TOTAL LIABILITIES | 7,035 | 6,749 | ||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Ordinary shares, NIS 0.01 par value: 100,000,000 and 17,600,000 shares authorized at December 31, 2017 and 2016, respectively; 13,751,390 and 2,305,743 shares issued and outstanding at December 31, 2017 and 2016, respectively. | 37 | 6 | ||||||
Series A and A-1 preferred shares, NIS 0.01 par value: 0 and 14,400,000 shares authorized at December 31, 2017 and 2016, respectively; 0 and 5,193,427 shares issued and outstanding at December 31, 2017 and 2016, respectively. | - | 13 | ||||||
Additional paid-in capital | 115,692 | 43,502 | ||||||
Accumulated deficit | (47,214 | ) | (27,214 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 68,515 | 16,307 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 75,550 | $ | 23,056 | ||||
UROGEN PHARMA LTD. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(U.S. dollars in thousands, except share and per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Year ended December 31, | Three months ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | $ | 8,158 | $ | 17,530 | $ | 327 | $ | 17,530 | ||||||||
COST OF REVENUES | 600 | 28 | 287 | 28 | ||||||||||||
GROSS PROFIT | 7,558 | 17,502 | 40 | 17,502 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Research and Development Expenses, Net | 18,697 | 10,287 | 6,761 | 2,372 | ||||||||||||
General and Administrative Expenses | 8,811 | 6,417 | 3,437 | 1,229 | ||||||||||||
OPERATING (LOSS) INCOME | (19,950 | ) | 798 | (10,158 | ) | 13,901 | ||||||||||
FINANCE (EXPENSES) INCOME, NET | (31 | ) | (2,739 | ) | 91 | (978 | ) | |||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (19,981 | ) | (1,941 | ) | (10,067 | ) | 12,923 | |||||||||
INCOME TAX EXPENSE | (19 | ) | - | - | - | |||||||||||
NET (LOSS) INCOME | $ | (20,000 | ) | $ | (1,941 | ) | $ | (10,067 | ) | $ | 12,923 | |||||
(LOSS) INCOME PER ORDINARY SHARE | ||||||||||||||||
BASIC | $ | (2.14 | ) | $ | (1.91 | ) | $ | (0.74 | ) | $ | 5.17 | |||||
DILUTED | $ | (2.14 | ) | $ | (1.91 | ) | $ | (0.74 | ) | $ | 1.56 | |||||
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING | ||||||||||||||||
BASIC | 9,716,790 | 2,305,503 |
By: Nasdaq / GlobeNewswire
- 15 Mar 2018
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