SAN DIEGO, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Conatus Pharmaceuticals Inc. (Nasdaq:CNAT), a biotechnology company focused on the development and commercialization of novel medicines to treat liver disease, today announced financial results for the quarter and nine months ended September 30, 2016, and provided updates on its clinical development programs.
The net loss for the third quarter of 2016 was $6.9 million compared with $6.1 million for the third quarter of 2015. The net loss for the first nine months of 2016 was $20.6 million compared with $18.1 million for the first nine months of 2015.
Research and development expenses were $4.8 million for the third quarter of 2016 compared with $4.1 million for the third quarter of 2015. Research and development expenses were $13.8 million for the first nine months of 2016 compared with $12.1 million for the first nine months of 2015. The increases in research and development expenses for the third quarter and first nine months were primarily due to the progression of the company's ENCORE program.
General and administrative expenses were $2.1 million for the third quarter of 2016 compared with $2.0 million for the third quarter of 2015. The increase in general and administrative expenses for the third quarter was primarily due to higher personnel costs and consulting fees. General and administrative expenses were $6.9 million for the first nine months of 2016 compared with $6.0 million for the first nine months of 2015. The increase in general and administrative expenses for the first nine months was primarily due to higher personnel costs and higher consulting, legal and accounting fees.
Cash, cash equivalents and marketable securities were $31.1 million at September 30, 2016, compared with $36.5 million at December 31, 2015. The company believes current financial resources are sufficient to maintain operations for at least the next 12 months.
Conatus is developing its lead compound, emricasan, for the treatment of patients with chronic liver disease. The company recently initiated:
Conatus has two additional ongoing emricasan Phase 2b clinical trials:
The company plans to initiate the following additional emricasan clinical trials as resources permit:
During the third quarter, the company announced the acceptance of abstracts for four posters — two addressing clinical results and two addressing preclinical results with emricasan — to be presented at The Liver Meeting®, the annual meeting of the American Association for the Study of Liver Diseases (AASLD) in Boston November 11-15, 2016. Two of the posters were accepted as "Presidential Posters of Distinction," indicating review scores that place them within the top 10 percent of all posters submitted. The following accepted abstracts are available on the AASLD website at www.aasld.org/:
Conference Call and Audio Webcast
Conatus will host a conference call and webcast at 4:30 p.m. Eastern Time today, November 8, to discuss quarterly financial results and provide an update on the company's development programs. To access the conference call, please dial 877-312-5857 (domestic) or 970-315-0455 (international) at least five minutes prior to the start time and refer to conference ID 8748956. A live and archived webcast of the call will be available in the Investors section of the company's website at www.conatuspharma.com.
About Conatus Pharmaceuticals
Conatus is a biotechnology company focused on the development and commercialization of novel medicines to treat liver disease. Conatus is developing emricasan, a first-in-class, orally active pan-caspase protease inhibitor, for the treatment of patients with chronic liver disease. To date, emricasan has been studied in over 650 subjects in 16 clinical trials across a broad range of liver disease etiologies and stages of progression. In multiple clinical trials, emricasan has demonstrated statistically significant, rapid and sustained reductions in elevated levels of key biomarkers of apoptosis and inflammation that are implicated in the severity and progression of liver disease. Recent emricasan clinical trial results have demonstrated emricasan's ability to provide significant improvements in clinically important validated surrogate endpoints of portal hypertension and liver function across multiple etiologies in the subgroups of liver cirrhosis patients with highest medical need. For additional information, please visit www.conatuspharma.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward looking statements, including statements regarding: the sufficiency of current financial resources; the timelines to announce results from the POLT-HCV-SVR, the ENCORE-NF, and the ENCORE-PH clinical trials; and the trial details and intent to initiate the ENCORE-LF and ENCORE-XT trials. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including: Conatus' ability to initiate and successfully complete current and future clinical trials; Conatus' dependence on its ability to obtain regulatory approval for, and then successfully commercialize emricasan, which is Conatus' only drug candidate; Conatus' reliance on third parties to conduct its clinical trials, enroll subjects, manufacture its preclinical and clinical drug supplies and manufacture commercial supplies of emricasan, if approved; potential adverse side effects or other safety risks associated with emricasan that could delay or preclude its approval; results of current and future clinical trials of emricasan; the potential for competing products to limit the clinical trial enrollment opportunities for emricasan in certain indications; the uncertainty of the FDA's and other regulatory agencies' approval processes and other regulatory requirements; Conatus' ability to fully comply with numerous federal, state and local laws and regulatory requirements applicable to it; Conatus' ability to obtain additional financing in order to complete the development and commercialization of emricasan; Conatus may use its financial resources faster than it anticipates; and those risks described in Conatus' prior press releases and in the periodic reports it files with the Securities and Exchange Commission. The events and circumstances reflected in Conatus' forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, Conatus does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
|Conatus Pharmaceuticals Inc.|
|Selected Condensed Financial Information|
|Three Months Ended||Nine Months Ended|
|Statements of Operations||September 30,||September 30,|
|Research and development||$||4,825,421||$||4,103,257||$||13,770,371||$||12,056,997|
|General and administrative||2,069,447||1,958,078||6,883,708||6,033,739|
|Total operating expenses||6,894,868||6,061,335||20,654,079||18,090,736|
|Other income (expense):|
|Other income (expense)||11,818||(8,391||)||1,645||(10,304||)|
|Total other income (expense)||27,958||(6,211||)||44,140||(13,728||)|
|Net loss per share, basic and diluted||$||(0.31||)||$||(0.31||)||$||(0.96||)||$||(0.99||)|
|Weighted average shares outstanding used in computing net loss per share, basic and diluted||22,410,702||19,668,287||21,527,993||18,209,871|
|September 30,||December 31,|
|Cash, cash equivalents and marketable securities||$||31,063,622||$||36,508,109|
|Prepaid and other current assets||1,137,384||1,982,031|
|Total current assets||32,201,006||38,490,140|
|Property and equipment, net||285,023||344,734|
|Liabilities and stockholders' equity|
|Total liabilities and stockholders' equity||$||33,362,159||$||39,727,268|
MEDIA: David Schull Russo Partners, LLC (858) 717-2310 David.Schull@RussoPartnersLLC.com INVESTORS: Alan Engbring Conatus Pharmaceuticals Inc. (858) 376-2637 firstname.lastname@example.org