Momenta Pharmaceuticals Reports Financial Results for the First Quarter of 2010
CAMBRIDGE, Mass., May 6, 2010 (GlobeNewswire via COMTEX News Network) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the quarter ended March 31, 2010.
For the first quarter of 2010, the Company reported a net loss of $16.1 million, compared with a net loss of $17.9 million for the same period last year. At March 31, 2010, the Company had cash, cash equivalents, and marketable securities of $81.7 million, compared with $95.7 million at December 31, 2009.
"We continue to believe that the FDA will approve the ANDA for generic Lovenox(R) and, together with our collaborative partner Sandoz, we are prepared for a potential launch," commented Craig A. Wheeler, President and Chief Executive Officer. "The FDA review of the ANDA for generic Copaxone(R) is also well underway. We continue to make progress on our novel drug development pipeline, including advancing our novel anti-cancer compound, M402, closer to clinical testing. Finally, with the passage of the healthcare reform bill, we are now in a position to move forward with our follow-on biologics program with greater clarity," he added. "This is an exciting time for Momenta and we believe we are well-positioned for continued progress across our programs."
First Quarter 2010 Financial Results
Revenue for the first quarter of 2010 was $3.7 million, compared to $4.0 million for the same period last year. The decrease in revenue was primarily due to a decrease in reimbursable manufacturing expenses associated with our M356 program. Research and development expenses for the first quarter of 2010 were $12.3 million, compared to $15.8 million for the same period last year. The decrease in research and development expenses principally resulted from a decrease in clinical development costs due to the completion of the M118 Phase 2a clinical trial in June 2009 and a decrease in M356 program costs.
General and administrative expenses for the first quarter of 2010 totaled $7.5 million, compared with $6.3 million for the same period last year. The increase in general and administrative expenses was primarily due to increased stock-based compensation expense and other personnel and related costs.
Conference Call Information
Management will host a conference call on Thursday, May 6, 2010 at 10:00 am EDT to discuss these results and provide an update on the Company. To access the call, please dial (877) 224-9084 (domestic) or (720) 545-0022 (international) prior to the scheduled conference call time and provide the access code 61927340. A replay of the call will be available approximately two hours after the call and will be accessible through May 20, 2010. To access the replay, please dial (800) 642-1687 (domestic) or (706) 645-9291 (international) and provide the access code 61927340.
A live audio webcast of the call will be available on the "Investors" section of the Company's website, www.momentapharma.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Momenta website approximately two hours after the call and will be available through June 7, 2010.
Momenta Pharmaceuticals is a biotechnology company, headquartered in Cambridge, MA, specializing in the detailed structural analysis of complex mixture drugs. Momenta is applying its technology to the development of generic versions of complex drug products, as well as to the discovery and development of novel drugs.
To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release.
Forward Looking Statements
Various remarks that Momenta Pharmaceuticals may make about management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to the potential for FDA approval of the ANDA for generic Lovenox, FDA's review of the ANDAs for generic Lovenox and generic Copaxone, regulatory submissions, our product development plans, and the Company's revenue, expenses and other results of operations, including the quarter ended March 31, 2010, and, current and future development efforts and commercialization efforts, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "hope," "target," "project," "goals," "potential," "predict," "might," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors referred to in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Momenta from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Momenta is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Our logo, trademarks, and service marks are the property of Momenta Pharmaceuticals, Inc. All other trade names, trademarks, or service marks are property of their respective owners.
MOMENTA PHARMACEUTICALS, INC. Unaudited Condensed Consolidated Balance Sheets (in thousands) December March 31, 31, 2010 2009 ----------- ---------- Assets Cash and marketable securities $ 81,719 $ 95,650 Restricted cash 1,778 1,778 Other assets 18,924 21,023 ----------- ---------- Total assets $ 102,421 $ 118,451 =========== ========== Liabilities and Stockholders' Equity Current liabilities $ 12,589 $ 16,340 Other liabilities 7,019 7,949 Stockholders' equity 82,813 94,162 ----------- ---------- Total liabilities and stockholders' equity $ 102,421 $ 118,451 =========== ==========
MOMENTA PHARMACEUTICALS, INC. Unaudited Condensed Statement of Operations (in thousands, except per share amounts) Three Months Ended -------------------- 2010 2009 --------- --------- Collaboration revenue $3,690 $3,990 Operating expenses: Research and development* 12,255 15,818 General and administrative* 7,475 6,274 --------- --------- Total operating expenses 19,730 22,092 --------- --------- Loss from operations (16,040) (18,102) Other income (expense), net (44) 197 --------- --------- Net loss $(16,084) $(17,905) --------- --------- Basic and diluted net loss per share $(0.37) $(0.46) --------- --------- Shares used in computing basic and diluted net loss per share 43,752 38,744 --------- --------- *Includes stock-based compensation of the following: Research and development $1,539 $1,058 General and administrative $2,529 $1,649
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SOURCE: Momenta Pharmaceuticals
CONTACT: Momenta Pharmaceuticals, Inc. Beverly Holley 617-395-5189 firstname.lastname@example.org
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