Press Releases

Aug 2, 2010
<< Back

Momenta Pharmaceuticals Reports Financial Results for the Second Quarter of 2010

CAMBRIDGE, Mass., Aug 2, 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 June 30, 2010.

For the second quarter of 2010, the Company reported a net loss of $15.0 million, compared with a net loss of $16.8 million for the same period last year. At June 30, 2010, the Company had cash, cash equivalents, and marketable securities of $68.7 million, compared with $95.7 million at December 31, 2009.

"On July 23rd the Company received notice of the highly anticipated approval of the ANDA for generic Lovenox(R)," commented Craig A. Wheeler, President and Chief Executive Officer. "We were pleased that the FDA set a high scientific standard for demonstrating equivalence for enoxaparin. This historic approval has far-reaching implications for Momenta's broader goal of applying our innovative analytical and process technologies to develop and commercialize complex mixture and follow-on biologic drugs," he continued. "Furthermore, this approval would not have been possible without the hard work and dedication of Momenta's employees. I want to acknowledge their unwavering commitment to scientific innovation and excellence and thank them for a superior effort," Wheeler concluded.

Second Quarter 2010 Financial Results

Revenue for the second quarter of 2010 was $2.8 million, compared to $6.6 million for the same period last year. The decrease in revenue was due to a decrease in reimbursable manufacturing expenses associated with our M356 program and a decrease in reimbursable expenses associated with our enoxaparin sodium injection program as the ANDA review process approached completion.

Research and development expenses for the second quarter of 2010 were $11.8 million, compared to $17.7 million for the same period last year. The decrease in research and development expenses principally resulted from a decrease in manufacturing, process development and third-party research costs in support of our M356 program and clinical development costs due to the completion of our M118 Phase 2a clinical trial in June 2009.

General and administrative expenses for the second quarter of 2010 totaled $5.9 million, compared with $5.8 million for the same period last year. The increase in general and administrative expenses was primarily due to increased professional fees and other personnel and related costs.

Conference Call Information

Management will host a conference call on Monday, August 2, 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 88773238. A replay of the call will be available approximately two hours after the call and will be accessible through August 16, 2010. To access the replay, please dial (800) 642-1687 (domestic) or (706) 645-9291 (international) and provide the access code 88773238.

A live audio webcast of the call will be available on the "Investors" section of the Company's website, 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 August 16, 2010.

About Momenta

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, which does not form a part of this press release.

Forward Looking Statements

Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including our beliefs regarding the potential commercial market for generic enoxaparin, the potential for other generic enoxaparin products to receive FDA approval, and the Company's revenue, expenses and other results of operations, including the quarter ended June 30, 2010, and current and future development 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 June 30, 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 obligation 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.

   Unaudited Condensed Consolidated Balance Sheets
                    (in thousands)

                                             As of
                                As of      December
                              June 30,       31,
                                2010         2009
                             -----------  ----------
  Cash and marketable
   securities                   $ 68,733    $ 95,650
  Restricted cash                  1,778       1,778

  Other assets                    17,734      21,023
                             -----------  ----------

   Total assets                 $ 88,245   $ 118,451
                             ===========  ==========
     Liabilities and Stockholders' Equity
  Current liabilities           $ 11,380    $ 16,340
  Other liabilities                5,548       7,949

  Stockholders' equity            71,317      94,162
                             -----------  ----------
   Total liabilities and
    stockholders' equity       $  88,245   $ 118,451
                             ===========  ==========

                         MOMENTA PHARMACEUTICALS, INC.
                  Unaudited Condensed Statement of Operations
                   (in thousands, except per share amounts)

                                       Three Months           Six Months
                                      Ended June 30,         Ended June 30,
                                   --------------------  --------------------

                                      2010       2009       2010       2009
                                   ---------  ---------  ---------  ---------

  Collaboration revenue               $2,795     $6,605     $6,485    $10,595
  Operating expenses:
  Research and development*           11,778     17,650     24,033     33,468

  General and administrative*          5,959      5,836     13,434     12,110
                                   ---------  ---------  ---------  ---------

  Total operating expenses            17,737     23,486     37,467     45,578
                                   ---------  ---------  ---------  ---------
  Loss from operations              (14,942)   (16,881)   (30,982)   (34,983)

  Other income (expense), net           (62)        109      (106)        306
                                   ---------  ---------  ---------  ---------

  Net loss                         $(15,004)  $(16,772)  $(31,088)  $(34,677)
                                   ---------  ---------  ---------  ---------
  Basic and diluted net loss per
   share                             $(0.34)    $(0.43)    $(0.71)    $(0.89)
                                   ---------  ---------  ---------  ---------
  Shares used in computing basic
   and diluted
  net loss per share                  44,069     38,804     43,911     38,774
                                   ---------  ---------  ---------  ---------

  *Includes stock-based
   compensation of the
  Research and development              $944     $1,130     $2,483     $2,188
  General and administrative          $1,541     $1,718     $4,070     $3,367

This news release was distributed by GlobeNewswire,

SOURCE: Momenta Pharmaceuticals

CONTACT:  Momenta Pharmaceuticals, Inc.
Beverly Holley

(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.

News Provided by COMTEX