Momenta Pharmaceuticals Reports First Quarter 2012 Financial Results
For the first quarter of 2012, the company reported a net loss of
"Thanks to the success of enoxaparin we have a strong balance sheet to support our business as we invest in our generic Copaxone® program, our new follow-on biologics collaboration with Baxter, and our emerging novel drug portfolio," said
First Quarter Highlights and Recent Progress
Complex Generics Program:
Enoxaparin sodium injection program update
- Last week, Momenta's collaborator, Sandoz, launched enoxaparin sodium injection, USP 3mL vials. Launch of this vial formulation completes Sandoz's full generic Lovenox® product line.
- In January, an at-risk launch of a competitor's generic Lovenox triggered a change in the revenue Momenta receives from its collaborator, Sandoz, from a hybrid profit share/royalty to a tiered royalty.
Follow-on Biologics Program:
Baxter collaboration effective
- In February, Momenta's follow-on biologics collaboration with Baxter became effective following expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
In the first quarter, Momenta received a
$33 millionupfront cash payment under the Baxter agreement. The company will recognize the upfront payment as collaborative research and development revenue over the term of the development period.
- Momenta continues to invest in building out its biologic infrastructure to ensure the company has the resources required to advance up to six biosimilars to be developed under the Baxter agreement.
Novel Drug Program:
Productivity in research and development programs
- Momenta today announced that patient screening is underway in Part A of a two-part Phase 1/2 proof-of-concept trial for M402 in people with advanced metastatic pancreatic cancer. The primary objectives of Part A are to evaluate safety and tolerability of M402 in combination with gemcitabine and to establish the dose of M402 to take forward into Part B, which is a larger, randomized controlled study to evaluate the antitumor activity of M402 in combination with gemcitabine versus gemcitabine alone in patients with metastatic pancreatic cancer. Data from Part A are expected in the first half of 2013. M402 is a novel oncology drug candidate that has been shown in non-clinical studies to affect tumor progression and metastasis through disruption of multiple pathways.
- In the first quarter, Momenta began a research effort to apply recently acquired sialic switch technology for the development of a sialylated intravenous immunoglobulin (IVIG) drug candidate.
First Quarter 2012 Financial Results
Total revenue for the first quarter of 2012 was
Research and development expenses for the first quarter of 2012 were
General and administrative expenses for the quarter ended
Momenta is today reiterating its guidance provided on
Conference Call Information
Management will host a conference call today, May 3, 2012 at
A live audio webcast of the call will be available on the "Investors" section of the company's web site, 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 web site approximately two hours after the call and will be available through May 17, 2012.
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
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the Company's revenue, expenses and other results of operations, including the quarter ended
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|MOMENTA PHARMACEUTICALS, INC.|
|Unaudited, Condensed Consolidated Balance Sheets|
|March 31,||December 31,|
|Cash and marketable securities||
|Liabilities and Stockholders' Equity|
|Deferred revenue, net of current portion||29,518||1,608|
|Total liabilities and stockholders' equity||
|MOMENTA PHARMACEUTICALS, INC.|
|Unaudited Condensed Statements of Comprehensive (Loss) Income|
|(in thousands, except per share amounts)|
|Ended March 31,|
|Research and development revenue||2,199||2,411|
|Total collaboration revenue||24,228||78,172|
|Research and development*||18,562||12,943|
|General and administrative*||10,955||8,310|
|Total operating expenses||29,517||21,253|
|Operating (loss) income||(5,289)||56,919|
|Other income (expense):|
|Total other income||307||87|
|Net (loss) income||
|Comprehensive (loss) income||
|Net (loss) income per share:|
|Weighted average shares outstanding:|
|*Includes the following share-based compensation expense:|
|Research and development||
|General and administrative||
Lora Pike Momenta Pharmaceuticals, Inc.firstname.lastname@example.org (617) 395-5189
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