Momenta Pharmaceuticals Reports Fourth Quarter and Year End 2015 Financial Results
For the fourth quarter of 2015, the Company reported total revenues of
"The year 2015 proved to be pivotal in our company's growth and development. Glatopa, our second complex generic to receive
Fourth Quarter Highlights and Recent Events
Glatopa®, generic version of daily COPAXONE® 20 mg (glatiramer acetate injection)
- In the fourth quarter of 2015, Momenta recorded
$15.6 millionin product revenues from Sandoz's Glatopa sales. Since the launch of Glatopa in June 2015, Momenta has recorded $43.4 millionin product revenues from Sandoz's sales of Glatopa reflecting $52.5 millionin profit share net of a deduction of $9.1 millionfor reimbursement to Sandoz of the Company's share of pre-launch Glatopa-related legal expenses. In addition, in 2015 the Company earned $20.0 millionin milestone payments from Sandoz upon receiving sole FDAapproval for Glatopa and upon first commercial sale of Glatopa.
- The ANDA submitted by Sandoz for a three-times-a-week generic COPAXONE 40 mg (glatiramer acetate injection) is under
FDAreview and has received a target action date.
- A district court trial challenging Teva's four Orange Book-listed patents for COPAXONE 40 mg (glatiramer acetate injection) is scheduled for
September 26, 2016.
Enoxaparin Sodium Injection
- Momenta earned
$2.2 millionand $5.1 millionin product revenues on Sandoz's net sales of enoxaparin sodium injection in the fourth quarter of 2015 and for the year ended December 31, 2015, respectively.
November 2015, the Court of Appeals for the Federal Circuit(CAFC) vacated the District Court's summary judgment decision with respect to Amphastar, finding Amphastar's use of Momenta's U.S.Pat. 7,575,886 not to be protected under the "safe harbor" provisions in the Hatch-Waxman Act, and remanded the case back to the District Court. On February 17, 2016, the CAFCdenied Amphastar's petition for rehearing.
- In the fourth quarter of 2015, Momenta and Baxalta announced the initiation of a pivotal clinical trial for M923, a biosimilar candidate of HUMIRA® (adalimumab). The companies also announced that M923 met the primary endpoints in a study to evaluate the pharmacokinetics of M923 compared to both US and EU sourced HUMIRA reference products. The companies are targeting first regulatory submission in 2017 and a first commercial launch in 2018.
January 2016, Momenta announced a global collaboration with Mylan N.V. to develop, manufacture and commercialize six of the Company's biosimilar candidates, including M834, a biosimilar candidate of ORENCIA® (abatacept). Under the collaboration agreement, Mylan has agreed to pay Momenta an upfront cash payment of $45 million. In addition, each Company will share equally in the cost and profits with respect to products, with Mylan funding its share of expenses, in part, through up to $200 millionin contingent milestone payments. On February 9, 2016, the companies received clearance for the collaboration under the Hart-Scott-Rodino Antitrust Improvements Act.
January 2016, the U.S. Patent and Trademark Office(PTAB) instituted Momenta's request for an Inter Partes Review proceeding to challenge Bristol Myers Squibb's U.S.formulation Pat. 8,476,239 for ORENCIA. The Company expects a decision from the PTAB in January 2017.
Necuparanib (novel oncology candidate)
- Following the institution of a protocol amendment in
December 2015, the Company resumed patient enrollment in its ongoing Phase 2 trial of necuparanib in pancreatic cancer. In November 2015, Momenta had put a temporary hold on patient enrollment in its ongoing Phase 2 trial of necuparanib following receipt of recommendations from the Company's independent Data Safety Monitoring Board (DSMB) to develop guidelines for diagnosing and managing thrombocytopenia, based on a limited number of specific toxicities observed in the study. The Company expects to have clinical data in the second half of 2017.
- Momenta continues to collect data from the Phase 1 study of necuparanib and plans to publish and/or present updated results at a medical conference in 2016.
Momenta's three novel autoimmune candidates are in preclinical development. These candidates include a hyper-sialylated IVIg (hsIVIg), a high potency alternative to IVIg, and two recombinant molecules: M230, a Selective Immunomodulator of Fc receptors (SIF3) and M281, an anti-FcRn monoclonal antibody. The Company is advancing the recombinant candidates with a goal of initiating clinical trials in mid-2016 for M281, and in 2017 for M230. The Company is continuing its efforts to identify and explore potential collaboration opportunities for the further development and commercialization of its hsIVIg program.
Fourth Quarter and Year End 2015 Financial Results
Total revenues for the fourth quarter of 2015 were
Enoxaparin product revenue decreased from
Collaborative research and development revenue for the fourth quarter of 2015 was
Research and development expenses for the fourth quarter of 2015 were
General and administrative expenses for the quarter ended
Today, Momenta provided guidance that it expects its operating expenses, excluding stock-based compensation and net of collaborative revenues, to be approximately
Conference Call Information
Management will host a conference call and webcast today at
To access the call you may also dial (877) 224-9084 (domestic) or (720) 545-0022 (international) prior to the scheduled conference call time and provide the access code 46315104. A replay of the call will be available approximately two hours after the conclusion of the call and will be accessible through
Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex drugs and is headquartered in Cambridge, MA. Momenta is applying its technology to the development of generic versions of complex drugs, biosimilar and potentially interchangeable biologics, and to the discovery and development of novel therapeutics for oncology and autoimmune indications.
To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release.
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Forward Looking Statements
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about the Company's ability to meet its development goals for 2016; expectations regarding long-term growth and sustainability; future operating expenses; program development and collaboration plans; timing of regulatory submissions and product launches; timing of clinical trials and the availability and announcement of clinical data; and the timing of decisions related to patent litigation and other patent-related proceedings. Forward-looking statements may be identified by words such as "anticipate," "believe," "continue," "could," "hope," "target," "project," "goal," "objective," "guidance," "plan," "potential," "predict," "might," "estimate," "expect," "intend," "may," "seek", "should," "will," "would," "look forward" and other similar words or expressions, or the negative of these words or similar words or expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including those referred to under the section "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the Securities and Exchange Commission, as well as other documents that may be filed by the Company 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. The Company 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.
|MOMENTA PHARMACEUTICALS, INC.|
|Unaudited Condensed Consolidated Balance Sheets|
|Cash and marketable securities||$||350,044||$||191,529|
|Liabilities and Stockholders' Equity|
|Deferred revenue, net of current portion||12,213||25,508|
|Other long-term liabilities||69||551|
|Total liabilities and stockholders' equity||$||421,040||$||256,216|
|Unaudited Condensed Statements of Comprehensive Loss|
|(in thousands, except per share amounts)|
Ended December 31,
|Research and development revenue||4,583||16,432||41,147||32,287|
|Total collaboration revenue||22,393||21,179||89,650||52,250|
|Research and development*||37,568||26,193||126,033||106,482|
|General and administrative*||14,373||11,125||48,051||45,164|
|Total operating expenses||51,941||37,318||174,084||151,646|
|Total other income||384||158||1,121||796|
|Basic and diluted net loss per share||$||(0.43||)||$||(0.31||)||$||(1.32||)||$||(1.91||)|
|Weighted average shares used in computing basic and diluted net loss per share||68,138||52,255||63,130||51,664|
|Net unrealized holding (losses) gains on available-for-sale marketable securities||(12||)||(36||)||20||(41||)|
|* Non-cash share-based compensation expense included in operating expenses is as follows:|
|Research and development||$||2,114||$||1,449||$||5,145||$||6,204|
|General and administrative||$||2,539||$||1,630||$||6,295||$||7,390|
Sarah Carmody Momenta Pharmaceuticals1-617-395-5189 IR@momentapharma.com MEDIA CONTACT: Karen Sharma MacDougall Biomedical Communications1-781-235-3060 Momenta@macbiocom.com
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