Momenta Pharmaceuticals, Inc.
MOMENTA PHARMACEUTICALS INC (Form: 8-K, Received: 02/10/2011 08:51:14)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported) February 10, 2011

 

Momenta Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Delaware

(State or Other Jurisdiction

of Incorporation)

 

000-50797

(Commission File Number)

 

04-3561634

(IRS Employer

Identification No.)

 

675 West Kendall Street, Cambridge, MA

(Address of Principal Executive Offices)

 

02142

(Zip Code)

 

(617) 491-9700

(Registrant’s telephone number, including area code)

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

 

o             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02.  Results of Operations and Financial Condition

 

On February 10, 2011, Momenta Pharmaceuticals, Inc., a Delaware corporation, announced its financial results for the quarter and year ended December 31, 2010.  The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01.  Financial Statements and Exhibits

 

(d)          Exhibits

 

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

99.1.  Press Release issued by Momenta Pharmaceuticals, Inc. on February 10, 2011.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

MOMENTA PHARMACEUTICALS, INC.

 

 

 

 

By:

/s/ Richard P. Shea

 

 

Richard P. Shea

 

 

Chief Financial Officer

 

 

(Principal Financial Officer)

 

Date: February 10, 2011

 

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EXHIBIT INDEX

 

Exhibit No.

 

Description

99.1

 

Press Release issued by Momenta Pharmaceuticals, Inc. on February 10, 2011.

 

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Exhibit 99.1

 

MOMENTA PHARMACEUTICALS, INC.

 

675 WEST KENDALL STREET

 

T: 617.491.9700     F: 617.621.0430

 

 

CAMBRIDGE, MA 02142

 

WWW.MOMENTAPHARMA.COM

 

 

Momenta Pharmaceuticals Reports

Financial Results for the Fourth Quarter and Year End 2010

2/8/11 v5.0

 

CAMBRIDGE, MA — February 10, 2011 — Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the fourth quarter and year ended December 31, 2010.

 

For the fourth quarter of 2010 the Company reported a net income of $36.3 million, or $0.77 per diluted share, compared to a net loss of $14.7 million, or $0.34 per share, for the same period in 2009.  For the year ended December 31, 2010, the Company reported a net income of $37.3 million, or $0.81 per diluted share, compared to a net loss of $64.0 million, or $1.60 per share, for the same period in 2009.  At December 31, 2010, the Company had cash, cash equivalents, and marketable securities of $152.8 million, compared to $95.7 million at December 31, 2009.

 

“The successful launch of generic Lovenox® made 2010 a pivotal year for Momenta as we achieved profitability for the first time,” reflected Craig A. Wheeler, President and Chief Executive Officer. “Looking forward, the FDA review of the ANDA for generic Copaxone® continues to advance and we expect to build on our 2010 momentum into 2011 as we move this product and our follow-on biologics and novel drug pipeline forward.”

 



 

Financial Results

 

Revenue for the fourth quarter of 2010 was $58.3 million, compared to $5.6 million for the same period in 2009.  For the year ended December 31, 2010, revenue was $116.8 million, compared to $20.2 million for 2009.  The increase in revenue in both periods was due to profit share earned from commercial sales of enoxaparin sodium injection which received FDA marketing approval in July of 2010.  At December 31, 2010, the receivable for the fourth quarter enoxaparin profit share was $52.4 million and our cash, cash equivalents and marketable securities balance totaled $152.8 million.

 

Research and development expenses for the fourth quarter of 2010 were $15.2 million, compared to $14.2 million for the same period in 2009. The increase in research and development expenses from fourth quarter 2009 to fourth quarter 2010 principally resulted from an increase in development costs in support of our M356 and M402 programs. For the year ended December 31, 2010, research and development expenses were $51.7 million, compared to $60.6 million for 2009.  The year-over-year 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.

 

General and administrative expenses for the fourth quarter of 2010 totaled $7.8 million, compared with $6.1 million for the same period in 2009.  For the year ended December 31, 2010, general and administrative expenses were $28.6 million, compared to $23.8 million for 2009.  The increase in general and administrative expenses for both periods was primarily due to an increase in royalties payable to Massachusetts Institute of Technology   associated with the launch and sales of enoxaparin sodium injection as well as an increase in compensation expense.

 

Conference Call Information

 

Management will host a conference call on Thursday, February 10, 2011 at 10:00 am EST 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 38546405. A replay of the call will be available approximately two hours after the conclusion of the call and will be accessible through February 24, 2011.  To access the replay, please dial (800) 642-1687(domestic) or (706) 645-9291 (international) and provide the access code 38546405.

 

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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 March 13, 2011.

 

About Momenta

 

Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex mixture drugs and is headquartered in Cambridge, MA. 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

 

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 and year ended December 31, 2010, our profitability, our generic Copaxone development and ANDA review expectations, and our other product development plans and expectations 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 September 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

 

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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.

 

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MOMENTA PHARMACEUTICALS, INC.

Unaudited, Condensed Consolidated Balance Sheets

(in thousands)

 

 

 

December 31,
2010

 

December 31,
2009

 

Assets

 

 

 

 

 

Cash and marketable securities

 

$

152,759

 

$

95,650

 

Accounts receivable

 

54,485

 

 

Restricted cash

 

1,778

 

1,778

 

Other assets

 

18,547

 

21,023

 

Total assets

 

$

227,569

 

$

118,451

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities

 

$

17,652

 

$

16,340

 

Other liabilities

 

3,814

 

7,949

 

Stockholders’ equity

 

206,103

 

94,162

 

Total liabilities and stockholders’ equity

 

$

227,569

 

$

118,451

 

 

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MOMENTA PHARMACEUTICALS, INC.

Unaudited Condensed Statements of Operations

(in thousands, except per share amounts)

 

 

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

 

 

2010

 

2009

 

2010

 

2009

 

Collaboration revenues:

 

 

 

 

 

 

 

 

 

Product revenues

 

$

52,437

 

$

 

$

96,625

 

$

 

Research and development revenues

 

5,889

 

5,646

 

20,147

 

20,249

 

Total revenues

 

58,326

 

5,646

 

116,772

 

20,249

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development*

 

15,191

 

14,232

 

51,712

 

60,612

 

General and administrative*

 

7,836

 

6,057

 

28,595

 

23,800

 

Total operating expenses

 

23,027

 

20,289

 

80,307

 

84,412

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

35,299

 

(14,643

)

36,465

 

(64,163

)

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

44

 

77

 

176

 

825

 

Interest expense

 

(63

)

(123

)

(329

)

(570

)

Other income (expense)

 

978

 

 

978

 

(104

)

Total other income (expense)

 

959

 

(46

)

825

 

151

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

36,258

 

$

(14,689

)

$

37,290

 

$

(64,012

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.79

 

$

(0.34

)

$

0.84

 

$

(1.60

)

Diluted

 

$

0.77

 

$

(0.34

)

$

0.81

 

$

(1.60

)

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

45,940

 

43,615

 

44,626

 

40,056

 

Diluted

 

46,930

 

43,615

 

45,942

 

40,056

 

 


*Includes the following share-based compensation expense:

 

 

 

 

 

 

 

 

 

Research and development

 

$

794

 

$

1,072

 

$

4,085

 

$

4,377

 

General and administrative

 

$

1,293

 

$

1,443

 

$

6,755

 

$

6,378

 

 

CONTACT:

Momenta Pharmaceuticals, Inc.

Beverly Holley, Director of Investor Relations

bholley@momentapharma.com

(617) 395-5189

 

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