Altus Pharmaceuticals Reports Second Quarter 2009 Financial Results
04 Agosto 2009 - 3:36PM
Business Wire
Altus Pharmaceuticals Inc. (NASDAQ: ALTU) today reported
financial results for the quarter ended June 30, 2009.
For the second quarter of 2009, the Company reported a net loss
attributable to common stockholders of $4.9 million, or $0.16 per
share, compared to a net loss attributable to common stockholders
of $25.3 million, or $0.82 per share, in the second quarter of
2008. The Company did not recognize any revenue in the second
quarter of 2009 or 2008.
Research and development expenses totaled $4.9 million in the
second quarter of 2009 compared to $21.0 million in the second
quarter of 2008. Research and development expenses for the second
quarter of 2009 decreased primarily due to discontinuing activities
related to the Trizytek program in the first quarter of 2009.
General and administrative expenses were $2.1 million in the second
quarter of 2009 compared to $4.7 million in the second quarter of
2008. The decrease in general and administrative expense is due to
the downsizing of the Company’s corporate infrastructure in the
first quarter of 2009. The total expenses for the second quarter of
2009 were $8.5 million compared to $25.7 million in the second
quarter of 2008.
In March 2009, the Company implemented a strategic realignment
to focus on the advancement of ALTU-238 and, to conserve capital
resources, discontinue its Trizytek development activities. In
connection with the realignment, the Company implemented a
workforce reduction of approximately 70%, primarily in functions
related to the Trizytek program as well as certain general and
administrative positions. The Company recorded restructuring
charges of $5.1 million in the six months ended June 30, 2009,
primarily for severance benefits and facility related charges
associated with consolidating operations. On July 1, 2009, the
Company renegotiated the terms of its two facility leases in
conjunction with consolidating its operations into one facility in
the second quarter of 2009.
Cash and cash equivalents balances at June 30, 2009 totaled $8.1
million. Altus believes the current cash and cash equivalents
position will last into September of 2009.
“Earlier this year, we strategically positioned Altus to focus
on ALTU-238, a once-per-week treatment for adult and pediatric
patients with growth hormone deficiency,” stated Dr. Georges
Gemayel, President and Chief Executive Officer of Altus
Pharmaceuticals. “Altus has successfully completed an ALTU-238
Phase 2 trial in growth hormone deficient adult subjects and is
currently conducting a Phase 2 trial in growth hormone deficiency
pediatric subjects. As a result of our current cash position and in
order to continue operating the Company, Altus needs to raise
additional capital before the end of September.”
About Altus Pharmaceuticals
Inc.
Altus Pharmaceuticals is a biopharmaceutical company focused on
the development and commercialization of oral and injectable
protein therapeutics. The Company's website is www.altus.com.
Safe Harbor Statement
Certain statements in this news release concerning Altus’
business are considered “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements include, but are not limited to, the time period
during which existing cash resources can support our operations;
the ability of the Company to raise additional capital in order to
continue operations and continue developing ALTU-238; and the
future of the ALTU-238 program. Any or all of the forward-looking
statements in this press release may turn out to be wrong. They can
be affected by inaccurate assumptions Altus might make or by known
or unknown risks and uncertainties, including, but not limited to
uncertainties as to the ability to obtain additional funding needed
for further research and development of ALTU-238; the future cost,
timing, enrollment and success of ongoing and planned clinical
trials; the risk of demonstrating the ultimate potential of
ALTU-238; the continuing risks associated with the development and
manufacture of products to supply the clinical trials and the
unproven safety and efficacy of ALTU-238. Consequently, no
forward-looking statement can be guaranteed, and actual results may
vary materially. Additional information concerning factors that
could cause actual results to materially differ from those in the
forward-looking statements is contained in Altus’ reports to the
Securities and Exchange Commission, including in Item 1A “Risk
Factors” and elsewhere in its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2009. However, Altus undertakes no
obligation to publicly update forward-looking statements, whether
because of new information, future events or otherwise.
ALTUS PHARMACEUTICALS INC. (ALTU) Condensed Consolidated
Statements of Operations (Unaudited, in thousands, except
per share amounts) Three Months
Ended Six Months Ended June 30, June 30,
2009
2008
2009
2008
Contract revenue
$ -
$ - $ -
$ 2,622 Costs and
expenses: Research and development 4,888 20,967 18,869 42,534
General and administrative 2,110 4,700 5,541 10,476 Restructuring
charges
1,461 -
5,090 -
Total costs and expenses
8,459
25,667 29,500
53,010 Loss from
operations
(8,459 )
(25,667 ) (29,500
) (50,388 )
Other income (expense): Interest income 105 750 270 2,149 Interest
expense (81 ) (377 ) (353 ) (729 ) Foreign currency gain (loss)
(441 ) 34 89 (791 ) Gain on debt restructuring 3,925 - 3,925 -
Other income
89 -
89 -
Total other income (expense) —net
3,597
407 4,020
629 Net loss (4,862 )
(25,260 ) (25,480 ) (49,759 ) Preferred stock dividends
(56 ) (56
) (113 )
(113 ) Net loss attributable to
common stockholders
$ (4,918
) $ (25,316 )
$ (25,593 ) $
(49,872 ) Net loss attributable to
common stockholders per share - basic and diluted
$
(0.16 ) $ (0.82
) $ (0.82 )
$ (1.62 ) Weighted
average shares outstanding - basic and diluted
31,131 30,843
31,131 30,834
Condensed Consolidated Balance Sheets
(Unaudited, in thousands) June 30, December
31,
2009
2008
Cash, cash equivalents and marketable securities $ 8,050 $
48,600 Prepaid expenses and other current assets 5,354 2,350
Property and equipment, net 7,944 9,601 Restricted cash, net of
current portion
5,173
3,700 Total assets
$
26,521 $ 64,251
Current liabilities $ 10,884 $ 16,521 Noncurrent
liabilities 2,968 11,126 Redeemable preferred stock 6,844 6,731
Total stockholders' equity
5,825
29,873 Total liabilities, redeemable preferred
stock and stockholders' equity
$ 26,521
$ 64,251
Altitude Acquisition (NASDAQ:ALTU)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Altitude Acquisition (NASDAQ:ALTU)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024