Attached files
file | filename |
---|---|
8-K - 8-K - Paratek Pharmaceuticals, Inc. | prtk-8k_20160223.htm |
Exhibit 99.1
Paratek Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2015 Financial and Operating Results |
Forward Looking Statements
This press release contains forward-looking statements including statements related to our overall strategy, product candidates, clinical trials, cash resources, prospects and expected results, including statements about the timing of advancing omadacycline and otherwise preparing for clinical trials, the potential for omadacycline to serve as an empiric monotherapy treatment option for patients suffering from ABSSSI, CABP, UTI, and other bacterial infections when resistance is of concern, the prospect of omadacycline providing broad-spectrum activity, and our having the resources to execute on our clinical trials. All statements, other than statements of historical facts, included in this press release are forward-looking statements, and are identified by words such as "advancing," "believe," "expect," "well positioned," "look forward," "anticipated," "continued," and other words and terms of similar meaning. These forward-looking statements are based upon our current expectations and involve substantial risks and uncertainties. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements and you should not place undue reliance on these forward-looking statements. Our actual results and the timing of events could differ materially from those included in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to (i) our need for substantial additional funding to complete the development and commercialization of our product candidates, (ii) our ability to raise the capital to do so, (iii) our ability to develop our drug candidates for potential commercialization, (iv) the advancement of omadacycline Phase 3 trials for ABSSSI, (v) the timing of the commencement of omadacycline Phase 3 trials for CABP, (vi) the potential for omadacycline to be successfully developed for use as a first-line empiric monotherapy for patients suffering from serious community-acquired bacterial infections, (vii) the potential of omadacycline to become the primary antibiotic choice of physicians for the treatment of serious community-acquired bacterial infections, (viii) the potential use and effectiveness of sarecycline for the treatment of acne and rosacea in the community setting, and (ix) the timing of the commencement of a Phase 3 program in moderate-severe acne for sarecycline, risks that data to date and trends may not be predictive of future results, risks related to the conduct of our clinical trials, and risks that our clinical trials and product candidates do not receive regulatory approval. These and other risk factors are discussed under "Risk Factors" and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, and our other filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein.
PARATEK PHARMACEUTICALS, INC.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except loss per share data)
|
Three months ended December 31, |
|
|
|
|
Year ended December 31, |
||||||||||||||||||||
|
2015 |
|
|
2014 |
|
|
|
|
2015 |
|
|
2014 |
||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development collaborations |
$ |
- |
|
|
$ |
4,000 |
|
|
|
|
$ |
- |
|
|
$ |
4,342 |
||||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development |
|
15,209 |
|
|
|
2,650 |
|
|
|
|
|
50,765 |
|
|
|
5,014 |
||||||||||
General and administrative |
|
5,641 |
|
|
|
1,983 |
|
|
|
|
|
19,988 |
|
|
|
5,848 |
||||||||||
Impairment of intangible Assets |
|
99 |
|
|
|
- |
|
|
|
|
|
2,860 |
|
|
|
- |
||||||||||
Merger-related costs |
|
- |
|
|
|
1,278 |
|
|
|
|
|
- |
|
|
|
1,278 |
||||||||||
Changes in fair value of contingent consideration |
|
(580 |
) |
|
|
- |
|
|
|
|
|
(3,560 |
) |
|
|
- |
||||||||||
Total operating expenses |
|
20,369 |
|
|
|
5,911 |
|
|
|
|
|
70,053 |
|
|
|
12,140 |
||||||||||
Loss from operations |
|
(20,369 |
) |
|
|
(1,911 |
) |
|
|
|
|
(70,053 |
) |
|
|
(7,798) |
||||||||||
Other income and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
(697 |
) |
|
|
(4 |
) |
|
|
|
|
(770 |
) |
|
|
(718) |
||||||||||
Loss on exchange of non-convertible notes for common stock |
|
- |
|
|
|
(9,020 |
) |
|
|
|
|
- |
|
|
|
(9,020) |
||||||||||
(Loss) gain on mark-to-market of notes and warrants |
|
- |
|
|
|
(1 |
) |
|
|
|
|
|
- |
|
|
(120) |
||||||||||
Other (losses) and gains, net |
|
(40 |
) |
|
|
(185 |
) |
|
|
|
|
(37 |
) |
|
|
(179) |
||||||||||
Net loss |
$ |
(21,106 |
) |
|
$ |
(11,121 |
) |
|
|
|
$ |
(70,860 |
) |
|
$ |
(17,835) |
||||||||||
Unaccreted dividends on convertible preferred stock |
|
- |
|
|
|
(243 |
) |
|
|
|
|
- |
|
|
|
(1,927) |
||||||||||
Net loss attributable to common stockholders |
$ |
(21,106 |
) |
|
$ |
(11,364 |
) |
|
|
|
$ |
(70,860 |
) |
|
$ |
(19,762) |
||||||||||
Net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted net loss per common share |
$ |
(1.20 |
) |
|
$ |
(1.16 |
) |
|
|
|
$ |
(4.29 |
) |
|
$ |
(7.82) |
||||||||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted |
|
17,608,615 |
|
|
|
9,760,580 |
|
|
|
|
|
16,501,912 |
|
|
|
2,528,595 |
PARATEK PHARMACEUTICALS, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
|
|
As of December 31, |
|
|||||
|
|
2015 |
|
|
2014 |
|
||
Selected Consolidated Balance Sheet Data: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
131,302 |
|
|
$ |
95,856 |
|
Total assets |
|
|
145,918 |
|
|
|
109,967 |
|
Working capital (deficiency) |
|
|
121,915 |
|
|
|
97,588 |
|
Current liabilities |
|
|
20,502 |
|
|
|
3,741 |
|
Long-term obligations, less current portion |
|
|
24,177 |
|
|
|
11,002 |
|
Common stock and additional paid-in capital |
|
|
369,966 |
|
|
|
293,090 |
|
Accumulated deficit |
|
|
(268,727 |
) |
|
|
(197,866 |
) |
Total stockholders’ equity (deficit) |
|
|
101,239 |
|
|
|
95,224 |
|
CONTACTS:
|
|
|
Media Relations: |
|
Investor Relations: |
Michael Lampe |
|
Hans Vitzthum |
(484) 575-5040 |
|
LifeSci Advisors, LLC. |
michael@michaellampeconsulting.com |
|
212-915-2568 |