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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Concert Pharmaceuticals Inc | NASDAQ:CNCE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.37 | 8.78 | 8.00 | 0 | 01:00:00 |
Conference Call Scheduled Today at 8:30 a.m. EDT
Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today reported financial results for the first quarter of 2018.
“Concert has begun 2018 with strong momentum as our pipeline of first-in-class drug candidates for serious diseases is progressing in important efficacy trials, with the first data read out later this year for CTP-543,” said Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals. “We look forward to the progression of multiple Concert-discovered compounds over the coming quarters, including our proprietary drug candidates, CTP-543 for alopecia areata and CTP-692 for schizophrenia.”
Dr. Tung also commented, “As we’ve demonstrated with our platform, early clinical studies of well-chosen deuterium-modified drugs can rapidly create value. Two clear examples of that include VX-561, which Vertex may advance into Phase 3 development for cystic fibrosis, and AVP-786 which is in Phase 3 evaluation for Alzheimer’s agitation under our collaboration with Avanir Pharmaceuticals. Both VX-561 and AVP-786 have the potential to provide substantial additional financial upside to Concert.”
Recent Business Highlights and Upcoming Milestones
Autoimmune Dermatology
Neuropsychiatry
First Quarter 2018 Financial Results
Conference Call and WebcastThe Company will host a conference call and webcast today, Thursday, May 3, 2018, at 8:30 a.m. ET to provide an update on the Company and discuss first quarter financial results. To access the conference call, please dial (855) 354-1855 (U.S. and Canada) or (484) 365-2865 (International) five minutes prior to the start time.
A live webcast of Concert’s presentation may be accessed in the Investors section of the Company’s website at www.concertpharma.com. Please log on to the Concert website approximately 15 minutes prior to the scheduled webcast to ensure adequate time for any software downloads that may be required. A replay of the webcast will be available on Concert’s website for three months.
– Financial Tables to Follow –
Concert Pharmaceuticals, Inc.Condensed Consolidated Statements of Operations(in thousands, except per share amounts) Quarter Ended March 31, 2018 2017 Revenue: License and research and development revenue $ 10,479 $ 20 Operating expenses: Research and development 8,656 8,237 General and administrative 5,630 5,253 Total operating expenses 14,286 13,490 Loss from operations (3,807 ) (13,470 ) Investment income 640 137 Unrealized loss on marketable equity securities (1,296 ) — Net loss $ (4,463 ) $ (13,333 ) Net loss per share applicable to common stockholders — basic and diluted $ (0.19 ) $ (0.60 ) Weighted-average number of common shares used in net loss per share applicable to common stockholders— basic and diluted 23,223 22,377 Concert Pharmaceuticals, Inc.Summary Balance Sheet Data(in thousands) March 31, 2018 December 31, 2017 Cash and cash equivalents $ 35,697 $ 27,665 Investments, available for sale 155,305 175,500 Working capital 212,893 199,289 Total assets 227,646 211,736 Deferred revenue 10,533 10,301 Total stockholders’ equity $ 210,397 $ 196,432About ConcertConcert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to address unmet patient needs. The Company’s approach starts with starts with previously studied compounds, including approved drugs, in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert has a broad pipeline of innovative medicines targeting autoimmune and inflammatory diseases and central nervous systems (CNS) disorders. For more information please visit www.concertpharma.com or follow us on Twitter at @ConcertPharma or on LinkedIn.
Cautionary Note on Forward Looking StatementsAny statements in this press release about our future expectations, plans and prospects, including risks related to the clinical development of our therapeutic candidates and expectations regarding the sufficiency of our cash balance to fund operating expenses and capital expenditures, and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” section of our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission and in other filings that we make with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update any forward-looking statements included in this press release.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503005113/en/
Investors:Concert Pharmaceuticals, Inc.Justine Koenigsberg, 781-674-5284ir@concertpharma.comorMedia:The Yates NetworkKathryn Morris, 845-635-9828kathryn@theyatesnetwork.com
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