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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Combinatorx, Incorporated - Common (MM) | NASDAQ:CRXX | 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% | 1.33 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
CombinatoRx, Incorporated (NASDAQ: CRXX) today reported financial results for the fourth quarter and year-ended December 31, 2009 and provided pipeline and business goals for 2010.
“With the successful approval of Exalgo and the Neuromed merger and integration complete, we are uniquely positioned to become a thriving biopharmaceutical business,” commented Mark H.N. Corrigan, MD, President and CEO of CombinatoRx. “We will leverage our expertise and pipeline to develop innovative products for the treatment of pain and inflammation and have focused our portfolio and R&D efforts in these core therapeutic areas.”
2009 and Recent Accomplishments:
2010 Pipeline and Business Goals:
Fourth Quarter and Year-End 2009 Financial Results (Unaudited):
As of December 31, 2009, CombinatoRx had cash, cash equivalents, restricted cash and short-term investments of $25.9 million compared to $43.7 million on December 31, 2008.
Total revenue was $8.6 million in the fourth quarter of 2009 compared to $3.5 million reported in the fourth quarter of 2008. For the year ended December 31, 2009, revenue was $17.3 million compared to $12.3 million for 2008. Revenue increased from 2008 to 2009 due to the accelerated recognition of deferred revenue related to the early termination of our agreement with Angiotech.
Net income for the quarter ended December 31, 2009 was $25.2 million, or $0.57 per share, as compared to a $15.2 million loss, or ($0.43) per share, in the fourth quarter of 2008. Stock-based compensation expense was approximately $0.8 million in the fourth quarter of 2009 as compared to $0.9 million in the fourth quarter of 2008. For the year ended December 31, 2009, net income from continuing operations was $1.3 million, or $0.03 per share, compared to a net loss of $60.6 million, or $(1.74) per share, in the year ended December 31, 2008. Stock-based compensation expense was approximately $3.9 million and $5.7 million in the years ended December 31, 2009, and 2008, respectively.
Research and development expenses totaled $3.1 million in the fourth quarter of 2009 compared to $9.8 million in the fourth quarter of 2008. Research and development expenses were $21.2 million in the year ended December 31, 2009 compared to $55.3 million in the year ended December 31, 2008. The $34.1 million decrease from the 2008 period to the 2009 period was primarily due to a decrease of $16.7 million in preclinical and external clinical expenses, a $10.8 million decrease in compensation and benefit expenses, associated with reduced headcount attributable to the 2008 and 2009 restructurings, a $5.6 million decrease in consulting, lab supplies, facilities, depreciation and other overhead costs related to our 2008 and 2009 restructurings, as well as a $1.0 million decrease in non-cash stock-based compensation expense.
General and administrative expenses were $5.1 million in the fourth quarter of 2009 compared to $3.0 million in the fourth quarter of 2008. General and administrative expenses were $17.1 million in the year ended December 31, 2009 compared to $14.5 million in the year ended December 31, 2008. The increase was due primarily to professional and consulting expenses related to our merger with Neuromed.
Conference Call Information:
CombinatoRx senior management, including Mark H.N. Corrigan, MD, President and Chief Executive Officer and Justin Renz, Senior Vice President and Chief Financial Officer of CombinatoRx, will provide an update on the Company, discuss fourth quarter and year-end 2009 financial results and discuss expectations for the future via conference call at 8:30 a.m. EDT on Thursday, March 25, 2010. To access the call, please dial 866-383-7998 (domestic) or 617-597-5329 (international) five minutes prior to the start time and provide the passcode 67986161. A replay of the call will be available beginning at 11:30 a.m. ET on March 25, 2010. To access the replay, please dial 888-286-8010 (domestic) or 617-801-6888 (international), and provide the passcode 35427451. A live audio webcast of the call will also be available on the “Investors” section of the company’s website, www.combinatorx.com. An archived audio webcast will be available on the CombinatoRx website two hours after the event.
About CombinatoRx:
CombinatoRx, Incorporated (CRXX) develops novel drug candidates with a focus on the treatment of pain and inflammation. The company applies its combination drug discovery capabilities and its selective ion-channel modulation platform to generate innovative therapeutics. To learn more about CombinatoRx, please visit www.combinatorx.com.
Forward-Looking Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning CombinatoRx, the product Exalgo™ and its ability to generate future royalty revenue for CombinatoRx, Fovea’s product candidate Prednisporin™, its clinical potential and the amended agreement with Fovea, the potential of the CombinatoRx product candidate Synavive, the CombinatoRx collaboration with Novartis, the CombinatoRx selective ion channel modulation platform, its combination drug discovery technology, and CombinatoRx’s financial condition, results of operations, projected expenses, cash positions and business plans. These forward-looking statements about future expectations, plans, objectives and prospects of CombinatoRx may be identified by words like "believe," "expect," "may," "will," "should," "seek," or “could” and similar expressions and involve significant risks, uncertainties and assumptions, including risks related to the sale and marketing of Exalgo by Covidien, risks related to the development and regulatory approval of CombinatoRx’s product candidates, the unproven nature of the CombinatoRx drug discovery technologies, the ability of Covidien, Novartis and Fovea to perform their obligations under their collaboration agreements with CombinatoRx, the ability of the Company or its collaboration partners to initiate and successfully complete clinical trials of its product candidates, the Company's ability to obtain additional financing or funding for its research and development and those other risks that can be found in the "Risk Factors" section beginning on page 31 of CombinatoRx's Form S-4 Registration Statement filed in connection with its merger with Neuromed (File No. 333-161146), on file with the Securities and Exchange Commission and the other reports that CombinatoRx periodically files with the Securities and Exchange Commission. Actual results may differ materially from those CombinatoRx contemplated by these forward-looking statements. These forward looking statements reflect management’s current views and CombinatoRx does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release except as required by law.
(c) 2010 CombinatoRx, Incorporated. All rights reserved.
CombinatoRx, Incorporated Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) Three months ended December 31, Twelve months ended December 31, 2009 2008 2009 2008 As Adjusted As Adjusted Revenue Collaborations $ 8,384 $ 3,248 $ 16,320 $ 11,462 Government contracts and grants 196 210 953 842 Total revenue 8,580 3,458 17,273 12,304
Operating expenses: Research and development 3,120 9,819 21,244 55,296 General and administration 5,056 3,039 17,081 14,469 Restructuring 123 4,637 2,736 4,637 Amortization of intangible asset 520 - 520 - Gain on legal settlement (3,700) - (3,700) - Total operating expenses 5,119 17,495 37,881 74,402 Loss from operations 3,461 (14,037) (20,608) (62,098) Interest income 15 199 257 2,264 Interest expense - (123) (28) (651) Loss on early extinguishment of debt - (195) - (195) Gain on revalue of contingent consideration 12,068 - 12,068 - Gain on bargain purchase 9,809 - 9,809 - Other expense (249) (24) (281) (4) Net income (loss) before provision for income taxes 25,104 (14,180) 1,217 (60,684) Benefit for income taxes 67 128 67 108 Net income (loss) from continuing operations 25,171 (14,052) 1,284 (60,576) Discontinued Operations: Loss from operations of discontinued subsidiary - (1,182) (1,536) (4,557) Gain on disposal of discontinued operations - - 15,640 - Gain (loss) on discontinued operations - (1,182) 14,104 (4,557) Net income (loss) $ 25,171 $ (15,234) $ 15,388 $ (65,133) Net income (loss) per share - basic and diluted: From continuing operations $ 0.57 $ (0.41) $ 0.03 $ (1.74) From discontinued operations - (0.02) 0.38 (0.13) Net income (loss) per share - basic and diluted $ 0.57 $ (0.43) $ 0.41 $ (1.87) Weighted average number of common shares used in net income (loss) per share calculation: Basic 44,198,131 35,095,516 37,338,042 34,848,701 Diluted 44,503,062 35,095,516 37,491,237 34,848,701 Note: The Statements of Operations for the three and twelve months ended December 31, 2008 reflect the financial results of CombinatoRx Singapore as a discontinued operation. CombinatoRx, Incorporated Consolidated Balance Sheets (in thousands, except per share data) (Unaudited) December 31, 2009 December 31, 2008 As Adjusted Assets Current assets: Cash and cash equivalents $ 8,779 $ 3,039 Restricted cash 750 1,250 Short-term investments 14,551 36,614 Accounts receivable 2,927 438 Prepaid expenses and other current assets 5,415 1,001 Current assets of discontinued operations - 7,837 Total current assets 32,422 50,179 Property and equipment, net 8,380 12,400 Property and equipment of discontinued operations, net - 995 Intangible asset, net 45,423 - Restricted cash and other assets 1,927 2,923 Total assets $ 88,152 $ 66,497 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 4,269 $ 2,842 Accrued expenses 5,495 4,067 Accrued restructuring 1,274 1,902 Deferred revenue 2,750 5,384 Current portion of lease incentive obligation 284 575 Current liabilities of discontinued operations - 19,822 Total current liabilities 14,072 34,592 Deferred revenue, net of current portion 2,667 6,325 Deferred rent, net of current portion 775 1,680 Lease incentive obligation, net of current portion 1,726 4,074 Accrued restructuring, net of current portion - 968 Other long-term liabilities 3,235 - Contingent consideration 12,764 - Liabilities of discontinued operations - 66 Noncontrolling interest in discontinued operations - 2,917 Stockholders’ equity: Preferred stock, $0.001 par value: 5,000 shares authorized; no shares issued and outstanding - - Common stock, $0.001 par value: 200,000 shares authorized; 117,829 and 35,090 shares issued and outstanding at December 31, 2009 and December 31, 2008, respectively 118 35 Additional paid-in capital 272,405 267,238 Accumulated other comprehensive (loss) income (2) 73 Accumulated deficit (219,608) (251,471) Stockholders’ equity 52,913 15,875 Total liabilities and stockholders' equity $ 88,152 $ 66,497 Note: The Balance Sheet as of December 31, 2008 reflects the reclassification of CombinatoRx Singapore as a discontinued operation.
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