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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Neos Therapeutics Inc | NASDAQ:NEOS | 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% | 1.15 | 1.10 | 1.11 | 0 | 01:00:00 |
“We recently launched our second ADHD product, Cotempla XR-ODT™, and we are very pleased to report that the prescription trends so far are very encouraging. We believe this is, in part, the result of our established relationships with nearly 10,000 healthcare professionals, their awareness of our XR-ODT technology and their interest in using our innovative products,” said Vipin K. Garg, Ph.D., President and CEO of Neos Therapeutics. “Along with our first product, Adzenys XR-ODT®, we expect to see continued commercial growth, and believe that Neos stands out as the only company to have both a branded methylphenidate and a branded amphetamine product available in an extended-release orally disintegrating tablet dosage form. We are also looking forward to the launch of our amphetamine oral suspension product, Adzenys ER™, expected in early 2018.”
Third Quarter and Recent Announcements
Commercial Product Highlights
Select Financial Results for the Third Quarter Ended September 30, 2017
Conference Call Details Neos management will host a conference call and live audio webcast to discuss results and provide a company update at 8:30 a.m. ET today. The live call may be accessed by dialing (877) 388-8985 for domestic calls, or +1 (562) 912-2654 for international callers, and referencing conference ID number 97314658. A live audio webcast for the conference call will be available on the Investor Relations page of the Company’s website at http://investors.neostx.com/.
About Neos TherapeuticsNeos Therapeutics, Inc. (NASDAQ:NEOS) is a pharmaceutical company focused on developing, manufacturing and commercializing products utilizing its proprietary modified-release drug delivery technology platforms. Adzenys XR-ODT® (amphetamine) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), Cotempla XR-ODT™ (methylphenidate) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), and Adzenys-ER™ (amphetamine) extended-release oral suspension (see Full Prescribing Information, including Boxed WARNING), all for the treatment of ADHD, are the first three approved products using the Company’s extended-release technology platform. In addition, Neos manufactures and markets its generic version of the branded product Tussionex®1, an extended-release oral suspension of hydrocodone and chlorpheniramine for the relief of cough and upper respiratory symptoms of a cold (see Full Prescribing Information, including Boxed WARNING). Additional information about Neos is available at www.neostx.com.
1Tussionex® is a registered trademark of the UCB Group of Companies.
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the commercialization of Adzenys XR-ODT, Cotempla XR-ODT™ and Adzenys ER, the commercial launch date for Adzenys ER, our marketing plans, the therapeutic potential of our products, our settlement and licensing agreement with Actavis and new product exclusivity for Cotempla XR-ODT. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements reflect our current views about our expectations, strategy, plans, prospects or intentions, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, our ability to market and sell our products and other risks set forth under the caption “Risk Factors” in our most recently filed Annual Report on Form 10-K as updated by our subsequently filed other SEC filings, including our Quarterly Report(s) on Form 10-Q. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Neos Therapeutics, Inc. and SubsidiariesCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands, except share and per share data) | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 43,398 | $ | 24,352 | ||||
Short-term investments | 23,089 | 15,430 | ||||||
Accounts receivable, net of allowances for chargebacks and cash discounts of $2,605 and $950, respectively | 8,619 | 6,135 | ||||||
Inventories | 9,992 | 5,767 | ||||||
Deferred contract sales organization fees | 70 | 720 | ||||||
Other current assets | 2,760 | 2,865 | ||||||
Total current assets | 87,928 | 55,269 | ||||||
Property and equipment, net | 8,223 | 7,076 | ||||||
Intangible assets, net | 16,739 | 17,647 | ||||||
Other assets | 192 | 150 | ||||||
Total assets | $ | 113,182 | $ | 80,142 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 10,706 | $ | 7,798 | ||||
Accrued expenses | 9,385 | 5,264 | ||||||
Deferred revenue | 9,327 | 3,662 | ||||||
Current portion of long-term debt | 6,949 | 4,921 | ||||||
Total current liabilities | 36,367 | 21,645 | ||||||
Long-Term Liabilities: | ||||||||
Long-term debt, net of current portion | 58,970 | 58,599 | ||||||
Derivative liability | 1,884 | — | ||||||
Deferred rent | 1,106 | 1,174 | ||||||
Other long-term liabilities | 155 | 272 | ||||||
Total long-term liabilities | 62,115 | 60,045 | ||||||
Stockholders’ Equity (Deficit): | ||||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued or outstanding at September 30, 2017 and December 31, 2016 | — | — | ||||||
Common stock, $0.001 par value, 100,000,000 authorized at September 30, 2017 and December 31, 2016; 28,099,541 and 28,080,635 issued and outstanding at September 30, 2017, respectively; 16,079,902 and 16,060,996 issued and outstanding at December 31, 2016, respectively | 28 | 16 | ||||||
Treasury stock, at cost, 18,906 shares at September 30, 2017 and December 31, 2016 | (232 | ) | (232 | ) | ||||
Additional paid-in capital | 267,046 | 198,787 | ||||||
Accumulated deficit | (252,141 | ) | (200,118 | ) | ||||
Accumulated other comprehensive loss | (1 | ) | (1 | ) | ||||
Total stockholders’ equity (deficit) | 14,700 | (1,548 | ) | |||||
Total liabilities and stockholders’ equity | $ | 113,182 | $ | 80,142 |
Neos Therapeutics, Inc. and SubsidiariesCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In thousands, except share and per share data) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Revenues: | |||||||||||||
Net product sales | $ | 6,695 | $ | 1,583 | $ | 17,231 | $ | 5,651 | |||||
Cost of goods sold | 2,422 | 2,318 | 9,613 | 7,418 | |||||||||
Gross profit (loss) | 4,273 | (735 | ) | 7,618 | (1,767 | ) | |||||||
Research and development | 1,757 | 2,881 | 7,173 | 8,605 | |||||||||
Selling and marketing expenses | 12,618 | 16,977 | 35,030 | 39,630 | |||||||||
General and administrative expenses | 3,911 | 3,140 | 10,766 | 9,600 | |||||||||
Loss from operations | (14,013 | ) | (23,733 | ) | (45,351 | ) | (59,602 | ) | |||||
Interest expense | (2,648 | ) | (2,130 | ) | (7,250 | ) | (4,746 | ) | |||||
Loss on debt extinguishment | — | — | — | (1,187 | ) | ||||||||
Other income, net | 403 | 57 | 578 | 575 | |||||||||
Net loss | $ | (16,258 | ) | $ | (25,806 | ) | $ | (52,023 | ) | $ | (64,960 | ) | |
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | 27,884,983 | 16,070,705 | 23,404,617 | 16,048,801 | |||||||||
Net loss per share of common stock, basic and diluted | $ | (0.58 | ) | $ | (1.61 | ) | $ | (2.22 | ) | $ | (4.05 | ) | |
Contacts: Richard EisenstadtChief Financial OfficerNeos Therapeutics(972) 408-1389reisenstadt@neostx.com
Sarah McCabeStern Investor Relations, Inc.(212) 362-1200sarah@sternir.com
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