We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tetraphase Pharmaceuticals Inc | NASDAQ:TTPH | 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% | 2.20 | 2.22 | 2.31 | 0 | 01:00:00 |
“During the second quarter, we finalized the protocol for IGNITE4, our upcoming phase 3 clinical trial evaluating IV eravacycline in patients with complicated intra-abdominal infections (cIAI), and remain on track to initiate this trial early in the fourth quarter of 2016,” said Guy Macdonald, Tetraphase's President and Chief Executive Officer. “Based on discussions with the FDA, we have designed IGNITE4 using a 12.5% non-inferiority margin and a trial population of approximately 450 patients. We currently anticipate reporting top-line results from IGNITE4 as early as the fourth quarter of 2017. In parallel, we are also working to finalize the trial design for IGNITE3, our phase 3 clinical trial evaluating once-daily IV eravacycline in complicated urinary tract infections (cUTI), and we look forward to providing details regarding the design and timing of IGNITE3 once the protocol is completed.”
Dr. Patrick Horn, Tetraphase’s Chief Medical Officer, commented, “Separately, we continue to advance development work on the oral formulation of eravacycline. Early data from this phase 1 program indicate that the oral dosing regimen used in IGNITE2 leads to lower systemic levels of eravacycline than expected. These data also suggest that administration of oral eravacycline in a fasted state results in increased drug exposure. With this information now in hand, we have commenced further clinical testing designed to evaluate several additional variables associated with optimizing the oral eravacycline dosing regimen.”
“Along with the advancement of our clinical programs, we continue to build the profile of eravacycline by testing it against multidrug-resistant bacterial strains in vitro and, at ASM Microbe and ECCMID we presented data showing eravacycline’s potent activity against these difficult-to-treat pathogens, including carbapenem-resistant enterobacteriaceae and Acinetobacter baumannii,” added Dr. Horn. “We also recently confirmed that in in vitro studies eravacycline retained its potent activity against colistin-resistant clinical isolates expressing the mcr-1 gene, which was just found in bacteria in the U.S. for the first time, and we look forward to presenting these data at an upcoming medical meeting.”
Second Quarter 2016 Financial Results
As of June 30, 2016, Tetraphase had cash and cash equivalents of $178.3 million and 36.7 million shares outstanding. The company expects that its cash and cash equivalents, as well as expected revenue from its U.S. government awards, will be sufficient to fund operations into the middle of 2018.
Revenues during the second quarter of 2016 were $1.2 million compared to $3.3 million for the same period in 2015. Revenues for each period consisted of contract and grant revenue under the Company’s U.S. government awards for the development of Tetraphase compounds for the treatment of diseases caused by bacterial biothreat pathogens and for certain infections caused by life-threatening multidrug-resistant bacteria. The decrease in revenues was primarily due to the scope and timing of activities related to our BARDA Contract conducted during the quarter ended June 30, 2016.
Research and development (R&D) expenses for the second quarter of 2016 were $13.7 million compared to $22.9 million for the same period in 2015. The decrease in R&D expenses was primarily due to lower costs related to our Phase 3 clinical program for eravacycline.
General and administrative (G&A) expenses for the second quarter of 2016 were $4.8 million compared to $6.5 million for the same period in 2015. The decrease in G&A expenses was primarily due to a decrease in stock-based compensation expense, as well as a decrease in pre-commercialization activities for eravacycline.
For the second quarter of 2016, Tetraphase reported a net loss of $17.2 million, or $0.47 per share, compared to a net loss of $26.0 million, or $0.72 per share, for the same period in 2015.
Second Quarter and Recent Corporate Highlights
About Tetraphase Pharmaceuticals, Inc.Tetraphase is a clinical-stage biopharmaceutical company using its proprietary chemistry technology to create novel antibiotics for serious and life-threatening bacterial infections, including those caused by many of the multidrug-resistant (MDR) bacteria highlighted as urgent public health threats by the CDC. Tetraphase has created more than 3,000 novel tetracycline analogs using its proprietary technology platform. Tetraphase's pipeline includes three antibiotic clinical candidates: eravacycline, which is in phase 3 clinical trials, and TP-271 and TP-6076, which are in phase 1 clinical trials. Please visit www.tphase.com for more company information.
Forward-Looking StatementsAny statements in this press release about our future expectations, plans and prospects, including statements regarding our strategy, future operations, prospects, plans and objectives, and other statements containing the words "anticipates," "believes," "expects," "plans," "will" 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: whether results obtained in preclinical studies and early or interim clinical trials will be indicative of results obtained in future clinical trials; whether eravacycline or any other clinical candidate will advance through the clinical trial process on a timely basis or at all; whether the results of the Company's development efforts will warrant regulatory submission and whether any such submissions will receive approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies; whether, if any clinical candidate obtains approval, it will be successfully distributed and marketed; and other factors discussed in the "Risk Factors" section of our quarterly report on Form 10-Q, filed with the Securities and Exchange Commission on August 4, 2016. In addition, the forward-looking statements included in this press release represent our views as of August 4, 2016. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.
Tetraphase Pharmaceuticals, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | $ | 1,243 | $ | 3,343 | $ | 3,205 | $ | 6,359 | ||||||||
Operating expenses | ||||||||||||||||
Research and development | 13,746 | 22,907 | 27,269 | 41,780 | ||||||||||||
General and administrative | 4,759 | 6,489 | 10,012 | 11,393 | ||||||||||||
Total operating expenses | 18,505 | 29,396 | 37,281 | 53,173 | ||||||||||||
Loss from operations | (17,262 | ) | (26,053 | ) | (34,076 | ) | (46,814 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Other income (expense), net | 94 | 10 | 167 | (216 | ) | |||||||||||
Net loss | $ | (17,168 | ) | $ | (26,043 | ) | $ | (33,909 | ) | $ | (47,030 | ) | ||||
Net loss per share-basic and diluted | $ | (0.47 | ) | $ | (0.72 | ) | $ | (0.93 | ) | $ | (1.38 | ) | ||||
Weighted-average number of common shares used in net loss per share applicable to common stockholders-basic and diluted | 36,629 | 36,207 | 36,614 | 33,991 | ||||||||||||
Tetraphase Pharmaceuticals, Inc. | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
(In thousands) | |||||||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 178,311 | $ | 205,912 | |||
Accounts receivable | 2,981 | 4,151 | |||||
Prepaid expenses and other current assets | 5,257 | 3,705 | |||||
Property and equipment, net | 982 | 943 | |||||
Other assets, noncurrent | 199 | 206 | |||||
Total assets | $ | 187,730 | $ | 214,917 | |||
Liabilities and stockholders’ equity | |||||||
Accounts payable and accrued expenses | $ | 9,288 | $ | 9,953 | |||
Deferred revenue | 1,195 | 909 | |||||
Stockholders' equity | 177,247 | 204,055 | |||||
Total liabilities and stockholders’ equity | $ | 187,730 | $ | 214,917 | |||
Investor Contacts: Tetraphase Pharmaceuticals Teri Dahlman 617-600-7040 tdahlman@tphase.com Argot Partners Maeve Conneighton 212-600-1902 maeve@argotpartners.com Media Contact: Sam Brown Inc. Mike Beyer 312-961-2502 Mikebeyer@sambrown.com
1 Year Tetraphase Pharmaceuticals Chart |
1 Month Tetraphase Pharmaceuticals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions