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Puma Biotechnology : Reports Second Quarter 2015 Financial Results

08/20/2015 | 01:52pm US/Eastern

By a News Reporter-Staff News Editor at Clinical Trials Week -- Puma Biotechnology, Inc. (NYSE: PBYI), a development stage biopharmaceutical company, announced financial results for the second quarter ended June 30, 2015 (see also Puma Biotechnology, Inc.).

Unless otherwise stated, all comparisons are for the second quarter and first half of the year 2015 compared to the second quarter and first half of the year 2014.

Based on accounting principles generally accepted in the United States (GAAP), Puma reported a net loss applicable to common stock of $64.7 million, or $2.01 per share, for the second quarter of 2015, compared to a net loss of $38.8 million, or $1.29 per share, for the second quarter of 2014. Net loss applicable to common stock for the first half of 2015 was $117.1 million, or $3.68 per share, compared to $58.6 million, or $1.96 per share, for the first half of 2014.

Adjusted net loss applicable to common stock was $36.5 million, or $1.13 per share, for the second quarter of 2015, compared to adjusted net loss applicable to common stock of $31.6 million, or $1.05 per share, for the second quarter of 2014. Adjusted net loss applicable to common stock for the first half of 2015 was $68.8 million, or $2.16 per share, compared to $46.3 million, or $1.55 per share, for the first half of 2014. Adjusted net loss applicable to common stock excludes stock-based compensation expense, which represents a significant portion of overall expense and has no impact on the cash position of the Company. For a reconciliation of adjusted net loss applicable to common stock to reported net loss applicable to common stock, please see the financial tables at the end of this news release.

Net cash used in operating activities for the second quarter of 2015 was $34.6 million. Net cash used in operating activities for the first half of 2015 was $84.6 million. At June 30, 2015, Puma had cash and cash equivalents of $59.8 million and marketable securities of $222.5 million, compared to cash and cash equivalents of $38.5 million and marketable securities of $102.8 million at December 31, 2014. Puma's current level of cash and cash equivalents and marketable securities includes net proceeds of approximately $205.0 million from a public offering of the Company's common stock, which was completed in January 2015.

"During the second quarter of 2015 we presented data from the Phase III ExteNET trial at the American Society of Clinical Oncology (ASCO) Annual Meeting," said Alan H. Auerbach, chairman and chief executive officer of Puma. "The positive study demonstrated that treatment with neratinib as extended adjuvant treatment following adjuvant treatment with trastuzumab in women with early-stage HER2 positive breast cancer reduced the risk of disease recurrence by 33%. The two-year disease-free survival rate was 93.9% in the neratinib arm versus 91.6% in the placebo arm. We anticipate our NDA filing for neratinib for the extended adjuvant setting during the first quarter of 2016. Also in the second quarter of 2015, we expanded the second cohort in the Phase II basket trial, which is evaluating the safety and efficacy of neratinib in patients with solid tumors who have an activating HER2 mutation. The second cohort includes patients with metastatic non-small cell lung cancer and whose tumors have a HER2 mutation.

"We expect to continue to execute on our ongoing Phase II and Phase III trials of PB272 in the second half of 2015 and beyond. In addition, during the second half of 2015, we expect to (i) publish Phase III ExteNET trial results in the extended adjuvant treatment of early stage HER2-positive breast cancer (anticipated in the third quarter of 2015); (ii) perform additional presentations of the ExteNET Phase III trial (anticipated in the third and fourth quarters of 2015); (iii) complete our ongoing Phase II FB-7 trial of PB272 as a neoadjuvant treatment for patients with HER2-positive breast cancer (anticipated in the third quarter of 2015); (iv) report data from our Phase II trial of PB272 in HER2 non-amplified breast cancer that has a HER2 mutation (anticipated in the fourth quarter of 2015); (v) report initial data from the Phase II trial of neratinib in extended adjuvant HER2 positive early stage breast cancer using loperamide prophylaxis (anticipated in the fourth quarter of 2015); (vi) complete the ongoing Phase II trial of PB272 in patients with HER2-positive metastatic breast cancer that has metastasized to the brain (anticipated in the second half of 2015); and (vii) expand additional cohorts in our Phase II basket trial of PB272 in patients with solid tumors with activating HER2 mutations (anticipated in the second half of 2015)." Operating Expenses Based on GAAP, operating expenses were $64.9 million for the second quarter of 2015, compared to $38.9 million for the second quarter of 2014. Operating expenses for the first half of 2015 were $117.5 million compared to $58.7 million for the first half of 2014. General and Administrative Expenses: Based on GAAP, general and administrative expenses were $5.5 million in the second quarter of 2015, compared to $3.9 million in the second quarter of 2014. General and administrative expenses for the first half of 2015 were $13.4 million compared to $7.4 million for the first half of 2014. Research and Development Expenses: Based on GAAP, research and development expenses were $59.4 million in the second quarter of 2015, compared to $35.0 million in the second quarter of 2014. Research and development expenses for the first half of 2015 were $104.1 million, compared to $51.3 million for the first half of 2014. About Puma Biotechnology Puma Biotechnology, Inc. is a development stage biopharmaceutical company that acquires and develops innovative products for the treatment of various forms of cancer. The Company focuses on in-licensing drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seeks to further develop those drug candidates for commercial use. The Company is initially focused on the development of PB272 (oral neratinib), a potent irreversible tyrosine kinase inhibitor, for the treatment of patients with HER2-positive breast cancer and patients with non-small cell lung cancer, breast cancer and other solid tumors that have a HER2 mutation.

Keywords for this news article include: Drugs, Therapy, Genetics, Oncology, Breast Cancer, Solid Cancers, Women's Health, Biopharmaceuticals, Puma Biotechnology Inc., Clinical Trials and Studies.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2015, NewsRx LLC

(c) 2015 NewsRx LLC, source Health Newsletters

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