Eiger BioPharmaceuticals Reports Third Quarter 2017 Financial Results
"Eiger is well positioned to deliver regulatory and clinical results across a robust pipeline of four orphan disease programs in the coming year," said
Key Achievements to Date in 2017
Hepatitis D Virus (HDV) Program
Lonafarnib in HDV
- Positive Phase 2 LOWR HDV (LOnafarnib With Ritonavir in HDV) program presentations at The International Liver Congress™ (EASL); N=58
Lambda in HDV
- Positive Phase 2 interim 24-week data from LIMT HDV (Lambda Interferon Monotherapy Trial in HDV) international study reported at
American Association for the Study of Liver Diseases (AASLD) meeting; N=33 - Orphan drug designation granted by
FDA - Fast Track designation granted by
FDA
Exendin 9-39 in PBH
- Positive Phase 2 MAD data presented at
American Diabetes Association (ADA) meeting in June with both lyophilized and new proprietary liquid formulations; N=20 - Phase 1 PK Study successfully completed with novel liquid formulation; N=48
Ubenimex in PAH
- Phase 2 LIBERTY study enrollment completed; N=61
Ubenimex in Lymphedema
- Phase 2 ULTRA international study enrolling
Corporate Activity
David Apelian , MD, PhD, pharma industry veteran, appointed to BoardEvan Loh , MD, pharma industry veteran, appointed to Board- Financing completed in
October 2017 ; expanded investor base and raised$19.5 million in net proceeds, extending cash runway into mid-2019
Anticipated 4Q 2017 - 2018 Milestones
- Ubenimex in Lymphedema: Phase 2 ULTRA enrollment complete in 4Q 2017
- Lonafarnib and Lambda HDV: Agency meeting in 4Q 2017 or 1Q 2018
- Exendin 9-39 in PBH: Phase 2 PREVENT (28-day) study initiation in 4Q 2017
- Ubenimex in PAH: Phase 2 LIBERTY data in 1Q 2018
- Exendin 9-39 in PBH: Phase 2 PREVENT study completion 2H 2018
- Ubenimex in Lymphedema: Phase 2 ULTRA study completion 2H 2018
Third Quarter 2017 Financial Results
Net loss for the third quarter of 2017 was
Research and development expenses for the third quarter of 2017 were
General and administrative expenses for the third quarter of 2017 were
As of
On
About Eiger
Eiger is a clinical-stage biopharmaceutical company committed to bringing to market novel products for the treatment of rare diseases. The company has built a diverse portfolio of well-characterized product candidates with the potential to address diseases for which the unmet medical need is high, the biology for treatment is clear, and for which an effective therapy is urgently needed. For additional information about Eiger and its clinical programs, please visit www.eigerbio.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives, intentions, beliefs and expectations of management are forward-looking statements. These forward- looking statements may be accompanied by such words as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "project," "target," "will" and other words and terms of similar meaning. Examples of such statements include, but are not limited to, our ability to timely and successfully achieve, all or any of the anticipated 2017 and 2018 milestones, whether or not pegylated interferon lambda or lonafarnib or ubenimex or exendin 9-39 may be further developed and approved, statements relating to the availability of cash for Eiger's future operations and drug development portfolio, Eiger's ability to develop its drug candidates for potential commercialization, the timing of the commencement and number and completion of Phase 2 trials and whether the products can be successfully developed or commercialized. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Eiger makes, including the risks described in the "Risk Factors" sections in the Quarterly Report on Form 10-Q for the three month period ended
Investors:
Eiger BioPharmaceuticals Inc. |
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Selected Statements of Operations Financial Data |
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(in thousands, except per share amounts) |
|||||||||
(unaudited) |
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Three Months Ended |
Nine Months Ended |
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September 30, |
September 30, |
||||||||
2017 |
2016 |
2017 |
2016 |
||||||
Operating expenses: |
|||||||||
Research and development |
$ 6,145 |
$ 8,072 |
$ 21,740 |
$ 23,637 |
|||||
General and administrative |
2,727 |
3,264 |
9,195 |
9,574 |
|||||
Total operating expenses |
8,872 |
11,336 |
30,935 |
33,211 |
|||||
Loss from operations |
(8,872) |
(11,336) |
(30,935) |
(33,211) |
|||||
Interest expense |
(388) |
- |
(1,129) |
(685) |
|||||
Interest income |
98 |
- |
321 |
- |
|||||
Other expense, net |
(8) |
(34) |
188 |
(423) |
|||||
Net loss |
$ (9,170) |
$ (11,370) |
$ (31,555) |
$ (34,319) |
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Net loss per common share: |
|||||||||
Basic and diluted |
$ (1.10) |
$ (1.49) |
$ (3.77) |
$ (6.58) |
|||||
Shares used to compute net loss per common share: |
|||||||||
Basic and diluted |
8,372,934 |
7,622,963 |
8,366,880 |
5,218,099 |
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Eiger BioPharmaceuticals Inc. |
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Selected Balance Sheets Financial Data |
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(in thousands) |
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(unaudited) |
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September 30, |
December 31, |
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2017 |
2016 |
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Balance Sheet Data: |
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Cash, cash equivalents and investments |
$ 32,342 |
$ 59,936 |
|||||||
Working capital |
27,392 |
55,229 |
|||||||
Total assets |
33,281 |
60,736 |
|||||||
Total stockholders' equity |
12,555 |
40,721 |
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