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Aegerion Pharmaceuticals Announces Fourth-Quarter And Year-End 2010 Financial Results

Stocks in this article: AEGR

CAMBRIDGE, Mass., March 2, 2011 (GLOBE NEWSWIRE) -- Aegerion Pharmaceuticals, Inc. (Nasdaq:AEGR), an emerging biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat severe lipid disorders, announced its financial results and business highlights for the fourth-quarter and year ended December 31, 2010.

Financial Results and Outlook

For the quarter ended December 31, 2010, Aegerion reported a net loss of $12.1 million, or $0.92 per share attributable to common stockholders. For the year ended December 31, 2010, Aegerion reported a net loss of $23.0 million, or $5.07 per share attributable to common stockholders.

Research and development expenses were $4.0 million for the quarter ended December 31, 2010, compared to $2.0 million for the same period in 2009. For the year ended December 31, 2010, research and development expenses were $7.6 million, compared with $7.0 million for the full year 2009. Research and development expenses for both the quarter and the full year were primarily related to the advancement of the Phase III clinical trial for our lead compound, lomitapide.

General and administrative expenses were $2.7 million for the quarter ended December 31, 2010, compared with $0.9 million for the same period in 2009. For the year ended December 31, 2010, general and administrative expenses were $5.9 million, compared with $3.1 million for the full year 2009. This increase was primarily due to increased consulting expenses and outside services relating to late-stage clinical development and public company expenses.

As of December 31, 2010, Aegerion had cash and cash equivalents totaling approximately $44.1 million.

Aegerion expects full-year 2011 cash burn to be between $22.5 and $27.5 million. This forecast spending level in 2011 anticipates full resourcing to achieve regulatory filing targets in a high quality and timely fashion. Included in this spending level are the one-time pre-clinical and clinical studies necessary to support these filings as well as the near-term pre-commercial resourcing needed to support an optimized launch of lomitapide targeted for 2012.

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