BioCryst Pharmaceuticals Provides Corporate Update And Reports Third Quarter 2011 Financial Results

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the third quarter and nine months ended September 30, 2011.

“We are pleased with the recent results of our 12-week Phase 2b gout study, which showed that adding low doses of BCX4208 to allopurinol doubled the proportion of patients reaching therapeutic goal compared to the standard of care of allopurinol alone,” said Jon P. Stonehouse, President and Chief Executive Officer of BioCryst Pharmaceuticals. “BCX4208 has been shown to work synergistically with allopurinol and represents an innovative new class of compound that is differentiated from other approved and experimental gout treatments. BCX4208 has been safely studied in a wide range of patients with gout, including patients with co-morbid diseases and kidney stones. Our ongoing development program is intended to confirm BCX4208 is not metabolized and should not impact patient’s other medications. BCX4208 represents a unique late-stage opportunity with the potential to address the high unmet medical needs of the large and expanding gout population.”

Third Quarter Financial Results

For the three months ended September 30, 2011, revenues decreased to $5.2 million from $12.0 million in last year’s quarter due to lower collaboration revenue from the Department of Health and Human Services/Biomedical Advanced Research and Development Authority (HHS/BARDA) under the contract for the continued development of peramivir, resulting from the completion of peramivir clinical studies. All revenue in both periods related to reimbursement of peramivir development costs by HHS/BARDA.

Third quarter 2011 research and development (R&D) expenses decreased to $14.8 million from $19.2 million in the third quarter of 2010. This decrease was driven by lower development costs associated with the peramivir and forodesine clinical programs following the completion of various clinical studies during 2010, partially offset by higher BCX4208 gout program development costs associated with increased clinical activity in that program.

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