BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the first quarter ended March 31, 2012.
“We just completed our end of Phase 2 meeting with the FDA regarding our gout program. The agency provided clear and informative guidance regarding the path to approval for BCX4208, and we are now incorporating this advice into the Phase 3 plan. Our goal is to conclude our partnering process during 2012 to enable Phase 3 trials to start as soon as possible,” said Jon P. Stonehouse, President & Chief Executive Officer of BioCryst. “We are currently completing nonclinical safety studies for our preclinical drug candidates to treat hepatitis C and hereditary angioedema, and both programs remain on track to move into clinical trials before the end of this year. BioCryst continues to effectively execute its plan to advance four development programs, each representing value creation opportunities.”
First Quarter Financial Results
For the three months ended March 31, 2012, revenues increased to $12.2 million from $5.4 million in last year’s quarter. The large increase in revenue for the quarter relates to the recognition of $7.8 million of forodesine-related revenue. The Company completed the transfer of the forodesine IND and other technical aspects of the program anticipated in the November 2011 restructuring of the license agreement between BioCryst and Mundipharma. Upon completion of this regulatory and technical transfer in the first quarter of 2012, all previously deferred revenue and expense associated with the Mundipharma relationship has been recognized. This transfer did not have any impact on the Company’s cash balance.Research and development expenses for the quarter increased to $15.4 million from $13.4 million in the first quarter of 2011, primarily due the recognition of $1.9 million of deferred expenses associated with forodesine and the Mundipharma agreement. Higher development costs associated with the preclinical and peramivir development programs were offset by lower development costs associated with the BCX4208 gout program. General and administrative expenses for the quarter decreased to $1.8 million compared to $3.5 million in last year’s quarter. The decrease of $1.7 million from 2011 is primarily the result of costs incurred in 2011 relating to the transition of the Company’s headquarters to North Carolina, as well as reductions in other administrative expenses during 2012.