AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG), a specialty pharmaceutical company focused on the development and commercialization of Feraheme® (ferumoxytol) Injection for intravenous (IV) use to treat iron deficiency anemia (IDA), today reported unaudited consolidated financial results for the second quarter ended June 30, 2012.
- Feraheme net product revenues in the United States for the second quarter of 2012 were $14.1 million, a 10% increase from the $12.8 million reported in the second quarter of 2011.
- Feraheme provider demand 1 for the second quarter of 2012 reached a record level of approximately 28,200 grams, a 15% increase from the second quarter of 2011.
- AMAG took further steps to streamline its cost structure in the second quarter. As previously announced, the company plans to divest its manufacturing facility and reduce its workforce by 45 positions.
- Ferumoxytol was approved in the European Union in June 2012 for the treatment of IDA in adult patients with chronic kidney disease, which triggered a $15 million milestone payment from Takeda Pharmaceutical Company Limited.
- The company reported positive data from two phase III clinical trials of Feraheme for the treatment of IDA regardless of the underlying cause and plans to submit a supplemental new drug application to the U.S. Food and Drug Administration by the end of 2012.
“Since joining AMAG, I have been focusing on our two key financial growth drivers. First, is to ensure that Feraheme reaches its full commercial potential and second, to add complimentary products to our portfolio. I am confident that success on these two fronts will create significant value for AMAG shareholders,” commented William Heiden, president and chief executive officer of AMAG. “With another strong quarter of growing Feraheme revenues and continued aggressive operating expense management under our belt, I believe that our core business is sound and we are indeed ready to add additional products to our portfolio, leveraging our commercial footprint and driving us to profitability.”