BioCryst Provides Corporate Update And Reports Second Quarter 2012 Financial Results

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the second quarter and six months ended June 30, 2012.

“Following the completion of the preclinical safety studies of both BCX5191 for hepatitis C and BCX4161 for hereditary angioedema, we are now taking the final steps to move these promising programs into the clinic before the end of this year,” said Jon P. Stonehouse, President & Chief Executive Officer of BioCryst. “Furthermore, we are extremely pleased with the favorable ulodesine gout safety and efficacy profile, confirmed by over 115 patient-years of drug exposure in our recently announced 52-week results. This robust data substantially reduces the risk associated with ulodesine’s Phase 3 development and will enhance its appeal to potential development partners.”

Second Quarter Financial Results

For the three months ended June 30, 2012, revenues increased to $4.2 million from $3.7 million in last year’s quarter as a result of an increase in collaboration revenue from the Biomedical Advanced Research and Development Authority/Department of Health and Human Services (BARDA/HHS) under the contract for the continued development of peramivir.

Research and development (R&D) expenses for the second quarter decreased to $12.8 million from $14.4 million in the second quarter of 2011. In the recent quarter, lower development costs associated with the ulodesine (BCX4208) program were partially offset by higher development costs associated with the BCX5191 and BCX4161 preclinical programs.

General and administrative (G&A) expenses for the second quarter decreased to $1.6 million compared to $3.5 million in the second quarter of 2011, primarily due to reductions in administrative expenses during 2012.

Interest expense related to the non-recourse notes was $1.2 million in the second quarter of 2012, in-line with last year’s quarter. In addition, a $1.0 million mark-to-market loss on the foreign currency hedge was recognized in the second quarter of 2012, similar to the loss of $1.0 million in the second quarter of 2011. The hedge losses resulted from changes in the U.S. dollar/Japanese yen exchange rate related to the foreign currency hedge agreement entered into in conjunction with the RAPIACTA ^® royalty monetization transaction.

The net loss for the second quarter 2012 was $12.3 million, or $0.25 per share, compared to a net loss of $16.3 million, or $0.36 per share, for the second quarter 2011.

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