This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Furiex Reports Second Quarter 2012 Financial Results

Furiex Pharmaceuticals, Inc. (NASDAQ: FURX) today reported its financial and operating results for the quarter ended June 30, 2012. Furiex was spun off from Pharmaceutical Product Development, Inc. (PPD) as a separate public company effective June 14, 2010. Furiex continues the compound partnering business started by PPD in 1998.

Furiex recorded second quarter milestone revenue of $10.0 million. On May 23, 2012, Takeda Global Research & Development Centre (Europe) Ltd. received confirmation on the acceptance of the submission of a Marketing Authorization Application from the European Medicines Agency for alogliptin, a selective dipeptidyl peptidase IV inhibitor for the treatment of type 2 diabetes.

Furiex recorded second quarter royalty revenue of $3.1 million, compared to $0.9 million for the same period in the prior year. Royalty revenue included royalties related to Nesina ® and Liovel ® sales in Japan, and Priligy ® sales in various countries outside of the United States.

Research and development expenses were $30.8 million for the quarter ended June 30, 2012, compared to $13.2 million for the same period in the prior year. The increase of $17.5 million in research and development expenses was a result of the increase in Phase III clinical trial costs associated with the continued development of MuDelta, a $1.0 million development milestone payment to Ranbaxy Laboratories, Ltd. in connection with the completion of the Phase II clinical study for PPD-10558, and a $5.0 million regulatory milestone payment due to Janssen Pharmaceutica, N.V. related to the dosing of the fifth patient in the on-going Phase III clinical trials for MuDelta, partially offset by decreases in spending for the discontinued PPD-10558 program and completion of the Phase II clinical trial work related to MuDelta and JNJ-Q2.

Second quarter selling, general and administrative expenses were $2.8 million for 2012, compared to $2.5 million for the second quarter of 2011. The increase in selling, general and administrative expenses of $0.3 million was primarily due to increases in consulting and legal expenses.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs