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Puma Biotechnology Reports Second Quarter 2012 Financial Results

Stocks in this article: PBYI

Puma Biotechnology, Inc. (OTCBB: PBYI), a development stage biopharmaceutical company, today announced financial results for the second quarter ended June 30, 2012.

For the quarter ended June 30, 2012, Puma reported a net loss applicable to common stock of $14.8 million, or $0.74 per share. Net loss applicable to common stock for the six months ended June 30, 2012, was $26.6 million, or $1.33 per share.

Net cash used in operating activities for the quarter ended June 30, 2012, was $8.8 million. Net cash used in operating activities for the six months ended June 30, 2012, was $11.6 million. As of June 30, 2012, Puma had cash and cash equivalents of $41.0 million, compared to $53.4 million at December 31, 2011.

Total operating expenses for the quarter ended June 30, 2012 were $14.8 million. Total operating expenses for the six months ended June 30, 2012, were $26.6 million. The operating expenses in the quarter were primarily driven by clinical development expenses for our lead product candidate, PB272 (neratinib), the transition of the PB272 clinical trial program to Puma from the drug’s licensor, hiring staff and building out our corporate infrastructure.

General and administrative expenses for the second quarter of 2012 were $1.7 million. Total general and administrative expenses for the six months ended June 30, 2012, were $2.9 million.

Research and development expenses for the second quarter of 2012 were $13.0 million. Total research and development expenses for the six months ended June 30, 2012, were $23.6 million. Included in the research and development expenses for the second quarter of 2012 are outside clinical development expenses of $10.3 million related to the transition of the ongoing PB272 clinical trials to Puma from the licensor, approximately $3 million of which represented duplicate costs incurred for the licensor’s services in connection with these trials. The Company anticipates that as this transition has largely been completed, these costs will decrease significantly in future quarters.

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