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Tranzyme Pharma Announces Second Quarter 2012 Financial Results

Stocks in this article: TZYM

RESEARCH TRIANGLE PARK, N.C., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Tranzyme Pharma (Nasdaq:TZYM), a biopharmaceutical company focused on discovering, developing and commercializing novel, first-in-class small molecule therapeutics for the treatment of gastrointestinal (GI) motility disorders, today announced its financial results and business update for the second quarter ended June 30, 2012.

"We are very pleased that patient enrollment in our 12-week Phase 2b trial evaluating TZP-102 for diabetic gastroparesis is complete, and we are on target to announce top-line study results by year-end," said Vipin K. Garg, Ph.D., President and CEO of Tranzyme Pharma. "Diabetic gastroparesis affects millions of people worldwide, yet there are no safe and effective treatments available to them. With the incidence of diabetes on the rise, it is expected that the prevalence of gastroparesis in these patients will rise correspondingly."

Select Second Quarter 2012 Financial Results

Total revenue for the second quarter of 2012 was $2.4 million compared to $3.0 million in the same period last year. The decrease in revenue was primarily due to changes in the amortization period for deferred revenue from the upfront licensing fee received from our collaboration with Bristol-Myers Squibb Company. Research and development expenses were $5.5 million in the second quarter 2012 as compared to $5.7 million for the same period in 2011. The decrease was primarily due to a decrease in expenses incurred for Phase 3 clinical trials and registration efforts for ulimorelin offset by an increase in expenses for the Phase 2b clinical trial for TZP-102. General and administrative expenses were $1.9 million in the second quarter of 2012 versus $1.3 million in the same period last year, reflecting increased expenses relating to pre-commercialization market research and corporate governance activities. The Company reported a consolidated net loss of $5.6 million compared to $4.4 million for the second quarter of 2011. Cash and cash equivalents at June 30, 2012 were approximately $36.4 million.

Recent Developments

TZP-102 Phase 2b Trial Enrollment Completion

  • The Company recently completed patient enrollment in the Phase 2b 12-week trial of its first-in-class, oral, gastrointestinal (GI) motility drug candidate, TZP-102. The trial is being conducted in patients suffering from diabetic gastroparesis, a chronic, often life-altering GI condition affecting both type 1 and type 2 diabetic patients. Preliminary top-line data are expected by year-end 2012.

Norgine License Agreement

  • The Company recently announced the termination of the License Agreement dated as of June 11, 2010 by and between Tranzyme and Norgine, B.V. regarding the development and commercialization of Tranzyme's product candidate, ulimorelin. The termination will become effective on October 19, 2012.

Conference Call Details

The Company will host a conference call on Friday, August 10, 2012 at 8:30 am ET to discuss its second quarter 2012 financial results. To participate in the live call, please dial (877) 670-9784 (U.S. and Canada) or (970) 315-0430 (international), five to ten minutes prior to the start of the call. A live audio webcast will also be available in the "Investors" section of the Tranzyme Pharma website, www.tranzyme.com .

A replay of the conference call will be available from August 10, 2012 at 11:30 am ET through August 17, 2012. Investors may listen to the replay by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (international), with the passcode 12742970. The webcast will also be archived for on-demand listening for 30 days at www.tranzyme.com .

About Tranzyme Pharma

Tranzyme Pharma is a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of upper gastrointestinal (GI) motility disorders. While approximately 40 percent of people in the U.S. are affected by these persistent and recurring conditions that disrupt the normal movement of food throughout the GI tract, currently there are a limited number of safe and effective treatment options. Tranzyme is developing TZP-102, an oral ghrelin agonist for treating the symptoms associated with chronic upper GI motility disorders. Enrollment in a multinational Phase 2b trial evaluating TZP-102 in diabetic patients with gastroparesis is complete; top-line data are expected by year-end 2012. By leveraging its proprietary drug discovery technology, Tranzyme is committed to pursuing first-in-class medicines to address areas of significant unmet medical needs.

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