Tranzyme Pharma Announces Second Quarter 2012 Financial Results
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 ResultsTotal 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.
- 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.
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