This Day On The Street
Continue to site
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

Ventrus Biosciences Reports Second Quarter 2012 Financial Results

NEW YORK, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Ventrus Biosciences, Inc. (Nasdaq:VTUS) today reported financial results for the second quarter ended June 30, 2012.

"Following the announcement of the positive results in the second quarter highlighting the potential of VEN 307 as a treatment of choice for anal fissures, Ventrus is now squarely focused on moving this important compound forward toward registration," said Russell H. Ellison, M.D., M.Sc., Chairman and Chief Executive Officer of Ventrus Biosciences, Inc. "We look forward to establishing next steps in this process with the FDA, and to launching a second Phase 3 study for VEN 307 in anal fissures, both expected before year end. Thanks to careful cash management, the Company remains sufficiently well capitalized, with approximately $29 million in cash and equivalents, which should allow us to advance VEN 307 through to regulatory filing, and to explore the potential of VEN 308 as a treatment for fecal incontinence."

For the three months ended June 30, 2012 Ventrus's operating loss was $7,478,306, which included approximately $900,000 in non-cash stock based compensation expense. Operating loss for the three months ended June 30, 2011 was $6,901,571, which included approximately $3.65 million in non-cash stock based compensation expense. General and administrative expense was $1,316,382 for the second quarter of 2012, compared to $3,801,989 for the same period in 2011. The decrease was primarily due to a decrease in stock option and warrant expense. Research and development expense was $6,161,924 for the second quarter of 2012, compared to $3,099,582 for the same period in 2011. The increase was primarily due to the costs associated with the Phase 3 clinical trial for the now-terminated VEN 309 program and manufacturing costs to support future clinical studies for VEN 307.     

At June 30, 2012, cash and cash equivalents were approximately $29 million, compared to approximately $37 million at December 31, 2011.  During the quarter ended June 30, 2012, the Company received gross proceeds of approximately $4.5 million from the sale of shares through an at-the-market equity sales program.   Gross cash spend in the second quarter 2012 was approximately $6.94 million, as compared to approximately $2.85 million in the same period in the prior year. The increase was primarily driven by the Phase 3 clinical trial costs for VEN 309. Average monthly gross spend was $2.3 million in the second quarter, an increase from approximately $0.3 million in the first quarter of 2012. Ventrus expects average monthly cash spend to decrease by approximately $1 million per month for the remainder of the year.  

1 of 2

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs