This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Durata Therapeutics, Inc. Reports Second Quarter 2012 Financial And Corporate Results

Durata Therapeutics, Inc. (NASDAQ: DRTX), a pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses, today announced financial and corporate results for the quarter ended June 30, 2012.

“We are pleased with the rate of patient enrollment in our ongoing Phase 3 clinical trials for our lead product candidate, dalbavancin, and continue to anticipate submitting a New Drug Application with the U.S. Food and Drug Administration in the first half of 2013,” said Paul Edick, Chief Executive Officer of Durata Therapeutics, Inc. “As anticipated, our research and development costs have increased substantially over the prior-year period as we move towards completion of our Phase 3 clinical trials.”

Recent Accomplishments

Our significant recent accomplishments include the following:

  • Completed our initial public offering, resulting in approximately $73.9 million of net proceeds, after deducting underwriting discounts and commissions, or approximately $71.4 million after the payment of $2.5 million of other offering expenses payable by us.
  • Progressed our ongoing Phase 3 clinical trials for our lead product candidate, dalbavancin, for the treatment of patients with acute bacterial skin and skin structure infections, or abSSSI.
  • Passed the 60% enrollment level needed for our independent data monitoring committee, or DMC, interim analysis of the pooled and blinded early response rate and patient enrollment needed to maintain our 90% power calculation in each of our ongoing Phase 3 clinical trials. In the first trial, the DMC analysis indicated that we did not need to increase our enrollment target. In the analysis of the second trial, the DMC recommendation was to add 184 patients to our enrollment target. Based on our current enrollment rate, we do not expect this to cause any change in our previously disclosed timing of data availability or New Drug Application filing.
  • Added Lisa Giles, CEO & President of Giles & Associates and former Vice President of Strategy and Development at G.D. Searle & Company, as an independent director, effective August 3, 2012.

Financial results for the quarter ended June 30, 2012

As of June 30, 2012, we had cash and cash equivalents of $12.4 million compared to $11.5 million at December 31, 2011. As previously stated, we closed on our initial public offering in July 2012 and raised $73.9 million in net proceeds.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs