SOUTH SAN FRANCISCO, Calif., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today reported consolidated financial results for the second quarter of 2012.
The company reported cash and cash equivalents of $7.3 million as of June 30, 2012. Subsequent to the end of the quarter, on July 31, 2012, the company successfully closed its initial public offering and the underwriters exercised their over-allotment option in full raising proceeds, net of underwriter discounts, of $53.5 million. The company intends to use the proceeds primarily for the potential launch of its first drug, Ravicti™ (glycerol phenylbutyrate).
According to Chief Executive Officer, Donald J. Santel, "Having a completed IPO makes us well positioned for the potential approval and launch of Ravicti. We believe Ravicti offers meaningful benefits over the only product currently FDA-approved for the treatment of the most prevalent urea cycle disorders, or UCD. With the Prescription Drug User Fee Act (PDUFA) target action decision date on the New Drug Application for Ravicti now January 23, 2013, we are actively planning for launch, and are looking forward to bringing this important potential new drug to the UCD community."Research and development expenses for the quarter ended June 30, 2012 were $2.7 million, compared to $4.6 million for the quarter ended June 30, 2011. The decrease was primarily due to reduced clinical development and consulting costs related to the company's hepatic encephalopathy (HE) Phase II trial which was largely enrolled in the fourth quarter of 2011 and completion of the long term safety extension trial in adults with UCD which occurred in 2011. General and administrative expenses for the quarter ended June 30, 2012 were $1.5 million, compared to $2.5 million for the quarter ended June 30, 2011. The decrease was primarily due to decreases in professional and consulting fees related to a planned financing in 2011 as well as certain non-recurring legal expenses incurred in 2011.