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XenoPort Reports Third Quarter Financial Results

Stocks in this article: XNPT

XenoPort, Inc. (Nasdaq: XNPT) announced today financial results for the third quarter and nine months ended September 30, 2012. Revenues for the third quarter were $0.4 million, compared to $0.4 million for the same period in 2011. Net loss for the third quarter was $16.8 million, compared to a net loss of $18.8 million for the same period in 2011. At September 30, 2012, XenoPort had cash, cash equivalents and short-term investments of $112.9 million.

XenoPort Business Updates

Since the start of the third quarter, XenoPort’s business updates include:

  • Astellas Pharma Inc. launched Regnite® (gabapentin enacarbil) Extended-Release Tablets. Regnite is approved in Japan for the treatment of moderate-to-severe primary restless legs syndrome (RLS). It is estimated that there are approximately 2.1 million people in Japan with RLS.
  • XenoPort reported favorable preliminary results from a Phase 1 clinical trial in healthy adults designed to assess the pharmacokinetics (PK), safety and tolerability of single doses of four different oral formulations of XP23829, a novel fumaric acid ester compound that is a prodrug of monomethyl fumarate (MMF). XP23829 is being developed for the potential treatment of relapsing-remitting multiple sclerosis (RRMS) and/or psoriasis.
  • XenoPort was awarded a $0.3 million grant from The Michael J. Fox Foundation (MJFF) for Parkinson’s Research to support preclinical studies to explore XP23829 for its potential ability to protect against neurodegeneration in experimental preclinical models of Parkinson’s disease.
  • XenoPort completed an underwritten public offering generating net cash proceeds of approximately $43.1 million, after deducting the underwriting discounts and commissions and offering expenses payable by XenoPort.

Ronald W. Barrett, Ph.D., chief executive officer of XenoPort, stated, “Our efforts in the third quarter yielded progress on several fronts. We are encouraged by the results from our first human study of XP23829, and we are excited to be working with MJFF to explore how XP23829 may be useful as a potential treatment for Parkinson’s disease. We are close to completing enrollment of patients in our Phase 3 arbaclofen placarbil (AP) clinical trial for multiple sclerosis patients with spasticity and now expect preliminary top-line results early in the second quarter of 2013.”

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