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SOUTH SAN FRANCISCO, Calif., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today reported financial operating results for the fourth quarter and the year ended December 31, 2012.
According to Chief Executive Officer Donald J. Santel, "Since the FDA's approval of RAVICTI™ (glycerol phenylbutyrate) on February 1st, we have been singularly focused on our commercial roll-out and expect to have product available for launch by the end of April. Specifically, we have begun the training of our sales and market access field teams and have initiated reimbursement dialogues with key private and public payers. We also expect to begin the final due diligence review related to our option to purchase BUPHENYL
® (sodium phenylbutyrate) Tablets and Powder and AMMONUL
® (sodium phenylacetate and sodium benzoate) injection 10%/10% from Valeant in the near future."
Fourth Quarter and Full Year 2012 Financial Results
Hyperion reported net losses of $8.3 million and $32.3 million for the fourth quarter and year ended December 31, 2012, respectively, compared with net losses of $8.7 million and $29.4 million for the same periods of 2011.
Research and development expenses for the fourth quarter 2012 were $3.0 million compared with $3.5 million for the same period in 2011. For the full year 2012, research and development expenses were $17.1 million compared with $17.2 million for the full year 2011. The decrease for both the fourth quarter and full year for research and development expenses was primarily due to reduced clinical development and consulting expenses related to the company's HE Phase II trial and the long-term safety extension trial in adults with UCD both of which were largely completed in 2011. These decreases were partially offset by increases in 2012 in manufacturing related expenses, which were expensed to research and development as RAVICTI was not yet approved as well as the $5.7 million in expenses incurred in connection with the purchase of RAVICTI.