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Astex Pharmaceuticals Reports 2012 Fourth Quarter And Year-End Financial Results

Stocks in this article: ASTX

Reports Annual Net Income of $8.2 Million

Dacogen Royalty Revenue Increases 17.5% from Prior Year

Ends Year with $138 Million in Cash & Marketable Securities

DUBLIN, Calif., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Astex Pharmaceuticals, Inc. (Nasdaq:ASTX), today reported financial results for the fourth quarter and year ended December 31, 2012.

The Company reported net income for the 2012 fourth quarter of $4.5 million, or $0.05 per basic and diluted share, compared with net income of $220,000, or $0.00 per basic and diluted share, for the same prior year period. The Company reported net income for the year ended December 31, 2012 of $8.2 million, or $0.09 per basic and $0.08 per diluted share, compared with net income of $5.5 million, or $0.07 per basic and diluted share, for the same prior year period.

"Financially, operationally, and strategically 2012 was a very good year for Astex," said James S.J. Manuso, Ph.D., chairman and chief executive officer. "In 2013, the initial Phase 2 data from the SGI-110 trial will be available, we will announce our plans for the Phase 3 trial and the initial European sales for Dacogen® (decitabine) for Injection in Acute Myeloid Leukemia (AML) will be revealed."

Company Highlights of 2012 include:

  • Royalty revenue was $71.1 million for 2012 compared to $60.5 million for 2011, an increase of approximately 17.5% from the prior year.
  • The Company ended 2012 with unrestricted cash, cash equivalents, and current and non-current marketable securities totaling $138.3 million compared to $128.1 million at December 31, 2011.
  • Dacogen was approved in the European Union (EU) for the treatment of adult patients (age 65 years and above) with newly diagnosed de novo or secondary AML who are not suitable to receive induction chemotherapy. During the 2012 fourth quarter the Company earned $5 million upon the first commercial sale of Dacogen in the EU.
  • Initiated two Phase 2 clinical trials of SGI-110 in platinum-resistant ovarian cancer patients and in advanced hepatocellular carcinoma (HCC) patients who failed prior treatment with Nexavar (sorafenib).
  • Initiated two Phase 2 clinical trials of the HSP90 inhibitor AT13387 in castration resistant prostate cancer patients and in non-small cell lung cancer (NSCLC) patients with anaplastic lymphoma kinase positive (ALK+) or other crizotinib sensitive tumors.
  • Initiated the Phase 2 dose expansion segment of the clinical trial of SGI-110 in patients with intermediate or high risk MDS or AML.
  • Initiated an epigenetics drug discovery collaboration with The Institute of Cancer Research and Cancer Research Technology Limited, as well as a five-year strategic drug discovery alliance with the UK's Cancer Research Technology Limited (CRT) and Newcastle University.

2012 Fourth Quarter Financial Results

Total revenues for the 2012 fourth quarter were $24.1 million compared with $21.2 million for the same prior year period. Total revenues for the 2012 fourth quarter include royalty revenue of $19.1 million compared with $15.4 million for the same prior year period. Total revenues for the 2012 fourth quarter also include development and license revenue of $5.0 million compared with $5.8 million for the same prior year period.

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