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Zalicus Reports Financial Results For The Fourth Quarter And Year End 2012

Stocks in this article: ZLCS

Zalicus Inc. (Nasdaq Global Market: ZLCS), a biopharmaceutical company that discovers and develops novel treatments for patients suffering from pain, today reported financial results for the fourth quarter and year ended December 31, 2012.

“We are focused on advancing the development of our ion channel programs, including Z160, our first-in-class, oral N-type calcium channel blocker for the treatment of chronic neuropathic pain and Z944, a novel oral T-type calcium channel blocker,” commented Mark H.N. Corrigan, MD, President and CEO of Zalicus. “During 2012 we made a number of advances with our novel ion channel programs, including advancing Z160 into Phase 2a clinical development and Z944 into the clinic. We plan to build on this success in 2013 by generating proof-of-concept data for Z160 in multiple indications and continuing the clinical development of Z944.”

Fourth Quarter 2012 and Recent Accomplishments:

  • Z160. Advanced Z160, a first-in-class, oral, state dependent, selective N-type calcium channel (Cav 2.2) blocker into the second of two Phase 2a clinical trials for the potential treatment of chronic neuropathic pain, including lumbosacral radiculopathy which began in the third quarter of 2012 and postherpetic neuralgia which began in the fourth quarter of 2012. Top line data from both studies are expected to be available late in the second half of 2013.
  • Z944. Received a key U.S. patent issued in February 2013 providing broad patent coverage for Z944, a novel, oral, T-type calcium channel blocker, through April 2029. Z944 completed Phase 1 single and multiple ascending dose clinical studies in late 2012 and the Company plans to continue further clinical development with Z944 during 2013.
  • cHTS™. Generated approximately $7.3 million of revenue in 2012 from our combination High Throughput Screening (cHTS) collaborations.

2013 Zalicus Pipeline and Business Goals:

Zalicus has set the following goals for 2013, which include internal research and development programs, collaborations and financial goals:

  • Ion Channel Programs:
    • Successfully advance Z160 through Phase 2a proof-of-concept clinical studies and report top-line data by year-end 2013
    • Advance Z944 through further clinical development including completing one experimental medicine clinical study in 2013
    • Nominate a sodium channel lead for further preclinical development in 2013
  • Continue to expand and diversify our cHTS services to generate surplus cash for the Company
  • Target year-end on-going financial strength with sufficient cash through 2014

Fourth Quarter and Year-End 2012 Financial Results (Unaudited):

As of December 31, 2012, Zalicus had cash, cash equivalents, restricted cash and short-term investments of $36.4 million compared to $49.7 million on December 31, 2011.

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