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Furiex Pharmaceuticals, Inc. (NASDAQ: FURX) today reported its financial and operating results for the quarter and year ended December 31, 2012.
For the year ended December 31, 2012, Furiex recorded total revenues of $40.5 million. This included milestone revenue of $20.0 million, consisting of $10.0 million related to achievement of marketing approvals for Priligy® in two countries by the Menarini Group and $10.0 million related to acceptance of the submission of a Marketing Authorization Application by the European Medicines Agency for alogliptin (Nesina®).
Furiex recorded fourth quarter royalty revenues of $9.2 million, compared to $2.0 million for the same period in the prior year and $5.6 million in the third quarter of 2012. For the full year 2012, Furiex recorded royalty revenues of $20.5 million, compared to $4.5 million in the prior year. Royalty revenue included royalties related to Nesina and Liovel® sales in Japan, and Priligy sales in various countries outside of the United States.
Research and development expenses were $14.6 million for the quarter ended December 31, 2012, compared to $6.1 million for the same period in the prior year. For the full year 2012, Furiex recorded research and development expenses of $69.5 million, compared to $44.2 million in the prior year. The increase in research and development expenses was due predominantly to Phase III costs associated with the continued development of MuDelta (also referred to as eluxadoline; USAN adopted, INN approval pending), a $1.0 million development milestone payment to Ranbaxy Laboratories, Ltd. in connection with the completion of the Phase II final study report for PPD-10558 and a $5.0 million development milestone payment to Janssen Pharmaceutica, NV related to the dosing of the fifth patient in the on-going Phase III trial for eluxadoline, partially offset by decreases in spending for the discontinued PPD-10558 program and completion of the Phase II work related to eluxadoline and JNJ-Q2 (also referred to as avarofloxacin; USAN adopted, INN approval pending).