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Furiex Reports Fourth Quarter And Full Year 2012 Financial Results

Fourth quarter selling, general and administrative expenses were $2.5 million for 2012, compared to $2.3 million for the fourth quarter of 2011. For the full year 2012, Furiex recorded selling, general and administrative expenses of $11.3 million, compared to $8.8 million in the prior year. The increase in selling, general and administrative expenses for the year was due primarily to increases in non-cash stock compensation expense of $1.1 million, including additional grants issued to employees during 2012 and the mark-to-market adjustment for non-vested consultant options, and increases in consulting and legal expenses of $0.9 million.

Interest expense of $2.5 million for the year ended December 31, 2012 related entirely to our loan agreement with MidCap Funding III, LLC, Midcap Funding RE Holdings, LLC and Silicon Valley Bank.

Net loss was $9.1 million for the fourth quarter of 2012, compared to $6.7 million for the fourth quarter of 2011. For the year ended 2012, net loss was $42.9 million compared to $49.0 million in 2011. The changes in net loss during the fourth quarter of 2012, as compared to the fourth quarter of 2011, and for the year ended 2012 as compared to 2011, relates primarily to the changes in revenues and research and development expenses previously discussed.

Net loss per share for the fourth quarter of 2012 was $0.90, compared to $0.68 for the fourth quarter of 2011. For the year ended 2012, net loss per share was $4.29, compared to $4.96 for 2011.

“We continue to progress our lead program, eluxadoline, through Phase III studies”, said June Almenoff, M.D., Ph.D., president and chief medical officer of Furiex, “as of February, we were over 55% enrolled in the two pivotal studies. The team is highly focused on execution of the clinical program and bringing this much needed treatment to the market.”

Fred Eshelman, Pharm.D., chairman of Furiex, added, “We are extremely pleased to see the continued ramp in royalty revenue and to have three of our partnered assets, Nesina, Oseni® and Kazano®, receive marketing approvals in the U.S. We believe that the $25.0 million milestone associated with these approvals, coupled with other anticipated milestone and royalty inflows, may provide us with the financial flexibility to progress our eluxadoline development program.”

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