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Furiex Reports Fourth Quarter And Full Year 2012 Financial Results

Furiex will conduct a live conference call and webcast Thursday, March 7, 2013, at 9:00 a.m. ET to discuss its fourth quarter and full year 2012 results and financial outlook for 2013 as well as provide an overview of its business and pipeline. A Q&A session will follow. All interested parties can access the webcast through the Presentations & Events link in the Investors section of the Furiex website at www.furiex.com. The webcast will be archived shortly after the call for on-demand replay. The conference call will be broadcast live over the Internet and will also be available using the following direct dial numbers:

Participant dial-in:     +1.877.677.9122 (U.S./Canada)
+1.708.290.1401 (International)
 
Conference ID: 94872897

About Furiex

Furiex Pharmaceuticals is a drug development collaboration company that uses innovative clinical development design to accelerate and increase value of drug development programs by advancing them through the drug discovery and development process in a cost-efficient manner. Our drug development programs are designed and driven by a core team with extensive drug development experience. The company collaborates with pharmaceutical and biotechnology companies and has a diversified product portfolio and pipeline with multiple therapeutic candidates, including one Phase III-ready asset, two compounds in Phase III development, one of which is with a partner, three products on the market and a fourth approved in the United States but not yet launched. The company's mission is to develop innovative medicines faster and at a lower cost, thereby improving profitability and accelerating time to market while providing life-improving therapies for patients. For more information, visit www.furiex.com.

Except for historical information, all of the statements, expectations and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although Furiex attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause actual results to differ materially include the following: the risks and expense of continuing the research and development activities of our existing candidates; inability of our existing collaborators to effectively market approved products for which we receive royalty and sales-based milestone payments; continuing losses and our potential need for additional financing; the risk of finding collaborators for our late-stage product candidates; progress of product candidates in clinical trials and regulatory approvals as it relates to receiving future milestone payments; changes in the safety and efficacy profile of our existing candidates as they progress through research and development; potential U.S. Food and Drug Administration changes to its regulatory guidance; new collaborative agreements that we might enter into in the future; the costs of defending or prosecuting any patent opposition or litigation necessary to protect our proprietary technologies; and the other risk factors set forth from time to time in the SEC filings for Furiex, copies of which can be found on our website.

FURIEX PHARMACEUTICALS, INC. AND SUBSIDIARIES          
CONSOLIDATED STATEMENTS OF OPERATIONS  
(Unaudited)
(In thousands, except per share data)
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2011 2012 2011 2012
Revenue:
Milestones $ $ $ $ 20,000
Royalties   1,985   9,211   4,490   20,508
Total revenue   1,985   9,211   4,490   40,508
Research and development expenses 6,079 14,586 44,202 69,505
Selling, general and administrative expenses 2,337 2,529 8,761 11,261
Depreciation and amortization   19   22   83   86
Total operating expenses   8,435   17,137   53,046   80,852
Operating loss (6,450) (7,926) (48,556) (40,344)
Interest expense 277 1,122 413 2,508
Other income, net   2   1   2   1
Loss before provision for income taxes (6,725) (9,047) (48,967) (42,851)
Provision for income taxes   (4)   5   14   14
Net loss $ (6,721) $ (9,052) $ (48,981) $ (42,865)
 
Net loss per basic and diluted share $ (0.68) $ (0.90) $ (4.96) $ (4.29)
 
Weighted-average shares used to compute net loss per basic and diluted share: 9,891 10,015 9,884 9,984
 
FURIEX PHARMACEUTICALS, INC. AND SUBSIDIARIES  
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)
 
December 31, December 31,
2011 2012
Assets
Current assets:
Cash and cash equivalents $ 33,628 $ 25,718
Short-term investments 10,000
Accounts receivable, net 1,985 11,745
Prepaid expenses   214   320
Total current assets 45,827 37,783
Property and equipment, net 181 118
Investments 7,500
Goodwill 49,116 49,116
Other assets     238
Total assets $ 95,124 $ 94,755
 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 147 $ 6,604
Accrued expenses 10,422 10,230
Current portion of long-term debt   1,351   5,405
Total current liabilities 11,920 22,239
Long-term debt, net 8,649 34,595
Other long-term liabilities   232   324
Total liabilities   20,801   57,158
 

Common stock, $0.001 par value, 40,000,000 shares authorized; 9,949,422 and 10,015,297

shares issued and outstanding

10 10

Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued or

outstanding

Paid-in capital 158,438 164,577
Accumulated deficit   (84,125) (126,990)
Total shareholders’ equity   74,323   37,597
Total liabilities and shareholders’ equity $ 95,124 $ 94,755




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