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Durata Therapeutics, Inc. Reports Full-Year 2012 Financial Results

Stocks in this article: DRTX

CHICAGO, March 8, 2013 (GLOBE NEWSWIRE) -- Durata Therapeutics, Inc. (Nasdaq:DRTX) today announced financial results for the year ended December 31, 2012.

"2012 was a great year for Durata. We accomplished many things from a clinical, regulatory and organizational perspective that position us well for a successful 2013 and beyond," said Paul Edick, Chief Executive Officer of Durata Therapeutics, Inc. "Our financial results reflect our increase in spending as we were concluding our studies and preparing for submission to the FDA and potential commercialization of dalbavancin for treatment of acute bacterial skin and skin structure infections (ABSSSI)."

2012 Highlights and Recent Events

Our significant accomplishments include the following:

  • Completed enrollment and closed our two Phase 3 clinical trials of dalbavancin, DISCOVER 1 and DISCOVER 2. Both studies met their primary and secondary endpoints, based on preliminary top-line data.
  • Received Qualified Infectious Disease Product (QIDP) designation for dalbavancin from the FDA, which provides Durata priority review by the FDA, eligibility for "fast-track" status, and extension of statutory exclusivity periods for an additional five years upon FDA approval of the product for the treatment of ABSSSI.
  • Completed our initial public offering, resulting in approximately $71.3 million of net proceeds.
  • Entered into a $20.0 million debt facility on March 5, 2013 with Oxford Finance LLC. Net proceeds are expected to be received by the end of March 2013 and used for working capital purposes.

Financial results for the year ended December 31, 2012

As of December 31, 2012, we had cash and cash equivalents plus short-term investments of $45.3 million, compared to $11.5 million at December 31, 2011.

Net loss for the year ended December 31, 2012 (the "2012 Year") was $62.5 million, compared to a net loss of $33.0 million for the year ended December 31, 2011 (the "2011 Year").

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