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Supernus Pharmaceuticals Reports Fourth Quarter 2012 And Full Year 2012 Financial Results

ROCKVILLE, Md., March 14, 2013 (GLOBE NEWSWIRE) -- Supernus Pharmaceuticals, Inc. (Nasdaq:SUPN), a specialty pharmaceutical company, today reported financial results for the three and twelve months ended December 31, 2012, and provided an update on key accomplishments to date.

  • Successfully transitioned from a development stage private company to a publicly traded, commercial pharmaceutical company. Our initial public offering raised gross proceeds totaling $52 million and the follow-on public offering raised an additional $48 million.
  • Built our commercial organization including an experienced sales and marketing team in preparation for the launch of our lead epilepsy product Oxtellar XR TM (extended-release oxcarbazepine) which was approved by the FDA in October, and for which we received confirmation from the FDA that it has been granted 3-years marketing exclusivity.
  • Received tentative approval in June for Trokendi XR TM (extended-release topiramate), and in October announced that the USPTO issued two patents covering the product.
  • Continued to develop our pipeline through the successful completion of a Phase IIb trial with positive top line results on SPN-810, our novel treatment for impulsive aggression in ADHD patients.

"Looking forward into 2013, we are excited about our recent launch of Oxtellar XR TM and the upcoming launch of Trokendi XR TM in the third quarter of the year. Our sales force is now fully engaged in promoting Oxtellar XR TM to high prescribing physicians. We have made excellent progress in placing Oxtellar XR TM on managed care formularies and distributing Oxtellar XR TM through the wholesaler network," said Jack Khattar, President and CEO of Supernus Pharmaceuticals, Inc.

  Fourth Quarter 2012 Financial Results

  • Cash, cash equivalents and marketable securities of $88.5 million at December 31, 2012.
  • Research and development (R&D) expense for the fourth quarter declined from $7.5 million in 2011 to $5.2 million in 2012 due to lower clinical trial costs for Oxtellar XR TM.
  • Selling, general and administrative (SG&A) expense for the fourth quarter increased from $2.8 million in 2011 to $8.7 million in 2012, reflecting higher sales and marketing expenses in anticipation of the 2013 launch of Oxtellar XR TM and Trokendi XR TM.   
  • Net loss applicable to common shareholders for fourth quarter 2012 was $13.5 million or $0.51 per common share (based on 26.6 million weighted average diluted shares outstanding), compared to a gain of $81.1 million in the fourth quarter of 2011 or $40.14 per common share (based on 2.0 million weighted average diluted shares outstanding). The gain in the fourth quarter 2011 was due to the sale of the TCD Royalty subsidiary ("TCD"), which is reported as a discontinued operation. Excluding the impact of the sale of TCD, net loss for the fourth quarter of 2011 was $10.6 million.

Twelve months ended December 31, 2012 Financial Results

  • R&D expense for 2012 declined from $30.6 million in 2011 to $23.5 million, primarily due to the conclusion of the Oxtellar XR TM and Trokendi XR TM clinical trials in 2011.
  • SG&A expense for 2012 increased from $7.9 million in 2011 to $20.1 million, primarily because of higher sales and marketing costs associated with preparing for the 2013 launches of Oxtellar XR TM and Trokendi XR TM.
  • Net loss applicable to common shareholders for 2012 was $47.4 million or $2.72 per common share (based on 17.4 million weighted average diluted shares outstanding), compared to a net income of $50.4 million, or $31.39 per common share, for 2011 (based on 1.6 million weighted average diluted shares outstanding).  The gain in 2011 was due to the sale of TCD, which is reported as a discontinued operation. Excluding the impact of the sale of TCD, net loss for 2011 was $39.5 million.

Liquidity and Capital Resources

Cash, cash equivalents and marketable securities increased from $48.5 million at December 31, 2011 to $88.5 million at December 31, 2012. This increase was the result of net proceeds from our common stock offerings during 2012 of $92.4 million offset by uses of cash in 2012 to fund operations and service debt payments.   

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