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Tranzyme Pharma Announces Fourth Quarter And Full-Year 2012 Financial Results

Stocks in this article: TZYM

RESEARCH TRIANGLE PARK, N.C., March 28, 2013 (GLOBE NEWSWIRE) -- Tranzyme Pharma (Nasdaq:TZYM), a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics, today announced its financial results for the fourth quarter and year ended December 31, 2012.

Select Fourth Quarter 2012 Financial Results

Total revenue for the fourth quarter of 2012 was $1.6 million compared to $2.2 million in the same period last year. The decrease in revenue was primarily due to changes in the amortization period for deferred revenue from the upfront licensing fee received from our collaboration with Bristol-Myers Squibb Company. Research and development expenses were $3.5 million in the fourth quarter 2012 as compared to $7.7 million for the same period in 2011. The decrease was primarily due to a reduction in Phase 3 clinical trial expenses for ulimorelin and our Phase 2b trial activities for TZP-102. General and administrative expenses were $1.2 million in the fourth quarter of 2012 versus $2.1 million in the same period last year, reflecting decreased expenses relating to pre-commercialization and market research activities and personnel related expenses.

The Company reported a consolidated net loss of $4.9 million for the three months ended December 31, 2012 as compared to a net loss of $8.0 million in the same period of 2011.

Select Fiscal Year 2012 Financial Results

Total revenue for fiscal year 2012 was $8.4 million compared to $10.2 million in 2011. Total operating expenses in 2012 were $27.5 million compared to $30.9 million in 2011. Research and development expenses were $21.0 million compared to $24.9 million in 2011. The decrease during the period is primarily due to a reduction in expenses for our Phase 3 clinical trial for ulimorelin offset by an increase in expenses for our Phase 2b clinical trials for TZP-102. General and administrative expenses were $6.6 million compared to $6.0 million in 2011, reflecting increased expenses relating to our pre-commercialization and corporate governance activities. Net loss in fiscal year 2012 was $22.8 million compared to $22.2 million in 2011. Cash and cash equivalents at December 31, 2012 were approximately $15.3 million. The Company repaid its outstanding term loan on December 4, 2012.

Recent Developments

In December 2012, the Company stopped enrollment and further clinical development of its lead product candidate TZP-102, being evaluated in diabetic patients with gastroparesis, following the results of two Phase 2b trials, both of which failed to show superiority over placebo.

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