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Trius Therapeutics Reports First Quarter 2013 Financial Results

Stocks in this article: TSRX

SAN DIEGO, May 7, 2013 (GLOBE NEWSWIRE) -- Trius Therapeutics, Inc. (Nasdaq:TSRX), a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibiotics for serious infections, announced today its financial results for the first quarter ended March 31, 2013.

"After successfully completing and reporting positive top-line results for our ESTABLISH 2 study, we are preparing to file our New Drug Application (NDA) for tedizolid later this year and, if approved, to potentially launch in the U.S. in the second half of 2014," said John Schmid, Chief Financial Officer at Trius.

At March 31, 2013, Trius had cash, cash equivalents and investments totaling $83.6 million. As of May 1, 2013, Trius had 47,872,124 shares outstanding.

For the first quarter of 2013, Trius reported a net loss of $17.3 million versus a net loss of $7.6 million in the comparable period in 2012. The increase in the net loss in the first quarter of 2013 was primarily due to lower collaboration revenues from our partnership with Bayer Pharma AG (Bayer) as well as from our federal contracts. In addition, we recognized a $2.0 million non-cash expense during the three months ended March 31, 2013 related to the valuation of our common stock warrant liability versus the non-cash benefit recognized during the comparable period in 2012. As a result, Trius reported a net loss per share of $0.38 for the first quarter of 2013 versus $0.22 in the first quarter of 2012.

Revenues for the three months ended March 31, 2013 were $1.7 million compared to $9.8 million for the same period in 2012. In the first quarter of 2012, the Company earned a $5.0 million milestone payment from Bayer, but received no similar payments in the current year. Federal contract revenues also decreased from the prior year due to reduced funding for our biodefense pathogen research programs.

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