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Durata Therapeutics, Inc. Reports First Quarter 2013 Financial Results

Stocks in this article: DRTX

-Raised $54 million in Recent Equity Offering-

CHICAGO, May 9, 2013 (GLOBE NEWSWIRE) -- Durata Therapeutics, Inc. (Nasdaq:DRTX) today announced financial results for the quarter ended March 31, 2013.

Financial results for the quarter ended March 31, 2013

As of March 31, 2013, we had cash and cash equivalents plus short-term investments of $46.7 million, compared to $45.4 million at December 31, 2012.

Net loss for the three months ended March 31, 2013 (the "2013 Quarter") was $15.8 million, compared to a net loss of $8.3 million for the three months ended March 31, 2012 (the "2012 Quarter").

Research and development expenses for the 2013 Quarter were $11.1 million, compared to $6.8 million for the 2012 Quarter. The $4.3 million increase from the 2012 Quarter to the 2013 Quarter principally resulted from an increase of $2.5 million related to chemistry, manufacturing and control related expenses, an increase of $1.1 million in consulting expenses for the closeout of our DISCOVER 1 and DISCOVER 2 clinical trials and preparation of the NDA submission, and an increase of $0.6 million for personnel costs.

General and administrative expense for the 2013 Quarter was $4.1 million, compared to $1.2 million for the 2012 Quarter. The $2.9 million increase from the 2012 Quarter to the 2013 Quarter principally resulted from an increase of $1.5 million for personnel costs, an increase of $0.9 million in legal and consulting fees and an increase of $0.4 million for insurance and other operating expenses to support our pre-launch activities and increased compliance requirements.

Q1 2013 Highlights and Recent Events

Our significant accomplishments include the following:

  • Announced positive topline results for our DISCOVER 2 clinical trial in February.
  • In March, borrowed $20.0 million from Oxford Finance LLC for general working capital purposes.
  • Completed an equity offering in April, resulting in approximately $54.1 million of net proceeds before deducting costs payable by us.
  • Presented new data demonstrating in vitro potency of dalbavancin against bacterial pathogens at the 23rd Annual ECCMID Meeting at the end of April.

"We raised $74 million in the first four months of 2013 to fund our operations through potential commercial launch of dalbavancin in the United States for treatment of acute bacterial skin and skin structure infections (ABSSSI)," said Paul Edick, Chief Executive Officer of Durata Therapeutics, Inc. "Overall, our spending declined during the quarter as we conclude activity around our two, global Phase 3 clinical trials and prepare for submission of a new drug application to the FDA."

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