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First Net Sales of RAVICTI Post-approval Reported at $0.8 Million Strong Cash Position of $102.7 million
SOUTH SAN FRANCISCO, Calif., May 9, 2013 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today reported the first commercial net sales of RAVICTI™ (glycerol phenylbutyrate) Oral Liquid as part of its financial operating results for the first quarter ended March 31, 2013.
RAVICTI received approval from the U.S. Food and Drug Administration (FDA) for treatment of Urea Cycle Disorders
Completed a follow-on public offering with net proceeds of $63.7 million
Received a key patent from the U.S. Patent Trademark Office for fasting ammonia that extends through 2032
Exercised the option to purchase both BUPHENYL® and AMMONUL®
Received Orphan Drug Exclusivity for RAVICTI from the FDA
"The February approval of our first product, RAVICTI, was a significant milestone for Hyperion Therapeutics and we are proud to bring this important new drug to the UCD community," said Donald J. Santel, president and chief executive officer of Hyperion Therapeutics, Inc. "We believe our launch one month earlier than anticipated reflects our commercial preparedness and our commitment to provide RAVICTI to patients. We were also able to effectively establish our specialty distribution model which provides important services not previously offered to the UCD community, including our patient assistance program. We've made good progress in providing Ravicti to patients thanks to effective communication with payers, and we are clearly off to an encouraging start. In April we exercised our option to acquire BUPHENYL and AMMONUL which provides us with added opportunities to diversify our portfolio and further serve the UCD community. Additionally, receiving patent approval and orphan exclusivity further enhances the value of Hyperion's UCD franchise."
First Quarter 2013 Financial Results
Hyperion reported a net loss of $9.0 million for the first quarter of 2013, or a net loss per share of $0.52, compared with a net loss of $11.9 million, or a net loss per share of $25.33 for the same period of 2012.