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Supernus Pharmaceuticals Reports First Quarter 2013 Financial Results

Stocks in this article: SUPN

ROCKVILLE, Md., May 13, 2013 (GLOBE NEWSWIRE) -- Supernus Pharmaceuticals, Inc. (Nasdaq:SUPN), a specialty pharmaceutical company, today reported financial results for the three months ended March 31, 2013, and provided an update on key accomplishments to date.

"Oxtellar XR TM continues to impress us with its clinical performance in the market. Prescribers are highly satisfied with the product and patients appreciate its key benefits. We are starting to see meaningful growth in the prescriber base and monthly prescriptions as we head into the middle of the second quarter. We also remain excited about our preparations for the upcoming launch of Trokendi XR TM in the third quarter of this year, pending final FDA approval," said Jack Khattar, President and CEO of Supernus Pharmaceuticals, Inc.

First Quarter 2013 Financial Results

  • Cash, cash equivalents and marketable securities were $69.9 million at March 31, 2013, as compared to $88.5 million at December 31, 2012.
  • Research and development expense for the first quarter declined from $5.4 million in 2012 to $4.5 million in 2013, primarily because our Phase IIb study for SPN-810 was completed in 2012.
  • Selling, general and administrative expense for the first quarter increased from $2.7 million in 2012 to $13.5 million in 2013, reflecting the costs associated with hiring of our 75 rep sales force during the first quarter of 2013, launching Oxtellar XR TM and the prelaunch activities for Trokendi XR TM.
  • Net deferred product revenue as of March 31, 2013 was $3.6 million. This amount represents shipments to wholesalers during the first quarter of 2013, net of expected wholesaler fees, discounts, and product costs.
  • Net loss applicable to common shareholders for first quarter 2013 was $18.4 million or $0.60 per common share (based on 30.9 million weighted average diluted shares outstanding), compared to a net loss of $10.1 million in the first quarter of 2012 or $6.05 per common share (based on 1.7 million weighted average diluted shares outstanding).

Liquidity and Capital Resources

Cash, cash equivalents and marketable securities were $69.9 million at March 31, 2013. On May 3, 2013, the Company sold $90 million in Convertible Senior Secured Notes ("Convertible Notes") due in 2019. Coincident with the closing, the Company retired its venture debt facility in its entirety. Net proceeds, post debt retirement, were approximately $67 million.

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