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Supernus Pharmaceuticals Reports First Quarter 2013 Financial Results

Finally, regarding the rest of the pipeline we continue to progress SPN 810 with the goal of having a meeting with the FDA by year end to discuss our plans for later stage clinical studies and to progress SPN 812 with the development of a novel once daily formulation to be used later in a phase IIb study.

2013 Financial Guidance

In order to support both product launches and the continued development of our pipeline, we project cash burn for 2013 to range from $85 million to $95 million. The decrease of $10 million in projected cash burn from our prior projection of $95 million to $105 million is primarily due to the refinancing of our secured credit facility. We anticipate our cash, cash equivalents, and marketable securities as of March 31, 2013 along with the proceeds from our Convertible Notes offering, should be sufficient to fund operations through the end of 2014, by which time we expect to be cash flow break even.

Assuming availability of data on rebates and allowances, we believe that we will be able to report revenue for Oxtellar XR TM prescriptions which are sold in the first quarter in our quarterly report on Form 10-Q for the quarter ended June 30, 2013; i.e., in mid August.

About Supernus Pharmaceuticals, Inc.

Supernus Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system, or CNS, diseases. The Company has one approved product for epilepsy, Oxtellar XR TM (extended release oxcarbazepine), and one tentatively approved product for epilepsy, Trokendi XR TM (extended release topiramate). The Company is also developing several product candidates in psychiatry to address large market opportunities in ADHD including ADHD patients with impulsive aggression. These product candidates include SPN-810 for impulsive aggression in ADHD and SPN-812 for ADHD.

Forward-Looking Statements:

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the Company's ability to achieve profitability; the Company's ability to raise sufficient capital to implement its corporate strategy; the implementation of the Company's corporate strategy; the Company's future financial performance and projected expenditures; the Company's ability to enter into future collaborations with pharmaceutical companies and academic institutions or to obtain funding from government agencies; the Company's product research and development activities, including the timing and progress of the Company's clinical trials, and projected expenditures; the Company's ability to receive, and the timing of any receipt of, regulatory approvals to develop and commercialize the Company's product candidates; the Company's respective PDUFA dates for product candidates and anticipated launch dates for its tentatively approved product; the Company's ability to protect its intellectual property and operate its business without infringing upon the intellectual property rights of others; the Company's expectations regarding federal, state and foreign regulatory requirements; the therapeutic benefits, effectiveness and safety of the Company's product candidates; the accuracy of the Company's estimates of the size and characteristics of the markets that may be addressed by its product candidates; the Company's ability to increase its manufacturing capabilities for its products and product candidates; the Company's projected markets and growth in markets; the Company's product formulations and patient needs and potential funding sources; the Company's staffing needs; and other risk factors set forth from time to time in the Company's SEC filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
(in thousands)
  March 31, 2013 December 31, 2012
Cash, cash equivalents and marketable securities $69,892 $88,508
Accounts receivable 1,650 -- 
Inventories 3,113 1,152
Other current assets 1,677 1,802
Total current assets 76,332 91,462
Property and equipment, net 1,687 1,421
Deferred financing costs 53 89
Other long-term assets 989 1,017
Total Assets $79,061 $93,989
Accounts payable and accrued expenses $10,903 $10,666
Secured notes payable, current 12,137 11,809
Deferred licensing revenue 417 508
Deferred product revenue, net 3,551 -- 
Total current liabilities 27,008 22,983
Secured notes payable, long-term 7,975 11,088
Other liabilities 2,806 2,348
Total Liabilities 37,789 36,419
Total Stockholders' Equity 41,272 57,570
Total Liabilities & Stockholders Equity $79,061 $93,989
Supernus Pharmaceuticals, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
  Three months ended March 31,
  2013 2012
Revenues $147 $208
Costs and expenses    
Research and development 4,522  5,358
Selling, general and administrative 13,533  2,728
Total costs and expenses 18,055  8,086
Operating loss  (17,908)  (7,878)
Other income (expense):    
Interest income 52  19
Interest expense (727)  (962)
Other income (expense) 169  (456)
Total other income (expense) (506)  (1,399)
Net loss (18,414)  (9,277)
Cumulative dividends on Series A convertible preferred stock --   (858)
Net loss attributable to common stockholders ($18,414) ($10,135)
Loss per common share:    
Basic and diluted ($0.60) ($6.05)
Weighted-average number of common shares:    
Basic and diluted  30,875,424  1,676,442
CONTACT: Jack Khattar, President and CEO
         Gregory S. Patrick, Vice President and CFO
         Supernus Pharmaceuticals, Inc.
         Tel: (301) 838-2591

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