BURLINGTON, Mass., Aug. 5, 2013 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO), a biopharmaceutical company focused on the development of novel immunotherapy biologic agents for the treatment of autoimmune diseases and cancer, announced today its financial results for the second quarter ended June 30, 2013.
- Coronado reported a net loss of $10.7 million and $19.5 million for the three and six months ended June 30, 2013, respectively, compared to a net loss of $6.5 million and $13.0 million for the three and six months ended June 30, 2012, respectively.
- Research and development expenses were $7.8 million and $13.8 million for the three and six months ended June 30, 2013, respectively, compared to $4.5 million and $9.1 million for the three and six months ended June 30, 2012, respectively. The increases in research and development expenses relate primarily to the TSO development program.
- General and administrative expenses were $2.5 million and $5.0 million for the three and six months ended June 30, 2013, respectively, compared to $1.9 million and $3.9 million for the three and six months ended June 30, 2012, respectively. The increases in general and administrative expenses included expenses primarily related to Coronado's infrastructure growth to support increased business activity.
- At June 30, 2013, Coronado's cash and cash equivalents totaled $67.9 million. To date, Coronado has sold approximately 7.1 million shares under its at-the-market sales facilities for net proceeds of approximately $61.2 million.
- Appointed Dr. George Avgerinos as Senior Vice President, Biologics Operations. Dr. Avgerinos leads Coronado's global manufacturing and supply chain efforts for both TSO and CNDO-109. Most recently, Dr. Avgerinos was at AbbVie, formerly Abbott Laboratories, where he was Vice President, HUMIRA® Manufacturing Sciences and External Partnerships.
- Appointed Dr. Karin Hehenberger as Executive Vice President of Scientific Affairs as of August 2013. Dr. Hehenberger previously served as our Executive Vice President & Chief Medical Officer from April 2012 through July 2013. Dr. Hehenberger leads Coronado's strategic efforts in developing novel indications for its products and serves as Coronado's scientific communications spokesperson.
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