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Coronado Biosciences Reports Financial Results For The Second Quarter Ended June 30, 2013

Stocks in this article: CNDO

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.

"We have completed enrollment of 250 patients in our Phase 2 TRUST-I trial and remain on track to report top-line data in the fourth quarter of 2013," said Dr. Harlan F. Weisman, Coronado's Chairman and CEO. "The results of the TRUST-I trial will provide an abundance of data on TSO ( Trichuris suis ova or CNDO-201) and the Hygiene Hypothesis, which we look forward to sharing with the medical and investment communities. A positive outcome would bring TSO one step closer to becoming an important treatment option for patients suffering from Crohn's disease."

"We have also further strengthened our financial position during this quarter," continued Dr. Weisman. "From April 1, 2013 through August 2, 2013, we sold an aggregate of approximately 5.5 million shares of our common stock through our at-the-market sales facilities for net proceeds of approximately $49.4 million, including 2.2 million shares of our common stock for net proceeds of approximately $18.4 million since June 30, 2013."

Financial Highlights:

  • 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.

Other Corporate Highlights:

  • 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.

Upcoming Events:

Conference Call and Webcast Information

Coronado management will review its second quarter financial results and development programs via conference call and webcast today at 8:30 AM ET. To participate in the conference call, please dial (877) 312-5413 (toll free from the US and Canada), or (253) 237-1511 (for international callers). Investors may also access a live audio webcast of the call at www.coronadobiosciences.com on the Events & Webcasts page.

A replay of the webcast will be available shortly after the conclusion of the call. The webcast archive will remain available for one year. An audio replay will also be available shortly after the conclusion of the call and will be made available until August 12, 2013. The audio replay can be accessed by dialing (855) 859-2056 (toll free from the US and Canada), or (404) 537-3406 (for international callers) and entering Event ID 22772111.

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