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Durata Therapeutics, Inc. Reports Second Quarter 2013 Financial Results

Stocks in this article: DRTX

CHICAGO, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Durata Therapeutics, Inc. (Nasdaq:DRTX) today announced financial results for the quarter ended June 30, 2013.

Q2 2013 Highlights and Recent Events

Accomplishments include the following:

  • Completed an equity offering in April, resulting in approximately $54.1 million of net proceeds before deducting costs payable by us
  • Presented new data demonstrating in vitro potency of dalbavancin against bacterial pathogens at the 23rd Annual ECCMID Meeting
  • Elected Paul A. Friedman, M.D. to the Board of Directors
  • Concluded pre-New Drug Application ("NDA") clinical and CMC meetings with the Food and Drug Administration ("FDA")
  • Confirmed process and timeline for NDA submission with the FDA

"We are pleased to reaffirm the timing of the submission of both the NDA and the Marketing Authorization Application ("MAA")," said Paul Edick, Chief Executive Officer of Durata Therapeutics, Inc. "Based on discussions with the FDA, including pre-NDA meetings in which both clinical and manufacturing data were discussed, we intend to submit to the FDA our initial NDA submission in late September. The MAA submission also remains on track to file with the European Medicines Agency ("EMA") by year-end." Mr. Edick continued, "Our cash position following our $54 million equity raise remains strong and will enable us to successfully launch dalbavancin in the U.S. in the second half of 2014."

Financial results for the quarter ended June 30, 2013

As of June 30, 2013, we had cash and cash equivalents plus short-term investments of $83.5 million, compared to $45.4 million at December 31, 2012. The increase was primarily due to the Company's equity offering in the second quarter.

Net loss for the three months ended June 30, 2013 (the "2013 Quarter") was $18.8 million, compared to a net loss of $19.2 million for the three months ended June 30, 2012 (the "2012 Quarter").

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