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SAN DIEGO, Aug. 13, 2013 (GLOBE NEWSWIRE) -- Ocera Therapeutics, Inc. ("Ocera" or the "Company") (Nasdaq:OCRX), a clinical stage biopharmaceutical company focused on the development and commercialization of proprietary compounds to treat acute and chronic orphan liver diseases, today announced its financial results and business update for the second quarter ended June 30, 2013. On July 15, 2013, Ocera Therapeutics, Inc., a privately held company, completed a merger with Tranzyme, Inc. ("Tranzyme"). Following the merger, the combined company changed its name to Ocera Therapeutics, Inc. The following financial results are the historical results of Tranzyme, as the quarter end occurred prior to the closing of the merger.
Select Second Quarter 2013 Financial Results
Total revenue for the second quarter of 2013 was $0.9 million compared to $2.4 million in the same period last year. The decrease in revenue was primarily due to the completion of development activities with Bristol-Myers Squibb in January 2013. Research and development expenses were $1.2 million in the second quarter 2013 as compared to $5.5 million for the same period in 2012. The decrease was primarily due to the cessation of Tranzyme's Phase 3 clinical trials for
ulimorelin and Tranzyme's Phase 2b trials for TZP-102. General and administrative expenses were $2.2 million in the second quarter of 2013 versus $1.9 million in the same period last year, reflecting increased expenses for legal and financial advisors related to the merger transaction. Tranzyme reported a consolidated net loss of $2.5 million compared to $5.6 million for the second quarter of 2012. Cash and cash equivalents at June 30, 2013 were approximately $8.6 million.
Reverse Split and Merger with Tranzyme
On July 15, 2013, Ocera Therapeutics, Inc., the privately held company, completed its merger with Tranzyme following the approval of the transaction by stockholders of Tranzyme at a special meeting. Prior to the merger, Tranzyme effected a 12-to-1 reverse split of its outstanding common stock. After giving effect to the merger and the reverse stock split, the stockholders of pre-merger Ocera received approximately 0.11969414 shares of the Company's common stock for each share of pre-merger Ocera's common stock held by them. All options and warrants of pre-merger Ocera outstanding prior to the merger were assumed by Tranzyme in the merger. Immediately following the merger, the combined company changed its named to "Ocera Therapeutics, Inc."