This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ocera Therapeutics Announces Second Quarter 2013 Financial Results

Stocks in this article: OCRX

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."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,325.82 -91.03 -0.52%
S&P 500 2,015.81 -5.44 -0.27%
NASDAQ 4,690.7210 +7.3140 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs