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Ocera Reports Third Quarter Business Update And Financial Results

PALO ALTO, Calif., Nov. 13, 2013 (GLOBE NEWSWIRE) -- Ocera Therapeutics, Inc. (Nasdaq:OCRX), a biopharmaceutical company focused on innovative therapeutics for orphan liver disease, announced today financial results for the three and nine months ended September 30, 2013.

Ocera Business Updates

Since the start of the third quarter, Ocera's business updates include:

  • completion of the merger between Ocera Therapeutics, Inc., the privately-held company and Tranzyme, Inc. on July 15, 2013, following which the combined company was renamed Ocera Therapeutics, Inc.
  • completion of two private placement (PIPE) financings - the first closed on July 15, 2013 in conjunction with the merger and raised $20 million in gross proceeds and the second closed on November 8, 2013 and raised an additional $28 million in gross proceeds
  • key addition to the executive team with the hiring of Jeryl L. Hilleman as chief financial officer
  • finalization of OCR-002 Phase 2b protocol for acute hepatic encephalopathy in 200 patients, and initiation of clinical trial activities preparing for first patient enrollment
  • approval and initiation of a restructuring plan for our Canadian operations to enable the company to focus its resources on the clinical development of OCR-002.

"This is an exciting time for Ocera as we complete our post-merger integration and prepare for the start of our Phase 2b study on OCR-002," said Linda Grais, M.D., J.D., chief executive officer of Ocera. "We believe, based on clinical findings to-date, that OCR-002 has the potential to offer a selective and active treatment for acute hepatic encephalopathy, an area of unmet medical need."

Ocera Three and Nine Months Financial Results

As of September 30, 2013, Ocera had cash and cash equivalents of $21.7 million.

Net loss for the third quarter of 2013 was $7.4 million, compared to a net loss of $0.8 million for the same period in 2012. Net loss for the nine months ended September 30, 2013 was $10.2 million, compared to a net loss of $2.9 million for the same period in 2012.

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