BRISBANE, Calif., Feb. 27, 2014 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today reported net revenue of $18.6 million and $42.2 million for the fourth quarter and full year 2013, respectively. Hyperion's revenues are for sales of its two products for the treatment of urea cycle disorders, RAVICTI ® (glycerol phenylbutyrate) Oral Liquid, launched on March 1, 2013 and BUPHENYL ® (sodium phenylbutyrate) Tablets and Powder acquired on May 31, 2013. Adjusted net income for the fourth quarter 2013 was $4.1 million compared to an adjusted net loss of $7.9 million in the fourth quarter of 2012, an increase in net income of $12.0 million. The company ended 2013 with cash, cash equivalents and investments of $118.1 million, an increase of $9.5 million from the prior quarter.
"2013 was a year with significant achievements on many fronts - clinical, regulatory and commercial - which resulted in our successful launch of RAVICTI, the acquisition and effective integration of BUPHENYL into our commercial operation, and the advancement of another program expected to enter Phase 3 clinical testing in late 2014 or by early 2015," said Donald J. Santel, president and chief executive officer of Hyperion. "The commercialization of RAVICTI and BUPHENYL are going well and it is our privilege and pleasure to help the historically underserved urea cycle disorder community."
- Received FDA approval and launched RAVICTI, the first therapeutic alternative in 18 years for the chronic management of adult and pediatric patients with urea cycle disorders, or UCD, in patients two years and older.
- Received orphan drug exclusivity for RAVICTI offering protection against generic drug approval for the UCD indication until 2020.
- Obtained method of use patents that support claims in UCD until 2032.
- Acquired worldwide rights to BUPHENYL, enabling the company to offer another treatment option to the UCD patient community.
- Submitted to the FDA a package that outlined Hyperion's planned approach for measuring hepatic encephalopathy events in its planned pivotal clinical trial of glycerol phenylbutyrate.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts