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Ocera Reports Fourth Quarter And Year-End 2013 Financial Results

Stocks in this article: OCRX

PALO ALTO, Calif., March 13, 2014 (GLOBE NEWSWIRE) -- Ocera Therapeutics, Inc. (Nasdaq:OCRX), a biopharmaceutical company focused on innovative therapeutics for orphan liver disease, announced today its financial results and other information for the fourth quarter and year ended December 31, 2013. Revenues from continuing operations for the fourth quarter were $0.1 million compared to no revenue for the same period in 2012. Net loss for the fourth quarter from continuing operations was $6.6 million and $0.7 million from discontinued operations, compared to a net loss of $0.7 million in the same period of 2012. As of December 31, 2013, Ocera had cash, cash equivalents and investments of $47.2 million.

Ocera Business Update

During the fourth quarter, Ocera initiated a "Stop HE" Phase 2b study of OCR-002 for the treatment of acute hepatic encephalopathy (HE). This study is a placebo-controlled, double blind trial evaluating the efficacy, safety and pharmacokinetics of OCR-002, or ornithine phenylacetate, in hospitalized patients with liver cirrhosis and an acute episode of HE.

In addition, Ocera completed a $28.0 million private placement in November 2013.

Finally, in December 2013, Ocera executed an agreement to transfer ownership of certain equipment and tangible materials, and to grant a license to its intellectual property rights, related to its Macrocylic Template Chemistry (MATCHâ„¢) discovery platform in exchange for $4.0 million.

Ocera Fourth Quarter and Year-End Financial Results

On July 15, 2013, Ocera Therapeutics, Inc., a private company, consummated a reverse merger with Tranzyme, Inc. The resulting public entity became Ocera Therapeutics, Inc. As private Ocera was the accounting acquirer, Ocera's financial statements reflect only private Ocera financial statements prior to the closing of the merger.

Upon the restructuring of Tranzyme Pharma Inc., Ocera's Canadian subsidiary, and disposal of related assets, the operations and cash flows of this component were eliminated from ongoing operations of Ocera. As a result, the Company classified the results of operations of Tranzyme Pharma Inc. and the related restructuring costs as net loss from discontinued operations and classified the assets and liabilities of Tranzyme Pharma Inc. as assets and liabilities, respectively, of discontinued operations.

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