- Company signs definitive agreement to expand its pipeline - - Company to Host Conference Call Today at 4:30 p.m. ET (1:30 p.m. PT) -
BRISBANE, Calif., May 6, 2014 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today reported net revenue of $19.5 million for the first quarter of 2014 from the sales of its two products for the treatment of urea cycle disorders, RAVICTI ® (glycerol phenylbutyrate) Oral Liquid and BUPHENYL ® (sodium phenylbutyrate) Tablets and Powder. Adjusted net income for the first quarter 2014 was $3.8 million compared to an adjusted net loss of $8.5 million in the first quarter of 2013, an increase of $12.3 million. Hyperion ended the first quarter of 2014 with cash, cash equivalents and investments of $124.5 million.
"So far this year, we have strengthened our position in the orphan disease space by delivering on both commercial and corporate milestones. We achieved another quarter of solid revenue for our commercial products, and signed a definitive agreement to acquire Andromeda Biotech. DiaPep277, Andromeda's product candidate, is a highly differentiated, late-stage asset with the potential for near-term commercialization," said Donald J. Santel, president and chief executive officer of Hyperion. "With our two commercial products for urea cycle disorders, our pipeline program in hepatic encephalopathy, and the planned addition of DiaPep277, we believe we are well positioned to build both short and long-term value while advancing in our mission to develop and deliver life-changing treatments for patients suffering from orphan diseases."First Quarter 2014 Financial Results Net income as measured under U.S. generally accepted accounting principles ("GAAP") was $1.3 million, or $0.06 per diluted share, for the three months ended March 31, 2014 compared with a net loss of $9.0 million, or $(0.52) per diluted share, for the same period of 2013. Adjusted net income was $3.8 million, or $0.18 per diluted share, for the three months ended March 31, 2014 compared with an adjusted net loss of $8.5 million, or $(0.49) per diluted share, for the same period in 2013. A reconciliation of adjusted net income (loss) to GAAP net income (loss) is provided in the accompanying table below entitled "Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income (Loss)."