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Ocera Reports Second Quarter 2014 Financial Results

Stocks in this article: OCRX

PALO ALTO, Calif., Aug. 11, 2014 (GLOBE NEWSWIRE) -- Ocera Therapeutics, Inc. (Nasdaq:OCRX), a clinical stage biopharmaceutical company focused on acute and chronic orphan liver diseases, today announced its financial results for the second quarter ended June 30, 2014. Net loss for the period was $7.2 million, compared to a net loss of $2.1 million in the same period of 2013. As of June 30, 2014, Ocera had cash, cash equivalents and investments of $38.1 million.

Ocera Clinical Trial Update

During the second quarter, Ocera continued patient enrollment in its "Stop HE" Phase 2b study of OCR-002, or ornithine phenlyacetate, for the treatment of acute hepatic encephalopathy (HE).  This study is a placebo-controlled, double blind trial evaluating the efficacy, safety and pharmacokinetics of intravenously administered OCR-002 reducing the severity of HE symptoms in hospitalized patients with liver cirrhosis and an acute episode of HE.

"Acute HE remains a serious neurological disorder with few treatment options," said Linda Grais, M.D., chief executive officer of Ocera. "We believe that OCR-002 has the potential to significantly improve upon the standard of care for HE. While we are still relatively early in the trial, we continue to expect to complete enrollment in mid-2015."

Ocera Second Quarter 2014 Financial Results

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

Upon the restructuring of Tranzyme Pharma Inc. and disposal of related assets, the operations and cash flows of this component were eliminated from ongoing operations of Ocera. As a result, Ocera has classified the results of operations of Tranzyme Pharma Inc., related restructuring costs, assets and liabilities as discontinued operations.

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