Supernus Pharmaceuticals Reports Second Quarter 2012 Financial Results

ROCKVILLE, Md., Aug. 10, 2012 (GLOBE NEWSWIRE) -- Supernus Pharmaceuticals, Inc. (Nasdaq:SUPN), a specialty pharmaceutical company, today reported consolidated financial results for the three and six months ending June 30, 2012, and provided an update on key accomplishments to date and expected milestones for 2012.

Jack A. Khattar, President and CEO of Supernus stated, "This has been an exciting and eventful quarter for the Company. We completed our IPO in May, raising net proceeds of $47.6 million and, in June, received tentative approval from the FDA for our lead product Trokendi XR TM. "

Second quarter 2012 Financial Results
  • Cash, cash equivalents and unrestricted marketable securities of $76.4 million at June 30, 2012.
  • Research and development (R&D) expense for second quarter 2012 was $4.7 million compared with $7.3 million in 2011. The decrease was primarily due to the conclusion of the SPN-538 and SPN-804 clinical trials in 2011.
  • Selling, general and administrative (SG&A) expense for second quarter 2012 was $4.6 million compared with $1.9 million in 2011. The increase was primarily due to higher sales and marketing infrastructure expenses, as we prepare to launch SPN-804 and Trokendi XR.
  • Net loss applicable to common shareholders for second quarter 2012 was $10.3 million or $0.61 per common share (based on 16.8 million weighted average diluted shares outstanding), compared with $8.2 million, or $5.17 per common share, for 2011 (based on 1.6 million weighted average diluted shares outstanding). Net loss per share decreased due to the significant number of common shares issued in May 2012 in connection with our IPO.

Six months ending June 30, 2012 Financial Results
  • R&D expense for the first half of 2012 was $10.1 million compared with $14.7 million in 2011. The decrease was primarily due to the conclusion of the SPN-804 and Trokendi XR clinical trials in 2011.
  • SG&A expense for the first half of 2012 was $7.4 million compared with $3.6 million in 2011. The increase was primarily due to higher sales and marketing infrastructure expenses, as we prepare to launch SPN-804 and Trokendi XR.
  • Net loss applicable to common shareholders for the first half of 2012 was $20.4 million or $2.21 per common share (based on 9.2 million weighted average diluted shares outstanding), compared with $20.1million, or $12.64 per common share, for 2011 (based on 1.6 million weighted average diluted shares outstanding). Net loss per share decreased due to the significant number of common shares issued in May 2012 in connection with our IPO.

Liquidity and Capital Resources

Our anticipated cash burn for 2012 is estimated to be in the range of $55 million to $60 million due to the change in timing of the planned launch of Trokendi XR from year-end 2012 to third quarter of 2013. Based on our current plans, Supernus continues to anticipate that our current cash, cash equivalents and unrestricted marketable securities as of June 30, 2012 should be sufficient to fund operations into the second quarter of 2013.

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