Anacor Pharmaceuticals Reports Second Quarter 2013 Financial Results

Anacor Pharmaceuticals (NASDAQ:ANAC) announced today its financial results for the second quarter ended June 30, 2013.

“We had a busy second quarter as we finalized preparations for our NDA for tavaborole, which was submitted on July 26 th. This is an exciting time at Anacor as we begin to reap the benefits of the investments that we’ve made in drug development over the last decade and plan the commercialization of our later stage products,” said David Perry, Chief Executive Officer of Anacor Pharmaceuticals.

Second Quarter 2013 Highlights and Recent Developments

Clinical
  • Tavaborole – our lead topical antifungal product candidate for the treatment of onychomycosis, a fungal infection of the nail and nail bed that affects approximately 35 million people in the United States.
    • On July 26, 2013, we submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for tavaborole, the first drug in our clinical pipeline to reach this milestone.
  • AN2728 – our lead topical anti-inflammatory product candidate for the treatment of atopic dermatitis and psoriasis. Atopic dermatitis is a chronic rash characterized by inflammation and itching and affects an estimated 40 million people in the seven major pharmaceutical markets, including approximately 10% to 20% of infants and young children.
    • In July 2013, we initiated a MUSE (maximal use systemic exposure) study in children with atopic dermatitis to measure blood levels when AN2728 is applied under maximal use conditions.

Research Agreement

On April 5, 2013, we entered into a research agreement with the Bill & Melinda Gates Foundation (the Gates Foundation) to discover drug candidates intended to treat two filarial worm diseases (onchocerciasis, or river blindness, and lymphatic filariasis, commonly known as elephantiasis) and tuberculosis. Under the agreement, the Gates Foundation will pay Anacor up to $17.7 million to conduct research activities directed at discovering potential drug candidates for these neglected diseases. In addition, the Gates Foundation purchased shares of Anacor’s common stock for net proceeds of approximately $5.0 million.

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