REDWOOD CITY, Calif., Dec. 15, 2014 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Nasdaq:CHRS), a late-stage clinical biologics platform company focused on the global biosimilar market, today reported financial results and reviewed corporate events for the quarter ended September 30, 2014. Recent Business Highlights
- Received two milestone payments under existing collaboration with Baxter Healthcare Corporation (Baxter):
- In July 2014, achieved a $15.0 million milestone for the initiation of a CHS-0214 (etanercept (Enbrel®) biosimilar candidate) global psoriasis phase 3 study.
- In September 2014, achieved a $10.0 million milestone for meeting regulatory expectations for biosimilarity of CHS-0214 bulk drug substance manufactured in Europe.
- In August 2014, met the primary endpoint in a pivotal clinical pharmacokinetic similarity study that compared adalimumab biosimilar candidate CHS-1420 to Humira® in healthy subjects.
- In November 2014, closed initial public offering of 6,803,702 shares of common stock at $13.50 per share, which included the purchase of 507,402 shares of common stock by the underwriters upon partial exercise of their over-allotment option. Net proceeds from the offering were approximately $80.4 million, after deducting underwriting discounts and commissions and offering expenses.
- Finalize CHS-1701 development plan based on feedback received from the U.S. Food and Drug Administration and amend the investigational new drug application in the first quarter of 2015.
- End the year with over $150 million in cash and cash equivalents.
The press release and an audio-only webcast of the conference call will be accessible through the Investors section of the Coherus website: http://investors.coherus.com. The webcast of the conference call will be available for replay through December 29, 2014.Analysts and investors may participate in the conference call by dialing 844-452-6826 for domestic callers and 765-507-2587 for international callers using the conference ID# 47041295. About Coherus BioSciences, Inc. Coherus is a late-stage clinical biologics platform company focused on the global biosimilar market. Headquartered in the San Francisco Bay Area and composed of a team of industry veterans with decades of experience in pioneering biologics companies, our goal is to become a global leader in the biosimilar market by leveraging our team's collective expertise in key areas such as process science, analytical characterization, protein production and clinical-regulatory development. Coherus' commercialization partnerships include global pharmaceutical companies in Europe, Asia and Latin America. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. For additional information, please visit www.coherus.com. Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Coherus' plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline, clinical studies, product development, release of data and the potential benefits of its products under development are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including Coherus' expectations regarding its ability to advance its CHS-0214, CHS-1420 and CHS-1701 biosimilar drug candidates, amend its IND for CHS-1701 and recruit patients in biologic license application enabling studies for Phase 3 clinical development of CHS-1420. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical drug development process, including the regulatory approval process, the timing of our regulatory filings and other matters that could affect the availability or commercial potential of our biosimilar drug candidates. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus' business in general, see Coherus' Prospectus filed with the Securities and Exchange Commission on November 6, 2014, Coherus' Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2014, filed with the Securities and Exchange Commission on December 15, 2014 and its future periodic reports to be filed with the Securities and Exchange Commission.
|COHERUS BIOSCIENCES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except share and per share data)|
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Collaboration and license revenue -- related party||$ 432||$ 506||$ 1,445||$ 1,519|
|Collaboration and license revenue||15,620||—||23,168||—|
|Research and development||18,496||4,934||51,357||22,057|
|General and administrative||3,979||2,355||11,378||4,968|
|Total operating expenses||22,475||7,289||62,735||27,025|
|Loss from operations||(6,423)||(6,783)||(38,122)||(25,506)|
|Other expense, net||(1,490)||(12,698)||(16,132)||(11,546)|
|Net loss attributable to non-controlling interest||42||—||155||—|
|Net loss attributable to Coherus||$ (7,872)||$ (21,473)||$ (57,999)||$ (39,044)|
|Net loss per share attributable to Coherus, basic and diluted||$ (1.79)||$ (6.23)||$ (13.62)||$ (12.48)|
|Weighted average number of shares used in net loss per share attributable to Coherus, basic and diluted||4,409,703||3,444,484||4,258,770||3,128,380|
|COHERUS BIOSCIENCES, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|September 30,||December 31,|
|Cash and cash equivalents||$ 100,875||$ 39,554|
|Total assets||$ 129,182||$ 47,447|
|Liabilities, Convertible Preferred Stock and Stockholders' Deficit|
|Deferred revenue||$ 68,702||$ 42,850|
|Convertible preferred stock||161,164||54,695|
|Total stockholders' deficit||(151,985)||(97,077)|
|Total liabilities, convertible preferred stock and stockholders' equity||$ 129,182||$ 47,447|
|CONTACT:||Jean-Frédéric Viret, Ph.D.|
|Chief Financial Officer|
|Coherus BioSciences, Inc.|
|1 (800) 794-5434|