BOULDER, Colo., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Nivalis Therapeutics, Inc. (NASDAQ:NVLS), a clinical-stage pharmaceutical company focused on treating people with cystic fibrosis (CF), today reported financial results and recent business highlights for the third quarter 2016. Nivalis continues to advance the clinical development of cavosonstat (N91115), a novel stabilizer of the cystic fibrosis transmembrane conductance regulator protein, or CFTR. "Our cavosonstat Phase 2 development programs continue to progress on schedule with data due by the end of this year for our add-on to Orkambi™ study and in the first quarter of 2017 for our add-on to Kalydeco™ study," said Jon Congleton, president and chief executive officer of Nivalis. "We continue to believe that cystic fibrosis requires multiple mechanisms to achieve optimal outcomes for people managing this disease. The cavosonstat add-on to Orkambi study will produce the first Phase 2 triple therapy data set aimed at validating this belief," Congleton added. Third Quarter Financial ResultsFor the third quarter ended September 30, 2016, Nivalis reported a net loss of $7.4 million, or ($0.48) per share, compared to a net loss of $6.1 million, or ($0.39) per share, in the same quarter of the prior year. The increased loss was primarily the result of higher costs associated with progressing cavosonstat in two Phase 2 clinical studies, including completing enrollment, as planned, in the study adding cavosonstat to Orkambi. Cash used in operating activities was $7.5 million during the third quarter and $21.1 million for the nine months year to date. As of September 30, 2016, Nivalis has $66.2 million in cash and marketable securities. Nivalis has no outstanding debt and there are 15.5 million shares of common stock issued and outstanding.