Conatus Pharmaceuticals Reports Third Quarter 2016 Financial Results And Program Updates

SAN DIEGO, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Conatus Pharmaceuticals Inc. (Nasdaq:CNAT), a biotechnology company focused on the development and commercialization of novel medicines to treat liver disease, today announced financial results for the quarter and nine months ended September 30, 2016, and provided updates on its clinical development programs.

Financial ResultsThe net loss for the third quarter of 2016 was $6.9 million compared with $6.1 million for the third quarter of 2015. The net loss for the first nine months of 2016 was $20.6 million compared with $18.1 million for the first nine months of 2015.

Research and development expenses were $4.8 million for the third quarter of 2016 compared with $4.1 million for the third quarter of 2015. Research and development expenses were $13.8 million for the first nine months of 2016 compared with $12.1 million for the first nine months of 2015. The increases in research and development expenses for the third quarter and first nine months were primarily due to the progression of the company's ENCORE program.

General and administrative expenses were $2.1 million for the third quarter of 2016 compared with $2.0 million for the third quarter of 2015. The increase in general and administrative expenses for the third quarter was primarily due to higher personnel costs and consulting fees. General and administrative expenses were $6.9 million for the first nine months of 2016 compared with $6.0 million for the first nine months of 2015. The increase in general and administrative expenses for the first nine months was primarily due to higher personnel costs and higher consulting, legal and accounting fees.

Cash, cash equivalents and marketable securities were $31.1 million at September 30, 2016, compared with $36.5 million at December 31, 2015. The company believes current financial resources are sufficient to maintain operations for at least the next 12 months.

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