Intra-Cellular Therapies Reports Third Quarter 2016 Financial Results And Provides Corporate Update

NEW YORK, Nov. 09, 2016 (GLOBE NEWSWIRE) -- Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), a biopharmaceutical company focused on the development of therapeutics for central nervous system (CNS) disorders, today announced its financial results for the quarter ended September 30, 2016, and provided a corporate update.

Third Quarter 2016 Financial Results

Intra-Cellular Therapies (the Company or ITCI) reported a net loss of $30.3 million, or $0.70 per share (basic and diluted), for the third quarter of 2016 compared to a net loss of $32.2 million, or $0.91 per share (basic and diluted), for the third quarter of 2015.

Research and development (R&D) expenses for the third quarter of 2016 were $23.9 million, compared to $28.5 million for the third quarter of 2015. The decrease is primarily due to lower costs associated with the Company's second Phase 3 clinical trial for ITI-007 in patients with schizophrenia, which was completed during the third quarter of 2016, offset in part by costs associated with the Company's Phase 3 clinical trials of ITI-007 in patients with bipolar depression and dementia and increased manufacturing costs for ITI-007.

General and administrative (G&A) expenses were $6.3 million for the third quarter of 2016, compared to $3.9 million for the same period in 2015. The increase is primarily the result of higher stock-based compensation expense, and to a lesser extent, increases in professional fees, cost associated with pre-commercialization activities and salaries.

Cash and investments totaled $537.8 million at September 30, 2016. This amount included short-term borrowing of $125 million that was repaid in October 2016. The resulting net cash available for operations at September 30, 2016 was $412.8 million, compared to $475.2 million at December 31, 2015.                         The Company expects that existing cash and investments will be dedicated primarily to the ITI-007 development program, including to fund clinical trials of ITI-007 in bipolar depression, behavioral disturbances in dementia, depressive disorders and other ITI-007 clinical trials, and related clinical and non-clinical activities; to fund pre-commercial activities for ITI-007 for the treatment of schizophrenia and, if ITI-007 receives regulatory approval, initial commercialization efforts; to fund pre-clinical and clinical development of the Company's ITI-007 long-acting injectable program; and to fund non-clinical activities including the continuation of manufacturing activities in connection with the development of ITI-007. Funds will also be used for other clinical and pre-clinical programs, including the Company's phosphodiesterase (PDE) development activities.

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