Anthera
Aug 9, 2017

Anthera Pharmaceuticals Provides Business Update and Reports 2017 Second Quarter Financial Results

HAYWARD, Calif., Aug. 09, 2017 (GLOBE NEWSWIRE) -- Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH) today provided a business update and reported financial results for the second quarter ended June 30, 2017.

Recent Developments and Business Highlights:

Sollpura™ (liprotamase) for the treatment of Exocrine Pancreatic Insufficiency ("EPI")

Blisibimod Update

Financial Updates

Summary of Financial Results

About Anthera Pharmaceuticals

Anthera Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing products to treat serious and life-threatening diseases, including exocrine pancreatic insufficiency and IgA nephropathy. Additional information on the Company can be found at www.anthera.com.

Safe Harbor Statement

Any statements contained in this press release that refer to future events or other non-historical matters, including statements that are preceded by, followed by, or that include such words as "estimate," "intend," "anticipate," "believe," "plan," "goal," "expect," "project," or similar statements, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.   Such statements are based on Anthera's expectations as of the date of this press release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including but not limited to those set forth in Anthera's public filings with the SEC, including Anthera's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.  Anthera disclaims any intent or obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.

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ANTHERA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
 
  
  Three months ended
June 30,
  Six months ended
June 30,
 
  2017  2016  2017  2016 
REVENUES:            
License fee $  $  $  $139 
Collaborative revenue           6 
Total revenues           145 
OPERATING EXPENSES:                
Research and development $7,034  $11,966  $14,835  $21,590 
General and administrative  1,625   2,576   4,528   4,814 
Research award     (261)  (100)  (261)
Total operating expenses  8,659   14,281   19,263   26,143 
LOSS FROM OPERATIONS  (8,659)  (14,281)  (19,263)  (25,998)
OTHER INCOME (EXPENSE):                
Other (expense)  (28)  (53)  (31)  (62)
Fair value of warrant liability in excess of proceeds from
     financing
        (600)   
Change in fair value of warrant liability  9,000      9,000    
Total Other Income (Expense) $8,972  $(53) $8,369  $(62)
Deemed dividends attributable to preferred stock         (2,503)   
Net income (loss) applicable to common stockholders 313  $(14,334) $(13,397) $(26,060)
Net income (loss) per share applicable to common stockholders      
—basic and diluted (1)
 $0.03  $(2.79) $(1.58) $(5.14)
Weighted-average number of shares used in
per share calculation—basic and diluted (1)
  10,136,326   5,129,068   8,457,987   5,067,652 

(1)     All per share amounts and shares of the Company's common stock issued and outstanding for all periods have been retroactively adjusted to reflect the one-for-eight reverse stock split which became effective on April 28, 2017.


ANTHERA PHARMACEUTICALS, INC.
BALANCE SHEET DATA
(in thousands, except share data)
(unaudited)
      
       June 30,      
2017
  December 31, 
2016
      
Cash and cash equivalents$11,151  $20,843 
Accounts receivable$  $ 
Total assets$14,506  $23,471 
Warrant liability$5,700  $ 
Total liabilities, excludes warrant liability$4,248  $10,624 
Series X contingently redeemable convertible preferred stock          $  $377 
Series X convertible preferred stock$333  $8,614 
Common Stock and additional paid-in capital$422,673  $ 411,410 
Accumulated deficit $(418,448) $(407,554)
Total shareholders' equity$4,558  $12,470 
Common shares outstanding (1)10,601,422  5,745,536 
Series X convertible preferred shares outstanding430  9,499 

(1)     All shares of the Company's common stock issued and outstanding for all periods have been retroactively adjusted to reflect the one-for-eight reverse stock split which became was effective on April 28, 2017.

 

CONTACT:



Investor Relations of Anthera Pharmaceuticals, Inc.

ir@anthera.com



For Media Inquiries:

Frannie Marmorstein, 305-567-0821

frannie.marmorstein@rbbcommunications.com

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Source: Anthera Pharmaceuticals, Inc.

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