Anthera
Mar 10, 2016

Anthera Pharmaceuticals Provides Business Update and Reports 2015 Fourth Quarter and Fiscal Year Financial Results

HAYWARD, Calif., March 10, 2016 (GLOBE NEWSWIRE) -- Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH) today provided a business update and reported financial results for the fourth quarter and year ended December 31, 2015.

Recent Developments and Business Highlights:

Clinical Development

Management Update

Summary of Financial Results

About Anthera Pharmaceuticals

Anthera Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing and commercializing products to treat serious and life-threatening diseases, including exocrine pancreatic insufficiency due to cystic fibrosis, lupus, lupus with glomerulonephritis, 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.  These forward-looking statements include statements about Anthera's expectations with respect to its public offering, including statements about its intended use of proceeds from the offering.  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 Annual Report on Form 10-k for the year ended December 31, 2014.  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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
             
 Three Months Ended 
December 31,
 Year Ended 
December 31,
 2015 2014 2015 2014 
Revenues:            
License revenue$  1,819  $   $  2,562  $   
Collaboration revenue   99        623      
Total revenues  1,918         3,185      
                      
Operating Expenses:                    
Research and development$ 8,605  $  5,527  $ 33,498  $  21,839  
General and administrative  1,874    1,771    7,568    6,620  
Research award  (1,171)       (2,638)     
Total operating expenses  9,308    7,298    38,428    28,459  
Loss from operations  (7,390)   (7,298)   (35,243)   (28,459) 
                     
Other Expenses:                    
Interest expense      (144)       (1,049) 
Other income (expense)  51    (3)   23    (96) 
Total other income (expense)  51    (147)   23    (1,145) 
             
Net loss$  (7,339) $ (7,445 ) $  (35,220) $  (29,604) 
             
Net loss per share attributable to common stockholders:            
Basic and diluted$  (0.18) $ (0.32) $ (0.99) $  (1.36) 
             
Weighted-average number of shares used in per share calculation: basic and diluted39,947,036 22,926,664 35,631,237 21,776,269 
             
             
             
ANTHERA PHARMACEUTICALS, INC.
BALANCE SHEET DATA
(in thousands, except share data)
(unaudited)
             
 December 31
2015
 December 31,
2014
       
             
Cash and cash equivalents$ 46,951  $  2,639        
Accounts receivable$ 326  $         
Total assets$ 48,125  $  3,490        
Total deferred revenue$ 138  $         
Total liabilities, excludes deferred revenue$  8,330  $  5,751        
Accumulated deficit $ (352,031) $  (316,811)       
Total shareholders' equity (deficit)$ 39,657  $  (2,261)       
Common shares outstanding  40,004,037     23,005,209        

 

CONTACT:

Nikhil Agarwal of Anthera Pharmaceuticals, Inc.

nagarwal@anthera.com or 510-856-5600x5621

Source: Anthera Pharmaceuticals, Inc.

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