Anthera
Nov 4, 2016

Anthera Pharmaceuticals Provides Business Update and Reports 2016 Third Quarter Financial Results

HAYWARD, Calif., Nov. 04, 2016 (GLOBE NEWSWIRE) -- Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH) today provided a business update and reported financial results for the third quarter ended September 30, 2016.

Recent Developments and Business Highlights:

Blisibimod for the treatment of Systemic Lupus Erythematosus ("SLE")

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

Blisibimod for the treatment of IgA Nephropathy

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.   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 June 30, 2016.  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
 September 30,
  Nine months ended
September 30,
  2016 2015  2016  2015
Revenues:                 
License fee revenue $  $ 548   $139  $743 
Collaborative revenue      185    6   524 
Total revenues      733    145   1,267 
Operating expenses:                 
Research and development $14,096  $ 10,359   $35,686  $24,893 
General and administrative  2,504    2,091    7,318   5,694 
Research award      (367)   (261)  (1,467)
Total operating expenses  16,600     12,083    42,743   29,120 
Loss from operations  (16,600)   (11,350)   (42,598)  (27,853)
Other income (expense):                
Other income (expense) $(47) $ 24   $(109) $(28)
Change in fair value of warrant liability  169        169    
Net loss  (16,478)   (11,326)    (42,538)  (27,881)
Deemed dividends attributable to preferred stock  (8,807)       (8,807)   
Net loss applicable to common stockholders $(25,285)   (11,326)  $(51,345)  (27,881)
Net loss per share—basic and diluted $(0.61) $ (0.29)  $(1.25) $(0.81)
Weighted-average number of shares used in
per share calculation—basic and diluted
  41,682,669    39,241,738     40,924,480   34,260,866 
 

 

ANTHERA PHARMACEUTICALS, INC.
BALANCE SHEET DATA
(in thousands, except share data)
(unaudited)
      
 September 30
2016
 December 31
2015
      
Cash and cash equivalents$32,570  $46,951 
Accounts receivable$    $326 
Total assets$34,486  $48,125 
Total deferred revenue$    $138 
Total warrant liability$3,509    
Total liabilities, excludes deferred revenue & warrant liability$10,191  $8,330 
Series X contingently redeemable convertible preferred stock$9,553  $ 
Option to purchase future shares of Series X-1 convertible preferred stock$3,689  $ 
Common Stock and additional paid-in capital$410,920  $391,688  
Accumulated deficit$(403,376) $(352,031)
Total shareholders' equity$11,233  $39,657 
Common shares outstanding 41,955,126   40,004,037 
Series X convertible preferred shares outstanding 17,000    
    
CONTACT:

Nikhil Agarwal of Anthera Pharmaceuticals, Inc.

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

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Source: Anthera Pharmaceuticals, Inc.

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