Anthera
Feb 27, 2017

Anthera Pharmaceuticals Provides Business Update and Reports 2016 Fourth Quarter and Fiscal Year Financial Results

HAYWARD, Calif., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH) today provided a business update and reported financial results for the 2016 fourth quarter and the fiscal year ending December 31, 2016.

Recent Developments and Business Highlights:

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

Blisibimod for the treatment of IgA Nephropathy

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

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 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 September 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
 December 31,
  Year ended
December 31, 
  2016  2015   2016  2015
Revenues:              
License fee revenue $  $1,819   $139  $2,562 
Collaborative revenue     99    6   623 
Total revenues     1,918    145   3,185 
Operating expenses:                   
Research and development $10,825  $8,605   $46,512  $33,498 
General and administrative  3,754   1,874    11,071   7,568 
Research award     (1,171)   (261)  (2,638
Total operating expenses  14,579   9,308    57,322   38,428 
Loss from operations  (14,579)  (7,390)   (57,177)  (35,243)
Other income (expense):                 
Other income (expense)  $19   $51    $(90)  $23 
Change in fair value of warrant liability  1,575        1,744     
Net loss  (12,985)  (7,339   (55,523)  (35,220)
Deemed dividends attributable to preferred stock  (2,107)      (10,914)    
Net loss applicable to common stockholders $(15,092)  (7,339  $(66,437)  (35,220)
Net loss per share—basic and diluted $(0.36) $(0.18)  $(1.61) $(0.99)
Weighted-average number of shares used in                 
  per share calculation—basic and diluted  42,459,248   39,947,036    41,310,269   35,631,237 


 
ANTHERA PHARMACEUTICALS, INC.
BALANCE SHEET DATA
(in thousands, except share data)
(unaudited)
 
 December 31
2016
 December 31
2015
      
Cash and cash equivalents$20,843  $46,951 
Accounts receivable$  $326 
Total assets$23,471  $ 48,125 
Total deferred revenue$  $138 
Total liabilities, excludes deferred revenue$10,624  $ 8,330 
Series X contingently redeemable convertible preferred stock$377  $ 
Series X convertible preferred stock$8,614  $ 
Common Stock and additional paid-in capital$411,410  $391,688 
Accumulated deficit   $(407,554) $(352,031)
Total shareholders' equity$12,470  $39,657 
Common shares outstanding 45,964,286   40,004,037 
Series X convertible preferred shares outstanding9,499   

 

CONTACT:

Investor Relations of Anthera Pharmaceuticals, Inc.

ir@anthera.com

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Source: Anthera Pharmaceuticals, Inc.

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