Anthera
May 10, 2017

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

HAYWARD, Calif., May 10, 2017 (GLOBE NEWSWIRE) -- Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH) today provided a business update and reported financial results for the first quarter ended March 31, 2017.

Recent Developments and Business Highlights:

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

Blisibimod for the treatment of IgA Nephropathy

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-K for the year ended December 31, 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
 March 31,
  2017   2016 
Revenues:        
License fee revenue $   $139 
Collaborative revenue     6 
Total revenues     145 
Operating expenses:     
Research and development $7,801  $9,624 
General and administrative  2,903   2,238 
Research award  (100    
Total operating expenses  10,604   11,862 
Loss from operations  (10,604)  (11,717)
Other expense:       
Other expense  (3)  (9)
Fair value of warrant liability in excess of proceeds from financing  (600)   
Net loss  (11,207)  (11,726)
Deemed dividends attributable to preferred stock  (2,503)   
Net loss applicable to common stockholders $(13,710) $(11,726)
Net loss per share—basic and diluted (1) $(2.03) $(2.34)
Weighted-average number of shares used in        
  per share calculation—basic and diluted (1)  6,759,567   5,006,237 

(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 was effective on April 28, 2017.


 
ANTHERA PHARMACEUTICALS, INC.
BALANCE SHEET DATA
(in thousands, except share data)
(unaudited)
 
 March 31
2017
 December 31
2016
      
Cash and cash equivalents$20,652  $20,843 
Accounts receivable$100  $ 
Total assets$23,591  $23,471 
Warrant liability$14,700  $ 
Total liabilities, excludes warrant liability$6,128   $10,624 
Series X contingently redeemable convertible preferred stock$377  $377 
Series X convertible preferred stock$  $8,614 
Common Stock and additional paid-in capital$421,147  $411,410 
Accumulated deficit $(418,761) $(407,554)
Total shareholders' equity$2,386  $12,470 
Common shares outstanding (1)10,076,164  5,746,536 
Series X convertible preferred shares outstanding487  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 was effective on April 28, 2017.

CONTACT:

Investor Relations of Anthera Pharmaceuticals, Inc.

ir@anthera.com

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Source: Anthera Pharmaceuticals, Inc.

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