HORIZANT Net Product Sales Increased 67% Over
Second Quarter 2014
XenoPort, Inc. (Nasdaq: XNPT) announced today financial results
for the second quarter and six months ended June 30, 2015. Total
revenues for the second quarter were $8.6 million, compared to $5.3
million for the same period in 2014. Net loss for the second
quarter was $24.5 million, compared to a net loss of $19.4 million
for the same period in 2014. At June 30, 2015, XenoPort had cash,
cash equivalents and short-term investments of $170.4 million.
XenoPort Business Updates
The following key events occurred since the beginning of the
second quarter of 2015:
- Net product sales for HORIZANT®
(gabapentin enacarbil) Extended-Release Tablets were $8.2 million
in the second quarter, an increase of 67% compared to the second
quarter of 2014 and an increase of 24% compared to the first
quarter of 2015.
- As of July 1, 2015, XenoPort completed
the expansion of the HORIZANT Neuroscience Health Specialist team,
expanding its educational efforts primarily to neurology, sleep and
pain specialists to cover 120 territories in the United
States.
- XenoPort and the National Institute on
Alcohol Abuse and Alcoholism (NIAAA) announced that the NIAAA
initiated a clinical trial of HORIZANT as a potential treatment for
alcohol use disorder (AUD).
- XenoPort reported that new expert
recommendations for the prevention and treatment of augmentation in
patients suffering from restless legs syndrome (RLS) list
gabapentin enacarbil as a first-line therapy with a lower risk of
developing augmentation. In addition, gabapentin enacarbil is
listed as an alternative treatment for the management of patients
suffering from augmentation who were previously treated with
dopaminergic medication. The recommendations were created by the
combined Task Force from the International RLS Study Group
(IRLSSG), the European RLS Study Group (EURLSSG) and the RLS
Foundation.
Ronald W. Barrett, Ph.D., chief executive officer of XenoPort,
stated, “In the second quarter, we saw strong growth of HORIZANT
prescriptions and net sales. With the recent addition of
approximately 50 new Neuroscience Health Specialists to educate a
broader pool of healthcare providers about HORIZANT, we believe
that there will be an acceleration of growth in HORIZANT sales in
the second half of the year and that we are on track to meet our
net sales guidance of $39 to $43 million for 2015. We are excited
that the NIAAA has initiated its AUD study of HORIZANT. This large
study of approximately 350 subjects will provide important
information about HORIZANT as a potential treatment for patients
with AUD.”
Dr. Barrett continued, “Our XP23829 Phase 2 clinical trial in
patients with moderate-to-severe chronic plaque-type psoriasis is
nearing completion and, as previously indicated, we look forward to
reporting the top-line results by the end of the third quarter. We
believe this trial has the potential to be the first demonstration
of efficacy of a monomethyl fumarate prodrug other than dimethyl
fumarate and that XP23829 could provide a differentiated profile
with potential for once-a-day dosing, reduced flushing and/or
better GI tolerability.”
XenoPort Second Quarter and Six-Month Financial
Results
Total revenues for the second quarter and six months ended June
30, 2015 were $8.6 million and $15.7 million, respectively,
compared to $5.3 million and $8.7 million, respectively, for the
same periods in 2014. The increase in revenues in both the second
quarter and six months ended June 30, 2015 was principally due to
increased HORIZANT net product sales, which totaled $8.2 million
and $14.9 million for the second quarter and six months ended June
30, 2015, respectively. The increase in HORIZANT net product sales
in both the second quarter and six months ended June 30, 2015 was
principally due to increased sales volume, and, to a lesser extent,
an increase in average net selling prices.
Research and development expenses for the second quarter and six
months ended June 30, 2015 were $6.2 million and $12.6 million,
respectively, compared to $5.2 million and $9.9 million,
respectively, for the same periods in 2014. The increase in
research and development expenses in the second quarter and six
months ended June 30, 2015 was principally due to increased net
costs for XP23829 primarily due to increased toxicology, clinical
and manufacturing costs, offset in part by a reduction in personnel
costs.
Selling, general and administrative expenses for the second
quarter and six months ended June 30, 2015 were $25.6 million and
$45.7 million, respectively, compared to $18.9 million and $37.6
million, respectively, for the same periods in 2014. The increase
in selling, general and administrative expenses in both the second
quarter and six months ended June 30, 2015, compared to the same
periods in 2014, was principally due to costs related to the
continued and expanded commercialization of, and promotional
activities for, HORIZANT.
Net loss for the second quarter of 2015 was $24.5 million,
compared to a net loss of $19.4 million for the same period in
2014. Net loss for the six months ended June 30, 2015 was $44.9
million, compared to a net loss of $39.9 million for the same
period in 2014. Basic and diluted net loss per share were both
$0.39 in the second quarter of 2015 versus basic and diluted net
loss per share of $0.31 for the same period in the prior year. For
the six months ended June 30, 2015, basic and diluted net loss per
share were both $0.71 versus basic and diluted net loss per share
of $0.67 for the same period in 2014.
Conference Call
XenoPort will host a conference call at 5:00 p.m. Eastern Time
today to discuss its financial results and provide an update of
XenoPort’s business. To access the conference call via the
Internet, go to www.XenoPort.com. To access the live conference
call via phone, dial 1-888-275-3514. International callers may
access the live call by dialing 706-679-1417. The reference number
to enter the call is 82478839.
The replay of the conference call will be available for one week
and may be accessed after 8:00 p.m. Eastern Time today via the
Internet, at www.XenoPort.com, or via phone at 1-855-859-2056 for
domestic callers, or 404-537-3406 for international callers. The
reference number to enter the replay of the call is 82478839.
About XenoPort
XenoPort, Inc. is a biopharmaceutical company focused on
developing and commercializing a portfolio of internally discovered
product candidates for the potential treatment of neurological
disorders. XenoPort is currently commercializing HORIZANT®
(gabapentin enacarbil) Extended-Release Tablets in the United
States and developing its novel fumaric acid ester product
candidate, XP23829, as a potential treatment for patients with
moderate-to-severe chronic plaque-type psoriasis and potentially
for relapsing forms of multiple sclerosis. REGNITE® (gabapentin
enacarbil) Extended-Release Tablets is being marketed in Japan by
Astellas Pharma Inc. XenoPort has entered into a collaboration with
the National Institute on Alcohol Abuse and Alcoholism for the
development of HORIZANT as a potential treatment for AUD and has
granted exclusive world-wide rights for the development and
commercialization of its clinical-stage oral product candidate,
arbaclofen placarbil, to Indivior PLC for all indications.
XenoPort's pipeline of product candidates also includes a potential
treatment for patients with idiopathic Parkinson's disease.
Forward-Looking Statements
This press release contains “forward-looking” statements,
including, without limitation, all statements related to XenoPort’s
belief that there will be an acceleration of growth in HORIZANT
sales in the second half of 2015 and that it is on track to meet
its sales guidance of $39 to $43 million for 2015; the XP23829
clinical development program; XenoPort's expectation that it will
obtain top-line results of the Phase 2 clinical trial of XP23829 by
the end of the third quarter of 2015; the suitability of XP23829 as
a potential treatment for moderate-to-severe chronic plaque-type
psoriasis and/or relapsing forms of MS; the clinical development of
HORIZANT by the NIAAA, including enrollment in and the potential
benefits of the initiated AUD study of HORIZANT; the suitability of
HORIZANT as a potential treatment for AUD; and the therapeutic and
commercial potential of XenoPort’s product candidates. Any
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Words such as “believe,” “could,” “look forward,” “potential,”
“will” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based upon XenoPort's current expectations. Forward-looking
statements involve risks and uncertainties. XenoPort's actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these
risks and uncertainties, which include, without limitation, risks
related to XenoPort’s relative lack of commercialization experience
and its ability to successfully market and sell HORIZANT, including
XenoPort's ability to maintain a sales force comprising of both
XenoPort-employed sales representatives and contract sales
representatives, and XenoPort’s reliance on its contract sales
organization to maintain sales, marketing, distribution, supply
chain and other sufficient capabilities to sell HORIZANT;
XenoPort's dependence on the success of its strategies for HORIZANT
commercialization, promotion and distribution, as well as its
ability to successfully execute on these activities and to comply
with applicable laws, regulations and regulatory requirements; the
competitive environment for and the degree of market acceptance of
HORIZANT; obtaining appropriate pricing and reimbursement for
HORIZANT in an increasingly challenging environment; the difficulty
and uncertainty of pharmaceutical product development and the
uncertain results and timing of clinical trials and other studies,
including the risk that success in preclinical testing and early
clinical trials do not ensure that later clinical trials will be
successful, and that the results of clinical trials by other
parties may not be indicative of the results in trials that
XenoPort may conduct; XenoPort's ability to successfully advance
XP23829 development and to conduct the Phase 2 clinical trial of
XP23829 and report data therefrom in the anticipated timeframes, or
at all; the risk that the completion of the Phase 2 clinical trial
of XP23829 may be delayed or the trial terminated; the risk that
XP23829 will require significant additional clinical testing prior
to any possible regulatory approvals and failure could occur at any
stage of its development; the uncertainty of the FDA’s review
process and other regulatory requirements; the risk that even if
HORIZANT is approved for the treatment of AUD, XenoPort may be
unable to, or may otherwise be unsuccessful in, expanding the
commercial opportunity for HORIZANT; XenoPort’s dependence on
collaborative partners; the availability of resources to develop
XenoPort’s product candidates and support XenoPort's operations;
XenoPort’s substantial outstanding debt and debt service
obligations, which could, among other things, limit its flexibility
in planning for, or reacting to, changes in its business and its
industry; the uncertain therapeutic and commercial value of
XenoPort’s product candidates; as well as risks related to future
opportunities and plans, including the uncertainty of expected
future sales growth and other financial performance and results.
These and other risk factors are discussed under the heading "Risk
Factors" in XenoPort's Securities and Exchange Commission filings
and reports, including its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2015, filed with the Securities and
Exchange Commission on May 7, 2015. XenoPort expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the company's expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statements are based.
XENOPORT, HORIZANT and REGNITE are registered trademarks of
XenoPort, Inc.
XNPT2F
XENOPORT, INC.
BALANCE SHEETS
(In thousands)
June 30,
December 31,
2015 2014
(Unaudited) Current assets: Cash and cash equivalents $
31,360 $ 11,958 Short-term investments 139,057 90,098 Accounts
receivable 3,494 2,895 Inventories 1,894 1,458 Prepaids, restricted
investments and other current assets
7,338
3,185 Total current assets
183,143 109,594 Property and equipment, net 2,208 2,422 Long-term
inventories 8,381 9,098 Restricted investments and other assets
105 1,947
Total assets
$ 193,837
$ 123,061 Liabilities: Current
liabilities $ 16,522 $ 17,788 Convertible senior notes, net 111,520
- Other noncurrent liabilities
13,840
14,133 Total liabilities
141,882 31,921
Stockholders’ equity: Common stock 63 62 Additional paid-in capital
and other 683,598 677,894 Accumulated deficit
(631,706 ) (586,816
) Total stockholders’ equity
51,955 91,140 Total
liabilities and stockholders’ equity
$
193,837 $ 123,061
XENOPORT, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months
Ended June 30,
Six Months
Ended June 30,
2015
2014
2015
2014
(In thousands, except per share
amounts)
Revenues: Product sales, net $ 8,214 $ 4,920 $ 14,853 $ 7,877
Collaboration revenue 283 283 567 566 Royalty revenue
124 131
268 266 Total
revenues
8,621 5,334
15,688 8,709
Operating expenses: Cost of product sales 506 599 960 1,029
Research and development* 6,215 5,203 12,599 9,860 Selling, general
and administrative*
25,554
18,865 45,653
37,636 Total operating expenses
32,275 24,667
59,212 48,525 Loss
from operations (23,654 ) (19,333 ) (43,524 ) (39,816 ) Interest
income 151 66 267 115 Interest expense
(978
) (120 )
(1,633 ) (234
) Net loss
$ (24,481
) $ (19,387 )
$ (44,890 ) $
(39,935 ) Basic and diluted net loss per
share
$ (0.39 )
$ (0.31 ) $
(0.71 ) $ (0.67
) Shares used to compute basic and diluted net loss
per share
62,920
61,994 62,821
59,441
* Includes non-cash stock-based
compensation as follows:
Research
and development
$
747
$
622
$
1,129
$
1,324
Selling, general
and administrative
2,449
1,803
4,738
3,785
Total
$
3,196
$
2,425
$
5,867
$
5,109
HORIZANT® (gabapentin enacarbil) Extended-Release
Tablets
INDICATION
HORIZANT is a prescription medicine used to treat adults with
moderate-to-severe primary Restless Legs Syndrome (RLS). HORIZANT
is not for people who need to sleep during the daytime and stay
awake at night.
IMPORTANT SAFETY INFORMATION
- Do not drive after taking
your dose of HORIZANT until you know how it affects you, including
the morning after you take it. Do not operate heavy
machinery or do other dangerous activities until you know how
HORIZANT affects you. HORIZANT can cause sleepiness, dizziness,
slow thinking, and can affect your coordination. Ask your
healthcare provider when it is okay to do these activities.
- Do not take other medicines that make
you sleepy or dizzy while taking HORIZANT without talking to your
healthcare provider. Taking HORIZANT with these other medicines may
make your sleepiness or dizziness worse.
- HORIZANT may cause suicidal thoughts
or actions in a very small number of people (about 1 in 500). Pay
attention to any changes, especially sudden changes, in mood,
behaviors, thoughts, or feelings. Call your healthcare provider
right away if you have any of these symptoms, especially if they
are new, worse, or worry you:
- thoughts or actions about suicide,
self-harm, or dying; attempt to commit suicide
- new or worsening depression or anxiety;
or feeling agitated
- new or worse restlessness or panic
attacks
- new or worse trouble sleeping
(insomnia); or irritability
- acting aggressive, being angry, or
violent; acting on dangerous impulses
- an extreme increase in activity or
talking (mania); other unusual changes in mood or behavior
- Do not stop taking HORIZANT
without first talking to your healthcare provider. Suicidal
thoughts or actions can be caused by things other than medicines.
If you have these thoughts or actions, your healthcare provider may
check for other causes.
- HORIZANT may cause a serious or
life-threatening allergic reaction that may affect your skin or
other parts of your body such as your liver or blood cells. You may
or may not have a rash with these types of reactions. Call a
healthcare provider right away if you have any of the following
symptoms: skin rash, hives, fever, swollen glands that do not go
away, swelling of your lips or tongue, yellowing of your skin or
eyes, unusual bruising or bleeding, severe fatigue or weakness,
unexpected severe muscle pain, or frequent infections. These
symptoms may be the first signs of a serious reaction. A healthcare
provider should examine you to decide if you should continue taking
HORIZANT.
- HORIZANT is not the same medicine as
gabapentin (for example, Neurontin® and Gralise®). HORIZANT should
not be used in their place. Do not take these or other gabapentin
products while taking HORIZANT.
- Before taking HORIZANT, tell your
healthcare provider if you:
- have or have had kidney problems or are
on hemodialysis
- have or have had depression, mood
problems, or suicidal thoughts or behavior
- have or have had seizures
- have a history of drug abuse
- have any other medical conditions
- are pregnant or plan to become
pregnant. It is not known if HORIZANT will harm your unborn baby.
Talk to your healthcare provider if you are pregnant or plan to
become pregnant while taking HORIZANT. You and your healthcare
provider will decide if you should take HORIZANT while you are
pregnant
- are breastfeeding or plan to
breastfeed. Your body turns HORIZANT into another drug (gabapentin)
that passes into your milk. It is not known if this can harm your
baby. You and your healthcare provider should decide if you will
take HORIZANT or breastfeed
- drink alcohol
- Do not drink alcohol while taking
HORIZANT because it may increase the risk of side effects.
- Tell your healthcare provider about
all the medicines you take, including prescription and
non-prescription medicines, vitamins, and herbal supplements.
Taking HORIZANT with certain other medicines can cause side effects
or affect how well they work. Do not start or stop other medicines
without talking to your healthcare provider.
- Do not stop taking HORIZANT without
talking to your healthcare provider first. If you stop taking
HORIZANT suddenly, you may develop side effects.
- When used for RLS, the most common side
effects of HORIZANT include sleepiness and dizziness. Tell your
healthcare provider about any side effect that bothers you or does
not go away. These are not all the possible side effects of
HORIZANT. For more information, ask your healthcare provider or
pharmacist.
You are encouraged to report negative side effects of
prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call
1-800-FDA-1088. See Medication Guide. To learn more about HORIZANT,
please visit the Web site at www.Horizant.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150805006565/en/
Company Contact:XenoPort, Inc.Jackie Cossmon,
408-616-7220ir@XenoPort.com
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