Cidara Provides Corporate Update and Reports First Quarter 2017 Financial Results
May 10 2017 - 5:07PM
Cidara Therapeutics, Inc. (Nasdaq:CDTX), a biotechnology company
developing novel anti-infectives including immunotherapies, today
reported financial results for the three months ended March 31,
2017 and provided an update on its corporate activities and product
pipeline.
“We are excited about the progress we are making on our CD101 IV
and Cloudbreak™ programs, which we discussed at our recent investor
day,” said Jeffrey Stein, Ph.D., president and chief executive
officer of Cidara. “We anticipate announcing topline data from our
STRIVE Phase 2 trial of CD101 IV in the fourth quarter, and are
advancing CD201 through IND-enabling studies. Our financial
position remains strong, and I look forward to providing an update
on our continued progress as the year unfolds.”
First Quarter 2017 and Subsequent
Highlights
- Presented Data at ECCMID and SID Annual
Meetings: In April 2017, Cidara presented data from
nonclinical studies of its novel echinocandin antifungal CD101 and
its Cloudbreak antibacterial immunotherapy CD201 at the 27th
European Congress of Clinical Microbiology and Infectious Diseases
(ECCMID) in Vienna, Austria, and at the 2017 Society for
Investigative Dermatology (SID) Annual Meeting in Portland,
Oregon.
- Awarded Grant for up to $6.9 Million from
CARB-X: In March 2017, Cidara received a grant for up to
$6.9 million from CARB-X (Combating Antibiotic Resistant Bacteria
Accelerator) to advance the development of its antibiotic
immunotherapy, CD201, for the treatment of life-threatening
multi-drug resistant (MDR) Gram-negative bacterial infections.
CD201 is the first development candidate to be generated by
Cidara’s novel Cloudbreak immunotherapy discovery platform,
designed to create compounds that direct a patient’s immune cells
to attack and eliminate bacterial, fungal or viral pathogens.
First Quarter 2017 Financial Results
- Cash, cash equivalents and short-term investments totaled $90.1
million as of March 31, 2017, compared with $104.6 million as of
December 31, 2016. Management continues to expect cash burn of $60
to $65 million for 2017.
- Research and development expenses were $10.2 million for the
three months ended March 31, 2017, compared to $7.2 million for the
same period in 2016. The increase was primarily attributable to
clinical development activities for CD101.
- General and administrative expenses were $3.2 million for the
three months ended March 31, 2017, compared to $2.7 million for the
same period in 2016. The increase was primarily due to higher
personnel-related costs to support the growth of operating
activities.
- Net loss for the three months ended March 31, 2017 was $13.4
million, compared to a net loss of $9.8 million for the first
quarter of 2016.
- As of April 30, 2017, Cidara had 16,806,042 common shares
outstanding.
About Cidara Therapeutics
Cidara is a clinical-stage biotechnology company focused on
developing new anti-infectives that have the potential to transform
the standard of care and save or improve patients’ lives. The
company is currently advancing its novel echinocandin antifungal,
CD101 IV, through Phase 2 and developing CD201, its bispecific
antibiotic immunotherapy, for the treatment of multi-drug resistant
Gram-negative bacterial infections. CD101 IV has improved
pharmacokinetics compared to existing echinocandins and has the
potential for expanded utility across patient settings. CD101 IV is
the only once-weekly product candidate in development for the
treatment and prevention of life-threatening invasive fungal
infections. CD201 is the first drug candidate selected from
Cidara’s novel Cloudbreak™ platform and is designed to specifically
direct a patient’s immune cells to attack and kill bacterial
pathogens. Cidara recently received a grant for up to $6.9 million
from CARB-X (Combating Antibiotic Resistant Bacteria Accelerator)
to advance the development of CD201. Cidara is headquartered in San
Diego, California. For more information, please visit
www.cidara.com.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such
statements include, but are not limited to, statements regarding
the effectiveness, safety, and other attributes of CD101 and CD201
and other potential product candidates, including the potential for
these compounds to successfully treat or prevent fungal or
bacterial infections, including those caused by resistant
pathogens, and potentially transform the way infectious diseases
are treated, and the potential for the Cloudbreak platform to
result in future drug candidates. Risks that contribute to the
uncertain nature of the forward-looking statements include: the
success and timing of Cidara’s preclinical studies and clinical
trials; regulatory developments in the United States and foreign
countries; changes in Cidara’s plans to develop and commercialize
its product candidates; Cidara’s ability to obtain additional
financing; Cidara’s ability to obtain and maintain intellectual
property protection for its product candidates; and the loss of key
scientific or management personnel. These and other risks and
uncertainties are described more fully in Cidara’s Form 10-K most
recently filed with the United States Securities and Exchange
Commission. All forward-looking statements contained in this press
release speak only as of the date on which they were made. Cidara
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made.
Cidara Therapeutics, Inc. |
Condensed Consolidated Balance
Sheets |
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
(In
thousands) |
(unaudited) |
|
|
ASSETS |
|
|
|
Cash, cash equivalents,
and short-term investments |
$ |
90,086 |
|
|
$ |
104,619 |
|
Other current
assets |
1,195 |
|
|
779 |
|
Non-current assets |
1,482 |
|
|
1,564 |
|
Total assets |
$ |
92,763 |
|
|
$ |
106,962 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Total liabilities |
$ |
16,774 |
|
|
$ |
18,783 |
|
Stockholders'
equity |
75,989 |
|
|
88,179 |
|
Total liabilities and
stockholders' equity |
$ |
92,763 |
|
|
$ |
106,962 |
|
Cidara Therapeutics, Inc. |
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
Three months endedMarch
31, |
|
(In thousands,
except share and per share data) |
2017 |
|
2016 |
|
|
(unaudited) |
|
(unaudited) |
|
Operating
expenses: |
|
|
|
|
Research
and development |
$ |
10,243 |
|
|
$ |
7,189 |
|
|
General
and administrative |
3,155 |
|
|
2,696 |
|
|
Total operating
expenses |
13,398 |
|
|
9,885 |
|
|
Loss from
operations |
(13,398 |
) |
|
(9,885 |
) |
|
Other income
(expense): |
|
|
|
|
Interest
income (expense), net |
- |
|
|
96 |
|
|
Total other income
(expense) |
- |
|
|
96 |
|
|
Net loss |
$ |
(13,398 |
) |
|
$ |
(9,789 |
) |
|
Basic and diluted net
loss per share |
$ |
(0.80 |
) |
|
$ |
(0.71 |
) |
|
Shares used to compute
basic and diluted net loss per share |
16,795,366 |
|
|
13,807,825 |
|
|
INVESTOR CONTACT:
Robert H. Uhl
Westwicke Partners, LLC
Managing Director
(858) 356-5932
Robert.Uhl@westwicke.com
MEDIA CONTACT:
Christy Curran
Sam Brown Inc.
(615) 414-8668
ChristyCurran@sambrown.com
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