Optinose Announces Preliminary Third Quarter 2020 XHANCE Net Revenue of $15.4 Million
October 22 2020 - 7:00AM
Optinose (NASDAQ:OPTN), a pharmaceutical company focused on
patients treated by ear, nose and throat (ENT) and allergy
specialists, today announced preliminary XHANCE® net product
revenues of $15.4 million for the three months ended September 30,
2020. XHANCE net product revenues increased 78% compared to the
three months ended September 30, 2019, and 50% compared to the
three months ended June 30, 2020.
This financial information is preliminary and
subject to change. The Company expects to report full financial
results for the third quarter of 2020 and corporate updates before
market open on Thursday, November 5, 2020.
“We are pleased with the continued growth in
demand for XHANCE as evidenced by preliminary third quarter net
product revenues of $15.4 million,” stated CEO Peter Miller. “By
exceeding the third quarter 2020 net revenue threshold specified in
our debt facility, we open up the option to draw an additional $20
million to add to our cash position, which would extend our cash
runway and enable us to continue to focus on our growth strategy.
We look forward to providing a full update on the fifth of
November.”
Company to Host Conference CallMembers of the
Company’s leadership team will host a conference call starting at
8:00 a.m. Eastern Time on Thursday, November 5, 2020 to discuss
financial results and corporate updates.
To participate on the conference call, please
dial (866) 916-4761 from the U.S. or +1 (409) 216-6496 from outside
the U.S. In addition, following the completion of the call, a
telephone replay will be accessible until Thursday, November 12,
2020 by dialing (855) 859-2056 from the U.S. or +1 (404) 537-3406
from outside the U.S. and entering conference ID # 4167801. A
simultaneous webcast of the call and presentation can be accessed
by visiting the Investors section of Optinose’s website at
www.optinose.com. In addition, a replay of the webcast will be
available on the Company website for 60 days following the
event.
About OptinoseOptinose is a global specialty
pharmaceutical company focused on serving the needs of patients
cared for by ear, nose and throat (ENT) and allergy specialists. To
learn more, please visit www.optinose.com or follow us on
Twitter and LinkedIn.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. All statements that are not historical facts are hereby
identified as forward-looking statements for this purpose and
include, among others, statements relating to: XHANCE demand;
preliminary XHANCE® net product revenues for the quarter ended
September 30, 2020 and growth rate over prior periods; the option
to draw an additional $20 million under the Company’s debt facility
and, if drawn, the potential for such funds to extend the Company’s
cash runway; and other statements regarding the Company's future
operations, financial performance, financial position, prospects,
objectives; and other future events. Forward-looking statements are
based upon management’s current expectations and assumptions and
are subject to a number of risks, uncertainties and other factors
that could cause actual results and events to differ materially and
adversely from those indicated by such forward-looking statements
including, among others: the potential for preliminary XHANCE net
product revenues and resulting growth rates over prior periods to
change in connection with the finalization of the Company’s
financial results for the third quarter of 2020; the extent and
duration of the COVID-19 pandemic and its impact on the Company’s
business, results of operations and financial condition; physician
and patient acceptance of XHANCE; the Company’s ability to maintain
adequate third-party reimbursement for XHANCE (market access); the
Company’s ability to grow XHANCE prescriptions and net revenues;
unanticipated costs and expenses; the Company's ability to comply
with the conditions applicable to the availability of the $20
million draw under its debt facility and the Company’s ability to
comply with the other covenants and terms of the facility; and the
risks, uncertainties and other factors discussed under the caption
"Item 1A. Risk Factors" and elsewhere in the Company’s most recent
Form 10-K and Form 10-Q filings with the Securities and Exchange
Commission - which are available at www.sec.gov. As a result, you
are cautioned not to place undue reliance on any forward-looking
statements. Any forward-looking statements made in this press
release speak only as of the date of this press release, and the
Company undertakes no obligation to update such forward-looking
statements, whether as a result of new information, future
developments or otherwise.
Optinose Investor ContactJonathan
Neelyjonathan.neely@optinose.com267.521.0531
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