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SAN DIEGO, Aug. 11, 2015 (GLOBE NEWSWIRE) -- Celladon Corporation (Nasdaq:CLDN), today announced financial results for the quarter ended June 30, 2015 and recent corporate updates.
Second Quarter 2015 and Recent Corporate Updates
"Due to the negative results from the CUPID2 study, our Board of Directors unanimously determined that seeking a merger or sale provides the best opportunity to maximize shareholder value. We are proceeding expeditiously with this process," said Paul Cleveland, president and chief executive officer of Celladon.
Second Quarter 2015 Financial Results
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. Such statements include, but are not limited to, statements regarding Celladon's process to seek a merger or sale and its ability to maximize shareholder value through such a process, as well as projections regarding the amount of net cash to be available upon consummation of a transaction or in a liquidation and distribution. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Celladon's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with the ability to identify and consummate any merger or sale through the process being conducted by Celladon and the ability to project future cash utilization and reserves needed for contingent future liabilities. Risks and uncertainties facing Celladon are described more fully in Celladon's filings with the Securities and Exchange Commission, including without limitation its Form 10-Q for the quarter ended June 30, 2015. All forward-looking statements contained in this press release speak only as of the date on which they were made. Celladon undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
|Condensed Consolidated Statements of Operations|
|Three Months Ended June 30,||Six Months Ended June 30,|
|Research and development||$ 9,501||$ 4,981||$ 21,019||$ 10,199|
|General and administrative||3,493||2,024||8,272||3,730|
|Total operating expenses||16,075||7,005||32,372||13,929|
|Loss from operations||(16,075)||(7,005)||(32,372)||(13,929)|
|Other income (expense), net||(450)||13||(899)||(225)|
|Consolidated net loss||$ (16,525)||$ (6,992)||$ (33,271)||$ (14,154)|
|Condensed Consolidated Balance Sheets|
|June 30,||December 31,|
|Cash and cash equivalents||$ 50,041||$ 14,435|
|Prepaid expenses and other assets||1,165||3,135|
|Total current assets||59,210||88,083|
|Property and equipment, net||616||763|
|Total assets||$ 59,953||$ 89,110|
|Liabilities, preferred stock and stockholders' deficit|
|Accounts payable and accrued expenses||$ 3,446||$ 5,803|
|Accrued restructuring charges||2,392||—|
|Accrued clinical expenses||342||731|
|Current portion of long-term obligations||10,587||1|
|Total current liabilities||16,836||6,606|
|Long-term obligations, net of discount||10||10,102|
|Total liabilities, preferred stock and stockholders' equity||$ 59,953||$ 89,110|
CONTACT: Fredrik Wiklund Vice President, Corporate Development and Investor Relations (858) 432-7215NEXT ARTICLE
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