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Two Product Candidates Now in Phase 3 Development
Approximately $104 Million in Net Proceeds From Recent Follow-on Public Offering
MENLO PARK, Calif., Aug. 13, 2015 (GLOBE NEWSWIRE) -- Dermira, Inc. (NASDAQ:DERM), a specialty biopharmaceutical company focused on bringing innovative and differentiated products to dermatologists and their patients, today reported financial results for the quarter ended June 30, 2015 and provided an update on its clinical development programs.
"I am very pleased with the major strides Dermira has made towards achieving our long-term goal of delivering new and innovative products for patients and the dermatologists who treat them. With the recent initiation of our Phase 3 program for DRM04, a product candidate for the treatment of patients with axillary hyperhidrosis, and the Phase 3 CIMZIA program continuing to enroll patients, we now have two concurrent Phase 3 programs underway," said Tom Wiggans, chairman and chief executive officer of Dermira. "In addition, the successful follow-on offering that we have just completed, which raised approximately $104 million in net proceeds, enhances our financial strength and ensures funding for our planned development programs through 2017. By that time, we expect to have topline Phase 3 results for CIMZIA and DRM04, to have advanced our DRM01 program in acne into Phase 3, subject to positive results from our ongoing Phase 2b program and an end-of-phase 2 meeting with the FDA, and to be building out our initial commercial capability. I look forward to updating you on our future progress."
Operational Highlights and Clinical Pipeline Update
Second Quarter 2015 Financial Results
2015 Key Milestones and Expectations
Dermira is a specialty biopharmaceutical company focused on bringing innovative and differentiated products to dermatologists and their patients. Dermira's portfolio of five product candidates targets significant market opportunities and includes three late-stage product candidates: CIMZIA® (certolizumab pegol), in Phase 3 development in collaboration with UCB Pharma S.A. for the treatment of moderate-to-severe plaque psoriasis; DRM04, in Phase 3 development for the treatment of axillary hyperhidrosis; and DRM01, in Phase 2b development for the treatment of acne. Dermira is headquartered in Menlo Park, California. For more information, please visit www.dermira.com.
Use of Non-GAAP Measures
Dermira is reiterating its expectations with respect to its 2015 non-GAAP operating expenses that do not include stock-based compensation expense. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. Dermira's management uses the non-GAAP information internally to evaluate its ongoing business, continuing operational performance and cash requirements, and believes the non-GAAP information is useful to investors as it provides a basis for evaluating Dermira's cash requirements and additional insight into the underlying operating results and Dermira's ongoing performance in the ordinary course of its operations.
This non-GAAP measure may be different from non-GAAP measures used by other companies. In addition, this non-GAAP measure is not based on any comprehensive set of accounting rules or principles. Dermira believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with its results of operations as determined in accordance with U.S. GAAP and that these measures should only be used to evaluate Dermira's results of operations in conjunction with the corresponding GAAP measures.
Dermira excludes from its non-GAAP operating expenses stock-based compensation expense, which consists primarily of expenses for stock options under Accounting Standards Codification 718, Compensation–Stock Compensation. Dermira excludes stock-based compensation expense from its non-GAAP operating expense measure primarily because it is a non-cash expense that Dermira does not believe is reflective of ongoing operating results in the period incurred.
The information in this press release contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are subject to the "safe harbor" created by those sections. This press release contains forward-looking statements that involve substantial risks and uncertainties, including with respect to: enrollment of the CIMZIA, DRM04 and DRM01 clinical trials and when the results of those trials will be available; timing of a Phase 3 program for DRM01; timing of establishment of commercial operations; impact of our product candidates on patients; commercial opportunity for our product candidates; management expectations for operating expenses, including on a non-GAAP basis, and stock-based compensation expenses for 2015; management expectations for cash and cash equivalents and investments, and total shares of common stock outstanding balances as of December 31, 2015; and management expectations for the estimated net proceeds to Dermira from its follow-on offering. These statements deal with future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as those relating to the outcomes of our clinical trials, our dependence on third-party clinical research organizations, manufacturers and suppliers, regulatory compliance with respect to the design and implementation of our clinical trials, our ability to obtain regulatory approval for our product candidates, and our ability to continue to stay in compliance with applicable laws and regulations. You should refer to the section entitled "Risk Factors" set forth in the Company's Annual Report on Form 10-K, the Company's Quarterly Report on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission from time to time for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Furthermore, such forward-looking statements speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise, except as required by law.
|Selected Consolidated Statements of Operations Data|
|(in thousands, except share and per share amounts)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Research and development (1)||$ 13,495||$ 6,963||$ 23,583||$ 13,648|
|General and administrative (1)||3,848||1,740||7,994||3,552|
|Total operating expenses||17,343||8,703||31,577||17,200|
|Loss from operations||(17,343)||(8,703)||(31,577)||(17,200)|
|Interest and other income (expense), net||222||(25)||459||(34)|
|Net loss||$ (17,159)||$ (8,762)||$ (31,194)||$ (17,301)|
|Net loss per share, basic and diluted||$ (0.69)||$ (9.72)||$ (1.26)||$ (19.28)|
|Weighted-average common shares used to compute net loss per share, basic and diluted|
|(1) Amounts include stock-based compensation expense as follows:|
|Research and development||$ 404||$ 121||$ 859||$ 227|
|General and administrative||709||53||1,348||83|
|Total stock-based compensation expense||$ 1,113||$ 174||$ 2,207||$ 310|
|Selected Consolidated Balance Sheet Data|
|June 30,||December 31,|
|Cash and cash equivalents and investments||$ 143,805||$ 163,634|
|Bank term loan, current and non-current||1,944||1,936|
|Additional paid-in capital||239,118||236,414|
|Total stockholders' equity||125,201||153,579|
|Note: The balance sheet data exclude the impact of the Company's follow-on public offering that closed on August 11, 2015, in connection with which the Company issued a total of 5,175,000 shares of common stock and raised total estimated net proceeds of $104.0 million.|
CONTACT: Dermira Contact Andrew Guggenhime Chief Operating Officer and Chief Financial Officer 650.421.7200 email@example.com Investor Contact Robert H. Uhl Westwicke Partners Managing Director 858.356.5932 firstname.lastname@example.orgNEXT ARTICLE
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