Adamas Reports First Quarter 2018 Financial Results
GOCOVRI™ (amantadine) extended release capsules product sales hit
Received positive feedback from the
“We are pleased with the first quarter of commercialization of GOCOVRI and we are very encouraged by the positive reception we have received from physicians, patients and care partners,” stated
Recent Highlights
- Fulfilled 1,608 paid prescriptions of GOCOVRI, the first and only
FDA -approved medicine indicated for the treatment of dyskinesia in patients with Parkinson’s disease receiving levodopa-based therapy, in the first quarter of 2018 - Received GOCOVRI prescriptions from 550 distinct prescribers through
March 31, 2018 - Reported final data from EASE LID 2, the two-year Phase 3 open-label study of GOCOVRI for the treatment of dyskinesia in patients with Parkinson’s disease receiving levodopa-based therapy demonstrating durability of effect out to two years
- Presented GOCOVRI-related basic research and clinical data at the
American Academy of Neurology (AAN) Annual Meeting - Published a manuscript in CNS Drugs showing that 52 percent of GOCOVRI-treated patients in the pooled Phase 3 studies reported a complete resolution of their ON time with troublesome dyskinesia by Week 12
- Initiated a Phase 3 study of ADS-5102 (amantadine) extended release capsules in multiple sclerosis patients with walking impairment
- Received positive feedback from the
U.S. Food and Drug Administration (FDA ) regarding the clinical development plans for ADS-4101 (lacosamide) modified release capsules in development for the treatment of partial onset seizures in patients with epilepsy
First Quarter 2018 Financial Results
Adamas recorded revenues from the sale of GOCOVRI of
Research and development (R&D) expenses for the first quarter ended
Selling, general and administrative (SG&A) expenses for the first quarter ended
Adamas reported a net loss of
Cash Position
Adamas ended the quarter with
Investor Conference Call and Webcast
Adamas will host a conference call and webcast today,
About GOCOVRI
GOCOVRI (amantadine) extended release capsules is the first and only
About ADS-4101
ADS-4101 is an investigational drug in development for the treatment of partial onset seizures in patients with epilepsy. Derived from Adamas’ validated time-dependent biology approach to drug development, ADS-4101 is a potential high-dose, once-daily at bedtime lacosamide therapy, with a drug profile that provides high concentrations of lacosamide during the day to match the time when seizures occur most often. Lacosamide is an anti-epilepsy active ingredient previously approved by the
About Adamas Pharmaceuticals, Inc.
Adamas’ goal is to create and commercialize a new generation of medicines intended to lessen the burden of chronic neurologic diseases on patients, caregivers and society using its deep understanding of time-dependent biology. The company is focused on the commercial launch of GOCOVRI™ (amantadine) extended release capsules (previously ADS-5102), the first and only
Forward-looking Statements
Statements contained in this press release regarding matters that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements contained in this press release regarding the commercial acceptance of GOCOVRI, the potential clinical benefits of GOCOVRI or about Adamas’ ongoing or planned clinical development programs, including ADS-5102 and ADS-4101 because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, including risks relating to Adamas’ research, clinical, development and commercial activities relating to GOCOVRI and ADS-5102, and the regulatory and competitive environment and Adamas’ business in general, see Adamas’ Quarterly Report on Form 10-Q filed with the
— Financial Tables Attached —
Adamas Pharmaceuticals, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data) |
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Three Months Ended March 31, |
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2018 | 2017 | ||||||
Revenues: | |||||||
Product sales | $ | 2,553 | $ | — | |||
Costs and operating expenses: | |||||||
Cost of product sales | 25 | — | |||||
Research and development | 7,188 | 7,088 | |||||
Selling, general and administrative, net | 26,363 | 9,144 | |||||
Total costs and operating expenses | 33,576 | 16,232 | |||||
Loss from operations | (31,023 | ) | (16,232 | ) | |||
Interest and other income, net | 878 | 204 | |||||
Interest expense | (4,826 | ) | — | ||||
Net loss | $ | (34,971 | ) | $ | (16,028 | ) | |
Net loss per share, basic and diluted | $ | (1.35 | ) | $ | (0.72 | ) | |
Weighted average shares used in computing net loss per share, basic and diluted | 25,861 | 22,206 |
Adamas Pharmaceuticals, Inc. Unaudited Consolidated Balance Sheet Data (in thousands) |
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March 31, 2018 |
December 31, 2017 |
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Cash, cash equivalents, and available-for-sale securities | $ | 286,655 | $ | 176,433 | |||
Total assets | 298,388 | 186,176 | |||||
Total current liabilities | 20,920 | 16,607 | |||||
Long-term debt | 107,105 | 102,647 | |||||
Total liabilities | 128,785 | 120,050 | |||||
Total stockholders’ equity | 169,603 | 66,126 |
Contact: Media:Terri Clevenger Continuum Health Communications 203-227-0209 tclevenger@continuumhealthcom.com Investors:Ashleigh Barreto Director, Corporate Communications & Investor RelationsAdamas Pharmaceuticals, Inc. 510-450-3567 ir@adamaspharma.com
Source: Adamas Pharmaceuticals, Inc.