NOVATO, Calif, May 04, 2017 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE), a biopharmaceutical company focused on the development of novel products for rare and ultra-rare diseases, today reported its financial results and corporate update for the quarter ended March 31, 2017.
"We have started the year with positive data from our pediatric and adult studies of burosumab and look forward to moving this key program through the regulatory process in both the US and Europe this year," said Emil D. Kakkis, M.D., Ph.D., Chief Executive Officer and President of Ultragenyx. "We believe the additional data on fracture healing from our Phase 3 study support burosumab's value in promoting bone healing in adults with XLH."
First Quarter 2017 Financial Results
For the first quarter of 2017, Ultragenyx reported a net loss of $68.3 million, or $1.63 per share, basic and diluted, compared with a net loss of $52.8 million, or $1.35 per share, basic and diluted in the first quarter of 2016. This reflected cash used in operations of $61.2 million for the quarter ended March 31, 2017 compared to $44.9 million for the same period in 2016.
Total operating expenses for the first quarter of 2017 were $70.0 million compared with $53.6 million for the same period in 2016, including non-cash stock-based compensation of $14.5 million and $10.2 million for the first three months of 2017 and 2016, respectively. The increase in total operating expenses is due to the increase in development, commercial, and general and administrative costs as the company grows and advances its pipeline.
Cash, cash equivalents, and investments were $506.1 million as of March 31, 2017.
Burosumab (KRN23) anti-FGF23 Monoclonal Antibody in X-Linked Hypophosphatemia (XLH)
UX007 in Glut1 Deficiency Syndrome (Glut1 DS)
Upcoming Key Milestones
Burosumab in XLH
rhGUS in MPS 7
Aceneuramic Acid Extended Release (Ace-ER) in GNE Myopathy
Conference Call & Webcast Information
Ultragenyx will host a conference call today, Thursday, May 4, 2017 at 5pm ET to discuss first quarter 2017 financial results and to provide a corporate update. The live and replayed webcast of the call will be available through the company's website at http://ir.ultragenyx.com/events.cfm. To participate in the live call by phone, dial 855-797-6910 (USA) or 262-912-6260 (international) and enter the passcode 12422215. The replay of the call will be available for one year.
Ultragenyx is a clinical-stage biopharmaceutical company committed to bringing to market novel products for the treatment of rare and ultra-rare diseases, with a focus on serious, debilitating genetic diseases. Founded in 2010, the company has rapidly built a diverse portfolio of product candidates with the potential to address diseases for which the unmet medical need is high, the biology for treatment is clear, and for which there are no approved therapies.
The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx's strategy is predicated upon time and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.
For more information on Ultragenyx, please visit the company's website at www.ultragenyx.com.
Ultragenyx Product Candidates
Ultragenyx has completed a Phase 3 study of recombinant human beta-glucuronidase (rhGUS) in patients with mucopolysaccharidosis 7 (MPS 7), a rare lysosomal storage disease, and is conducting a Phase 3 study of aceneuramic acid extended-release (Ace-ER) in patients with GNE myopathy, a progressive muscle-wasting disorder; Phase 2 and Phase 3 studies of burosumab, an antibody targeting fibroblast growth factor 23 (FGF23), in pediatric and adult patients with X-linked hypophosphatemia (XLH) and a Phase 2 study in tumor induced osteomalacia (TIO), both rare diseases that impair bone mineralization; a Phase 3 study for UX007 in patients with glucose transporter type-1 deficiency syndrome (Glut1 DS), a brain energy deficiency, who are experiencing movement disorders; a Phase 2 study of UX007 in Glut1 DS patients with seizures, and a Phase 2 clinical study of UX007 in patients severely affected by long-chain fatty acid oxidation disorders (LC-FAOD), a genetic disorder in which the body is unable to convert long chain fatty acids into energy.
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Ultragenyx's expectations regarding ongoing or additional studies for its product candidates and timing regarding these studies, the design of clinical studies, the extent of its translational research program, potential indications for its product candidates, discussions with regulatory authorities, and sufficiency for, and timing of, regulatory submissions, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical drug development process, such as the regulatory approval process, the timing of our regulatory filings and other matters that could affect sufficiency of existing cash, cash equivalents and short-term investments to fund operations and the availability or commercial potential of our drug candidates. Ultragenyx undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Ultragenyx's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 17, 2017, and its subsequent periodic reports filed with the Securities and Exchange Commission.
|Ultragenyx Pharmaceutical Inc.|
|Selected Statement of Operations Financial Data|
|(in thousands, except share and per share amounts)|
|Three Months Ended March 31,|
|Statement of Operations Data:|
|Research and development||$||51,269||$||40,415|
|General and administrative||18,685||13,207|
|Total operating expenses||69,954||53,622|
|Loss from operations||(69,954||)||(53,622||)|
|Other income, net||1,664||865|
|Net loss per share, basic and diluted||$||(1.63||)||$||(1.35||)|
|Shares used in computing net loss per share,|
|basic and diluted||41,841,612||38,970,151|
|Ultragenyx Pharmaceutical Inc.|
|Selected Balance Sheets Financial Data|
|March 31,||December 31,|
|Balance Sheet Data:|
|Cash, cash equivalents and investments||$||506,052||$||498,111|
|Total stockholders' equity||488,478||473,974|
Contact Ultragenyx Pharmaceutical Inc. Investors & Media Ryan Martins 844-758-7273