Furiex Pharmaceuticals, Inc. today reported its financial and operating results for the quarter ended September 30, 2010. Furiex was spun off from Pharmaceutical Product Development, Inc. (PPD) as a separate public company effective June 14, 2010. As a result, the Furiex financial information prior to that date was derived from PPD's discovery sciences segment and does not reflect the consolidated results of operations or cash flows of the company had it been a separate, stand-alone entity.
Furiex recorded third quarter revenues of $0.3 million, compared to $0.4 million for the same period in the prior year. Revenue included royalties related to Priligy(TM) sales in various countries outside the United States and Nesina(R) sales in Japan.
Research and development expenses were $20.0 million for the quarter, compared to $0.3 million for the same period in the prior year. The increase was primarily the result of development costs associated with the two therapeutic compounds, MuDelta and JNJ-Q2, which Furiex in-licensed from Janssen Pharmaceutica N.V. in November 2009. Furiex issued a separate news release today announcing positive Phase II clinical trial results for JNJ-Q2.
Third quarter selling, general and administration expenses were $1.5 million for the quarter compared to $0.3 million for the third quarter of 2009. The increase was primarily the result of additional costs associated with being a stand-alone publicly traded company.
Operating loss from continuing operations was $21.2 million, compared to $0.2 million for the third quarter of 2009. The increase in loss from continuing operations was predominantly a result of the increase in R&D expense of $19.6 million.
Earnings (loss) per share for the third quarter of 2010 was $(2.14), compared to $(0.58) for the third quarter of 2009. Third quarter 2009 earnings (loss) per share included PPD's loss from discontinued operations, net of income taxes, of $(0.56) per share.
"We are extremely pleased with JNJ-Q2 results, which represent an important milestone for the product and demonstrate its potential value in the treatment of complicated skin infections," said June Almenoff, M.D., Ph.D., president and chief medical officer of Furiex. "We are confident that our expertise and strong balanced portfolio position us well for future success."
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