NPS Pharmaceuticals, Inc. (NASDAQ: NPSP), a specialty pharmaceutical company developing orphan therapeutics for rare gastrointestinal and endocrine disorders, today reported its results for the first quarter of 2012.NPS reported a net loss of $10.6 million or $0.12 per diluted share for the first quarter of 2012, compared to a net loss of $9.2 million or $0.13 per diluted share for the first quarter of 2011. Cash and investments totaled $137.7 million at March 31, 2012, compared with $162.2 million at December 31, 2011.
“It’s an exciting time for NPS as we pursue marketing approvals for both Gattex and Natpara,” said Francois Nader, MD, president and chief executive officer of NPS Pharmaceuticals. “We were very pleased to report earlier today that four additional patients completely eliminated their dependence on parenteral nutrition and intravenous fluids while on long-term Gattex therapy in the ongoing STEPS 2 open-label extension study. There are now a total of 11 patients who achieved independence from PN and IV fluids while on Gattex therapy. This is a dramatic finding that reinforces our belief in the value of Gattex as a first-in-class therapy. The FDA is reviewing our New Drug Application for Gattex with a current action date of September 30, 2012.”
Dr. Nader added, “In parallel, we are preparing our Biologics License Application (BLA) for Natpara in hypoparathyroidism and our submission remains on track for later this year. We expect to gain additional insights at our pre-BLA meeting with the FDA later this month. And we are also eager to present additional data from the REPLACE study at the annual meeting of the Endocrine Society in June.”
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