Press Releases Events & Presentations Press Release Ventrus Reports Third Quarter 2011 Financial Results November 14, 2011 at 8:05 AM EST Ventrus Reports Third Quarter 2011 Financial Results 20.5 KB NEW YORK, Nov. 14, 2011 (GLOBE NEWSWIRE) -- Ventrus BioSciences, Inc. (Nasdaq:VTUS) today reported financial results for the third quarter ended September 30, 2011. In July, Ventrus received net cash proceeds of $47.5 million after closing a secondary public offering. Ventrus ended the third quarter of 2011 with $53.3 million in cash and cash equivalents and no debt. Ventrus reported a net loss of approximately $15.5 million ($1.79 per share) for the nine months ended September 30, 2011. Net cash used in operating activities was approximately $8.7 million for the nine months. The primary reasons for the difference are attributed to stock-based compensation charges. Research and development expenses for the 3rd quarter of 2011 increased to $3.7 million from $193,000 in the same period last year. General and administrative expenses for the 3rd quarter of 2011 increased to $1.6 million from $317,000 in the same period last year. Our financial performance in the third quarter reflects our strategy of moving our product development programs forward. Based on our current operations we currently expect our cash burn for the next 12 months to be between $12 million and $16 million excluding the Amer acquisition. We believe that our existing cash and cash equivalents at September 30, 2011, will be sufficient to enable us to fund our operating expenses and capital expenditure requirements into 2014. About Ventrus Ventrus is a development stage specialty pharmaceutical company focused on the development of late-stage prescription drugs for gastrointestinal disorders. Our lead products are: Iferanserin (VEN 309) for the topical treatment of hemorrhoids, for which the first Phase III clinical trial began in August 2011 and is ongoing, and topical Diltiazem for the treatment of anal fissures for which the first Phase III trial was initiated November 2010, and is ongoing. Our product candidate portfolio also includes topical phenylephrine intended to treat fecal incontinence (VEN 308). VEN-307 and VEN-308 are two molecules that were previously approved and marketed for other indications and that have been formulated into our in-licensed proprietary topical treatments for these new gastrointestinal indications, and VEN 309 is a New Chemical Entity (NCE). Please Note: The information provided herein contains estimates and other forward-looking statements regarding future events. Such statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the timing, cost and results of clinical trials and other development activities involving our product candidates; the unpredictability of the clinical development of our product candidates and of the duration and results of regulatory review of those candidates by the FDA and foreign regulatory authorities; the unpredictability of the size of the markets for, and market acceptance of, any of our products, including VEN 309; our anticipated capital expenditures, our estimates regarding our capital requirements, and our need for future capital; the risks of not closing the acquisition of VEN 309 from Sam Amer & C.; our ability to retain and hire necessary employees and to staff our operations appropriately; and the possible impairment of, or inability to obtain, intellectual property rights and the costs of obtaining such rights from third parties. The reader is referred to the documents that we file from time to time with the Securities and Exchange Commission. CONTACT: Ventrus BioSciences, Inc.David Barrett 646-706-5208 dbarrett@ventrusbio.com Source: Ventrus BioSciences News Provided by Acquire Media Shareholder Tools Print Email Alerts RSS News Feeds Search Investors
Ventrus Reports Third Quarter 2011 Financial Results November 14, 2011 at 8:05 AM EST Ventrus Reports Third Quarter 2011 Financial Results 20.5 KB NEW YORK, Nov. 14, 2011 (GLOBE NEWSWIRE) -- Ventrus BioSciences, Inc. (Nasdaq:VTUS) today reported financial results for the third quarter ended September 30, 2011. In July, Ventrus received net cash proceeds of $47.5 million after closing a secondary public offering. Ventrus ended the third quarter of 2011 with $53.3 million in cash and cash equivalents and no debt. Ventrus reported a net loss of approximately $15.5 million ($1.79 per share) for the nine months ended September 30, 2011. Net cash used in operating activities was approximately $8.7 million for the nine months. The primary reasons for the difference are attributed to stock-based compensation charges. Research and development expenses for the 3rd quarter of 2011 increased to $3.7 million from $193,000 in the same period last year. General and administrative expenses for the 3rd quarter of 2011 increased to $1.6 million from $317,000 in the same period last year. Our financial performance in the third quarter reflects our strategy of moving our product development programs forward. Based on our current operations we currently expect our cash burn for the next 12 months to be between $12 million and $16 million excluding the Amer acquisition. We believe that our existing cash and cash equivalents at September 30, 2011, will be sufficient to enable us to fund our operating expenses and capital expenditure requirements into 2014. About Ventrus Ventrus is a development stage specialty pharmaceutical company focused on the development of late-stage prescription drugs for gastrointestinal disorders. Our lead products are: Iferanserin (VEN 309) for the topical treatment of hemorrhoids, for which the first Phase III clinical trial began in August 2011 and is ongoing, and topical Diltiazem for the treatment of anal fissures for which the first Phase III trial was initiated November 2010, and is ongoing. Our product candidate portfolio also includes topical phenylephrine intended to treat fecal incontinence (VEN 308). VEN-307 and VEN-308 are two molecules that were previously approved and marketed for other indications and that have been formulated into our in-licensed proprietary topical treatments for these new gastrointestinal indications, and VEN 309 is a New Chemical Entity (NCE). Please Note: The information provided herein contains estimates and other forward-looking statements regarding future events. Such statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the timing, cost and results of clinical trials and other development activities involving our product candidates; the unpredictability of the clinical development of our product candidates and of the duration and results of regulatory review of those candidates by the FDA and foreign regulatory authorities; the unpredictability of the size of the markets for, and market acceptance of, any of our products, including VEN 309; our anticipated capital expenditures, our estimates regarding our capital requirements, and our need for future capital; the risks of not closing the acquisition of VEN 309 from Sam Amer & C.; our ability to retain and hire necessary employees and to staff our operations appropriately; and the possible impairment of, or inability to obtain, intellectual property rights and the costs of obtaining such rights from third parties. The reader is referred to the documents that we file from time to time with the Securities and Exchange Commission. CONTACT: Ventrus BioSciences, Inc.David Barrett 646-706-5208 dbarrett@ventrusbio.com Source: Ventrus BioSciences News Provided by Acquire Media
