SOUTH SAN FRANCISCO, Calif., Feb. 11 /PRNewswire-FirstCall/ -- Anesiva, Inc. today reported 2007 fourth quarter and year-end financial results and accomplishments and outlined its objectives for 2008 based on commercialization plans for FDA-approved Zingo(TM) (lidocaine hydrochloride monohydrate) powder intradermal injection system, as well as clinical development milestones for Adlea(TM), the company’s long-acting, localized, non-opioid analgesic drug candidate.
“We are preparing on multiple fronts for a successful commercial introduction for Zingo in the second quarter by driving product demand through multiple initiatives and direct contact with our target customers,” said John P. McLaughlin, chief executive officer of Anesiva. “We also have a very active clinical program with Adlea that includes two ongoing Phase 2 trials in post-surgical pain as well as plans to advance into two Phase 3 registration trials in post-surgical indications in the first half of 2008.”
Recent Highlights and Accomplishments
Anesiva continued to execute on its corporate, commercial and clinical milestones in late 2007 and early 2008:
http://www.manageIVpain.com
Corporate Developments
Anesiva announced that Richard P. Powers, vice president and chief financial officer, will resign at the end of the month to pursue other interests, while remaining a consultant to the company. He will be succeeded by Jean-Frederic Viret, Ph.D., who is currently Anesiva’s vice president, finance.
“Dick has been a valuable member of the Anesiva senior management team, having served as chief financial officer and leader of successful financing efforts almost since the company’s inception. We are grateful for his many contributions and will appreciate the ongoing benefit of his counsel,” said Mr. McLaughlin. “We are also pleased that we will have a smooth transition with the promotion of Jean Viret to vice president and chief financial officer. Jean has been a leader in our finance group since 2002, and we are confident that in this new position he will have a significant role in Anesiva’s growth.”
Jean-Frederic Viret, Ph.D. joined Anesiva in 2002 and was promoted to vice president, finance in 2006. Prior to Anesiva, Jean was associate director of finance at Tularik Inc. (now Amgen) from 2000 to 2002. He served as a senior associate with PricewaterhouseCoopers from 1997 to 2000. Dr. Viret holds an M.B.A. from the Johnson School at Cornell University, and a Ph.D. in molecular biology from the Universite Louis Pasteur. He completed a postdoctoral fellowship in molecular biology at the Massachusetts Institute of Technology and was a visiting fellow in molecular biology at Harvard University. Dr. Viret is also a certified public accountant.
Fourth Quarter and Fiscal Year 2007 Financial Results
Total operating expenses in the fourth quarter of 2007 were $18.1 million, including $1.7 million of non-cash stock-based compensation, compared to total operating expenses of $16.2 million, including $2.3 million of non-cash stock-based compensation, in the fourth quarter of 2006. For the year ended December 31, 2007, operating expenses were $61.5 million compared to $58.8 million for the year ended December 31, 2006.
Operating expenses during the quarter primarily related to the continued development and commercial preparations to launch the company’s lead product candidate, Zingo, a fast-acting, needle-free, local anesthetic. Additional operating expenses related to the ongoing development of Adlea, which has been shown in numerous clinical studies to provide site-specific, moderate-to-severe pain relief for weeks to months following a single application.
For the fourth quarter of 2007, Anesiva’s net loss was $17.7 million, or $0.60 per share. In the fourth quarter of 2006, the net loss was $15.3 million, or $0.65 per share. The net loss for the year ended December 31, 2007 was $59.4 million, or $2.12 per share, and for the year ended December 31, 2006, the net loss was $55.6 million, or $2.69 per share.
As of December 31, 2007, cash, cash equivalents and investments were $90.8 million compared to $54.5 million at September 30, 2007. Anesiva completed a public offering of 12.3 million shares of its common stock in December 2007. The net proceeds, after deducting underwriting discounts and offering expenses, were approximately $47.7 million. Common shares issued and outstanding totaled approximately 40.4 million at December 31, 2007.
2008 Outlook
With the $47.7 million in net proceeds from the December 2007 common stock offering and $90.8 million in cash, cash equivalents and investments as of December 31, 2007, the company has sufficient resources to fund anticipated expenses for all of 2008 and into 2009. Anesiva plans to update this guidance, including estimated 2008 operating expenses, going forward. The company also plans to provide projections related to Zingo sales in the second half of 2008
In addition, Anesiva is pursuing corporate partnerships for the registration and commercialization of Zingo outside the licensed territories, and in support of the development and commercialization of Adlea for multiple potential indications.
Conference Call Details
Anesiva will conduct a webcast conference call with the investment community at 4:30 p.m. EDT, today, February 11, 2008 to discuss its financial results and to review the company’s progress and future outlook. Interested parties can listen to the live conference call by dialing 800-340-6289 (international dial: 706-634-1538) or by logging on to http://www.anesiva.com and going to the Investor Information page. For those unable to participate via the Internet, a replay will be available for seven days after the call by dialing 800-642-1687 (international dial: 706-645-9291) and giving the following pass code: 31729950. The webcast will be available until the company’s next quarterly financial results conference call.
About Anesiva and its Diverse Pipeline of Pain Products
Anesiva, Inc. is a late-stage biopharmaceutical company that seeks to be the leader in the development and commercialization of novel pharmaceutical products for pain management. The company has one FDA-approved product, Zingo(TM), for the reduction of pain associated with peripheral venous access procedures in children ages three to 18. In clinical trials, the most common adverse reactions to Zingo were redness (erythema), red dots (petechiae) and swelling (edema). The second product in Anesiva’s pipeline, Adlea(TM), has been shown to reduce pain after only a single administration for weeks to months in multiple settings in numerous mid-stage clinical trials for site-specific, acute and chronic, moderate-to-severe pain. Anesiva is based in South San Francisco, CA. For more information about Anesiva’s leadership in the development of products for pain management, and an overview of the clinical challenges being addressed by its product candidates, go to http://www.anesiva.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the timing and results of our clinical trials, whether Anesiva is able to manufacture its products on commercially reasonable terms, whether Anesiva can secure FDA approval for the use of Zingo in adults, and the degree to which Zingo gains market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Additional information concerning these and other risk factors is contained in Anesiva’s quarterly report on Form 10-Q for the quarter ended September 30, 2007.
Anesiva undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
CONTACT: Carol DeGuzman, Senior Director, Investor Relations of Anesiva,
Inc., +1-650-246-6898, investors@anesiva.com; or Carolyn Wang, Media, of
WeissComm Partners, +1-415-946-1065, cbwang@wcpglobal.com, for Anesiva,
Inc.
Web site: http://www.anesiva.com/
