Coherus Reports First Quarter 2017 Corporate Highlights And Financial Results

REDWOOD CITY, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (NASDAQ:CHRS), today reviewed corporate events and reported financial results for the quarter ended March 31, 2017.

Corporate Highlights for the First Quarter 2017 Include:
Immunology (anti-TNF) therapeutic franchise:

  • CHS-1420 (adalimumab (Humira®) biosimilar candidate)
    • Reported positive topline 24-week treatment results for CHS-1420 in patients with psoriasis.
    • Announced filing of four petitions for Inter Partes Review in the United States Patent and Trademark Office seeking invalidation of AbbVie’s U.S. Patent 9,085,619 (the ‘619 patent) which is directed to formulations of adalimumab that do not contain a buffer.
    • Announced CHS-1420 met the primary endpoint in a clinical pharmacokinetic (PK) bioequivalence study that compared CHS-1420 to Humira in healthy subjects.

Financial Highlights for the First Quarter 2017 include:

  • Total revenue for the first quarter 2017 was $161,000, as compared to $12.4 million in the first quarter of 2016. The decrease in revenue is the result of the termination of an agreement for CHS-0214 (etanercept (Enbrel®) biosimilar candidate) with Shire plc (whereupon Coherus regained rights to CHS-0214) in the third quarter of 2016.
  • Research and development (R&D) expenses for the first quarter of 2017 were $53.8 million compared to $65.3 million for the same period in 2016.  The decrease in R&D expenses in the first quarter over the same period in 2016 was mainly due to completion of CHS-0214 clinical  programs, offset by an increase in personnel related costs allocated across our biosimilar product development efforts.
  • General and administrative (G&A) expenses for the first quarter of 2017 were $18.8 million, compared to $11.4 million for the same period in 2016. Changes in G&A expenses were mainly attributable to an increase in legal and other professional fees to support the intellectual property strategy and personnel related costs to support CHS-1701 (pegfilgrastim (Neulasta®) biosimilar candidate) pre-commercial activities. 
  • Net loss attributable to Coherus for the first quarter of 2017 was ($74.8) million, or ($1.54) per share, compared to a net loss of ($65.4) million, or ($1.67) per share, for the same period in 2016.
  • Cash and cash equivalents and investments in marketable securities – short-term totaled $174.8 million as of March 31, 2017, compared to $124.9 million as of December 31, 2016.  Coherus issued 5,294,902 shares of its common stock at a price to the public of $24.25 per share and received total net proceeds of $120.4 million.

Back to news