- Company appoints Beth Hecht to Board of Directors –
- Conference call scheduled for 8:30 am ET today -
Dallas/Fort Worth, TX (September 3, 2015) – Neos Therapeutics, Inc. (NASDAQ: NEOS), a pharmaceutical company with a late-stage pipeline of innovative extended-release (XR) product candidates for the treatment of attention deficit hyperactivity disorder (ADHD), today announced financial results for the second quarter ended June 30, 2015. The Company also announced the appointment of Beth Hecht to its Board of Directors.
Recent Highlights
• Completed an IPO of 5,520,000 shares of its common stock, including the exercise in full by the underwriters of their overallotment option, with gross proceeds of $82.8 million on July 28, 2015. Shares are listed on the NASDAQ Global Market under the ticker NEOS.
• Received FDA acknowledgement of the resubmission of the new drug application (NDA) for NT-0202, the Company’s Amphetamine XR orally disintegrating tablet (ODT), with a Prescription Drug User Fee Act (PDUFA) goal date of January 27, 2016. This is the Company’s second upcoming PDUFA goal date as the PDUFA goal date for its Methylphenidate extended-release orally disintegrating tablet (now provisionally called Cotempla XR-ODT™) is November 9, 2015.
• Appointed Tom McDonnell as Chief Commercial Officer (announced prior to IPO). Mr. McDonnell joined Neos after 10 years at Shire in various roles, most recently as Vice President of US Marketing in the Neuroscience Business Unit.
• Appointed three new Board members: Beth Hecht (announced today) as well as Paul Edick and John Schmid (announced prior to IPO).
“This has been a productive period for Neos Therapeutics, highlighted by the completion of our IPO in July and listing of our shares on the NASDAQ Global Market,” said Vipin K. Garg, Ph.D., President and CEO of Neos. “The proceeds from our IPO provide us with the resources to advance our three late-stage product candidates for the treatment of ADHD. If approved, our two XR-ODT products would be the first extended-release orally disintegrating tablets for once-daily treatment of ADHD, representing a new patient-friendly therapeutic option for patients of all ages.”
“In addition to the positive business momentum we’ve achieved this quarter, we are also continuing to add to our senior leadership team and are pleased to welcome Beth Hecht to our Board of Directors. Beth brings with her extensive life sciences experience, and we are confident that she will be a valuable asset to the company going forward.”
Appointment of Beth Hecht to Board of Directors
Beth Hecht serves as Managing Director and Chief Legal and Administrative Officer of Auven Therapeutics, a global private equity firm with offices in the U.S., Bermuda, St. Thomas USVI and Switzerland that acquires and develops pharmaceutical products that address unmet medical needs. She has over twenty years of senior management experience in the pharmaceutical and biotechnology industries, building and leading legal, compliance and security teams at companies including Durata Therapeutics Inc., MedPointe Inc., Warner Chilcott PLC, ChiRex, Ltd. and Alpharma Inc. Ms. Hecht started her career as an attorney specializing in corporate transactions and intellectual property at Willkie Farr & Gallagher and then Kirkland & Ellis. Ms. Hecht received a J.D. from Harvard Law School and a B.A. from Amherst College.
Select Financial Results for the Quarter Ended June 30, 2015
Total revenues were $1.5 million for the three months ended June 30, 2015, an increase of $1.4 million compared to the three months ended June 30, 2014. All $1.5 million of product revenue in the three months ended June 30, 2015 was generated from net sales of the company’s generic Tussionex. Commercialization and profit rights for this product were acquired in August 2014.
Cost of goods sold was $1.7 million for the three months ended June 30, 2015, an increase of $1.0 million compared to the three months ended June 30, 2014. This increase was primarily due to a $600,000 increase in raw material costs due to the increased sales of Tussionex, $200,000 of amortization of the intangibles resulting from the acquisition of the rights to commercialize and derive future profits from Tussionex ANDA and a $200,000 increase in other costs related to Tussionex.
Research and development expenses were $2.1 million for the three months ended June 30, 2015, a decrease of $1.1 million compared to the three months ended June 30, 2014. The decrease was primarily due to a $1.1 million reduction in clinical expense, primarily the result of the completion of the Company’s classroom efficacy study of NT 0102 and the completion of clinical trials for NT-0201 and NT-0202 in 2014.
Selling, general & administrative expenses were $2.3 million for the three months ended June 30, 2015, an increase of $0.9 million from the $1.4 million for the three months ended June 30, 2014. The increase was primarily due to pre-commercialization activities for the NT-0102 and NT-0202 product candidates and increased salary expenses associated with the building out of the commercial team.
The Company reported a net loss of $5.8 million in the three months ended June 30, 2015 compared with $5.6 million for the same period in 2014.
At June 30, 2015, the company's cash, cash equivalents and investments amounted to $25.6 million. This amount does not include the net proceeds from the Company's initial public offering, which closed on July 28, 2015. The net proceeds from this offering, after deducting underwriting discounts and commissions and other offering expenses payable by us, were approximately $75.0 million.
Conference Call Details
Neos Therapeutics will host a conference call at 8:30 a.m. ET today to discuss the Company’s 2015 second quarter financial results. To access the call, dial 866-842-7969 (U.S.) or 704-908-0466 (outside of the U.S.). The Conference ID is 19474416. A live webcast will be available on the Investor Relations page of the company’s website at http://investors.neostx.com/. Please log in approximately 5-10 minutes prior to the scheduled start time.
The archived webcast will be available on the company’s Investor Relations page under Presentations.
About Neos Therapeutics
Neos Therapeutics, Inc. is a pharmaceutical company focused on developing, manufacturing and commercializing products utilizing its proprietary modified-release drug delivery technology platform. The Company is initially focusing on ADHD and has developed three branded product candidates that are XR medications in patient-friendly orally disintegrating tables (“ODT”) or liquid suspension dosage forms. In addition, Neos manufactures and markets its generic equivalent of the branded product Tussionex®[1], an XR liquid suspension of hydrocodone and chlorpheniramine indicated for the relief of cough and upper respiratory symptoms of a cold.
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- Conference call scheduled for 8:30 am ET today -
Dallas/Fort Worth, TX (September 3, 2015) – Neos Therapeutics, Inc. (NASDAQ: NEOS), a pharmaceutical company with a late-stage pipeline of innovative extended-release (XR) product candidates for the treatment of attention deficit hyperactivity disorder (ADHD), today announced financial results for the second quarter ended June 30, 2015. The Company also announced the appointment of Beth Hecht to its Board of Directors.
Recent Highlights
• Completed an IPO of 5,520,000 shares of its common stock, including the exercise in full by the underwriters of their overallotment option, with gross proceeds of $82.8 million on July 28, 2015. Shares are listed on the NASDAQ Global Market under the ticker NEOS.
• Received FDA acknowledgement of the resubmission of the new drug application (NDA) for NT-0202, the Company’s Amphetamine XR orally disintegrating tablet (ODT), with a Prescription Drug User Fee Act (PDUFA) goal date of January 27, 2016. This is the Company’s second upcoming PDUFA goal date as the PDUFA goal date for its Methylphenidate extended-release orally disintegrating tablet (now provisionally called Cotempla XR-ODT™) is November 9, 2015.
• Appointed Tom McDonnell as Chief Commercial Officer (announced prior to IPO). Mr. McDonnell joined Neos after 10 years at Shire in various roles, most recently as Vice President of US Marketing in the Neuroscience Business Unit.
• Appointed three new Board members: Beth Hecht (announced today) as well as Paul Edick and John Schmid (announced prior to IPO).
“This has been a productive period for Neos Therapeutics, highlighted by the completion of our IPO in July and listing of our shares on the NASDAQ Global Market,” said Vipin K. Garg, Ph.D., President and CEO of Neos. “The proceeds from our IPO provide us with the resources to advance our three late-stage product candidates for the treatment of ADHD. If approved, our two XR-ODT products would be the first extended-release orally disintegrating tablets for once-daily treatment of ADHD, representing a new patient-friendly therapeutic option for patients of all ages.”
“In addition to the positive business momentum we’ve achieved this quarter, we are also continuing to add to our senior leadership team and are pleased to welcome Beth Hecht to our Board of Directors. Beth brings with her extensive life sciences experience, and we are confident that she will be a valuable asset to the company going forward.”
Appointment of Beth Hecht to Board of Directors
Beth Hecht serves as Managing Director and Chief Legal and Administrative Officer of Auven Therapeutics, a global private equity firm with offices in the U.S., Bermuda, St. Thomas USVI and Switzerland that acquires and develops pharmaceutical products that address unmet medical needs. She has over twenty years of senior management experience in the pharmaceutical and biotechnology industries, building and leading legal, compliance and security teams at companies including Durata Therapeutics Inc., MedPointe Inc., Warner Chilcott PLC, ChiRex, Ltd. and Alpharma Inc. Ms. Hecht started her career as an attorney specializing in corporate transactions and intellectual property at Willkie Farr & Gallagher and then Kirkland & Ellis. Ms. Hecht received a J.D. from Harvard Law School and a B.A. from Amherst College.
Select Financial Results for the Quarter Ended June 30, 2015
Total revenues were $1.5 million for the three months ended June 30, 2015, an increase of $1.4 million compared to the three months ended June 30, 2014. All $1.5 million of product revenue in the three months ended June 30, 2015 was generated from net sales of the company’s generic Tussionex. Commercialization and profit rights for this product were acquired in August 2014.
Cost of goods sold was $1.7 million for the three months ended June 30, 2015, an increase of $1.0 million compared to the three months ended June 30, 2014. This increase was primarily due to a $600,000 increase in raw material costs due to the increased sales of Tussionex, $200,000 of amortization of the intangibles resulting from the acquisition of the rights to commercialize and derive future profits from Tussionex ANDA and a $200,000 increase in other costs related to Tussionex.
Research and development expenses were $2.1 million for the three months ended June 30, 2015, a decrease of $1.1 million compared to the three months ended June 30, 2014. The decrease was primarily due to a $1.1 million reduction in clinical expense, primarily the result of the completion of the Company’s classroom efficacy study of NT 0102 and the completion of clinical trials for NT-0201 and NT-0202 in 2014.
Selling, general & administrative expenses were $2.3 million for the three months ended June 30, 2015, an increase of $0.9 million from the $1.4 million for the three months ended June 30, 2014. The increase was primarily due to pre-commercialization activities for the NT-0102 and NT-0202 product candidates and increased salary expenses associated with the building out of the commercial team.
The Company reported a net loss of $5.8 million in the three months ended June 30, 2015 compared with $5.6 million for the same period in 2014.
At June 30, 2015, the company's cash, cash equivalents and investments amounted to $25.6 million. This amount does not include the net proceeds from the Company's initial public offering, which closed on July 28, 2015. The net proceeds from this offering, after deducting underwriting discounts and commissions and other offering expenses payable by us, were approximately $75.0 million.
Conference Call Details
Neos Therapeutics will host a conference call at 8:30 a.m. ET today to discuss the Company’s 2015 second quarter financial results. To access the call, dial 866-842-7969 (U.S.) or 704-908-0466 (outside of the U.S.). The Conference ID is 19474416. A live webcast will be available on the Investor Relations page of the company’s website at http://investors.neostx.com/. Please log in approximately 5-10 minutes prior to the scheduled start time.
The archived webcast will be available on the company’s Investor Relations page under Presentations.
About Neos Therapeutics
Neos Therapeutics, Inc. is a pharmaceutical company focused on developing, manufacturing and commercializing products utilizing its proprietary modified-release drug delivery technology platform. The Company is initially focusing on ADHD and has developed three branded product candidates that are XR medications in patient-friendly orally disintegrating tables (“ODT”) or liquid suspension dosage forms. In addition, Neos manufactures and markets its generic equivalent of the branded product Tussionex®[1], an XR liquid suspension of hydrocodone and chlorpheniramine indicated for the relief of cough and upper respiratory symptoms of a cold.
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