Anacor Pharmaceuticals Reports Second Quarter 2012 Financial Results
Anacor Pharmaceuticals, Inc.Geoff Parker, 650-543-7516Chief Financial OfficerDeDe Sheel, 650-543-7575Director, Investor Relations and Corporate Communications
Anacor Pharmaceuticals (NASDAQ:ANAC) announced today its financial results for the second quarter ended June 30, 2012.
“Our Phase 3 trials of tavaborole in onychomycosis are progressing well, and we expect to announce top-line results from the first of these trials in January 2013 and from the second trial approximately six weeks later,” said David Perry, CEO of Anacor Pharmaceuticals. “Clinical development of AN2728 in atopic dermatitis also remains on track. We have initiated two Phase 2 clinical studies in adolescents – a safety, pharmacokinetics and efficacy study and a dose-ranging study – and expect to have top-line data from the first of these trials around the end of 2012.”
for the quarter ended June 30, 2012 were $2.6 million, compared to $2.9 million for the comparable period in 2011. The decrease in revenues was primarily due to lower revenue recognized from our neglected diseases programs and our research and development agreement with GSK.
were $14.1 million for the second quarter of 2012, compared to $15.5 million for the same quarter in 2011. The decrease was primarily due to more costly AN2728 clinical activity in the second quarter of 2011 when we were conducting a Phase 2 trial in psoriasis as compared to the second quarter of 2012 during which AN2728-related clinical activity consisted of planning for the Phase 2 trials in atopic dermatitis, which have since been initiated.
for the second quarter of 2012 were $2.7 million, compared to $2.4 million for the comparable period in 2011. The increase for the second quarter of 2012 as compared to the same period in 2011 resulted primarily from market research and other pre-commercialization activities for tavaborole.
totaled $41.0 million at June 30, 2012.
We project cash, cash equivalents and short-term investments to be at least $25 million at year-end 2012, which we believe will be sufficient to meet our anticipated operating requirements until we receive top-line data from our two Phase 3 trials of tavaborole in onychomycosis.
Anacor will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, during which management will discuss the Company’s financial results and recent developments. The call can be accessed by dialing (877) 291-1367 (domestic) and (914) 495-8534 (international) five minutes prior to the start of the call. The call will also be webcast live and can be accessed on the Events and Presentations page, under Investors, on the Company’s website at and will be available for three months following the call.
Anacor is a biopharmaceutical company focused on discovering, developing and commercializing novel small-molecule therapeutics derived from its boron chemistry platform. Anacor has discovered seven compounds that are currently in development. Its two lead product candidates are topically administered dermatologic compounds - tavaborole, a topical antifungal for the treatment of onychomycosis and AN2728, a topical anti-inflammatory PDE-4 inhibitor for the treatment of atopic dermatitis and psoriasis. In addition to its two lead programs, Anacor has discovered two other clinical product candidates, AN2718 and AN2898, which are backup compounds to tavaborole and AN2728, respectively. The Company has also discovered three compounds that it has out-licensed for further development - GSK ‘052 (formerly referred to as AN3365), a systemic antibiotic for the treatment of infections caused by Gram-negative bacteria, which is licensed to GlaxoSmithKline; AN8194, which is licensed to Eli Lilly and Company for an animal health indication; and AN5568, which is licensed to the Drugs for Neglected Diseases initiative for sleeping sickness. In addition, Anacor has a research and development agreement with Medicis Pharmaceuticals to discover and develop boron-based small molecule compounds directed against a target for the potential treatment of acne. For more information, visit .
This release contains forward-looking statements, including statements regarding our milestones, clinical plans and financial projections. Our actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties, including risks relating to patient accrual, execution on clinical plans and timing of data availability and NDA filing for tavaborole; the potential for success of tavaborole and our AN2728 compound, the size of the markets in onychomycosis, atopic dermatitis and psoriasis; the timing of any announcement of the next steps for the GSK ‘052 development program; 2012 financial projections and year-end cash balance; and other matters that are described in Anacor’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, including the risk factors set forth in that filing. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release.
(1) Derived from the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.