BOSTON, May 4, 2017
/PRNewswire/ -- Juniper Pharmaceuticals (Nasdaq: JNP), a
women's health therapeutics company, today announced financial
results for the three-month period ended March 31, 2017. Cash and cash equivalents were
$21.8 million at March
31, 2017, a 4% increase from December 31, 2016.
"We continue to execute on our strategy to leverage our solid
financial position and grow the core business. The Company
maintains a fiscally disciplined approach to developing our
portfolio of differentiated therapeutics that address unmet and
underserved medical needs in women's health," said Alicia Secor, Chief Executive Officer.
"We expect to be in a position to file up to three IND's with
the U.S. Food and Drug Administration in the first half of 2018,
pending completion of IND-enabling activities for each program. Our
strong balance sheet ensures that we will have sufficient capital
to fund operations and development through achievement of these
planned milestones," added Ms. Secor.
The Company plans to prioritize development of its portfolio and
may also seek partnerships to support the advancement of one or
more of its product candidates through non-dilutive financing. In
addition, the Company continues to explore external opportunities
to expand its existing product pipeline and pursue additional
partnerships.
Advancements on lead formulations for the Company's pipeline of
intravaginal ring (IVR) candidates continue on track for the
following:
- JNP-0101 (oxybutynin IVR) for overactive bladder;
- JNP-0201 (estradiol + natural progesterone IVR) for symptoms of
menopause; and
- JNP-0301 (natural progesterone IVR) for the prevention of
pre-term birth (PTB) in women with a short cervical length at
mid-pregnancy.
"This first quarter of 2017 was marked by the
continued growth of our core business," said Jeff Young, Chief Financial Officer at Juniper.
"CRINONE product revenues were up 22%, and revenues
from Juniper Pharma Services increased 25% on a local currency
basis, compared to the first
quarter of 2016. We are in a strong
financial position to achieve our objectives."
First Quarter Financial Results
First quarter
total revenues increased 7% to $11.2 million, compared with $10.5 million for the quarter ended
March 31, 2016. First
quarter 2016 revenues include $0.9
million of royalty revenue from Allergan. Following the
monetization of the Allergan royalty stream in November 2016, Juniper no longer records royalty
revenue from Allergan.
Product revenues were $7.7 million, an increase of 22%, driven by
continued in-market growth and new market sales of
CRINONE® (progesterone gel) by Merck KGaA,
Darmstadt, Germany.
Service revenues from Juniper Pharma Services were $3.5 million, an increase
of $0.3 million, or 8%, versus the first quarter of
last year, driven by new and
existing customer growth.
Gross profit increased to $4.7 million as compared to $4.1 million in the prior year quarter.
Total operating expenses were $6.1 million in the first quarter of 2017, a
$0.3 million increase as
compared to the prior year quarter.
Juniper recorded a net loss of $1.4 million, or $0.13 per diluted share, in the first
quarter of 2017, compared to a net loss of $1.6 million, or $0.15 per diluted share, in the same period
of 2016.
Liquidity
Cash and cash equivalents were
$21.8 million as of March 31, 2017, versus $21.0 million at December 31, 2016.
Board and Committee Composition Matters
Juniper
also announced today that Frank Condella will not
seek re-election to the Company's Board of Directors at the
upcoming annual shareholder meeting, as a result of which
his term in office will expire upon completion of the meeting.
Ms. Secor added, "We want to thank Frank for his years of
service to Juniper and his commitment to the vision of
the Company. We wish him well in his future
endeavors."
In addition, the Company announced a change to its audit
committee composition, with Ann
Merrifield assuming Dr. Frank
Armstrong's place on the committee, effective upon
completion of the upcoming annual shareholder meeting.
Conference Call
As previously announced,
Juniper's management will hold a conference call to discuss
financial results for the first quarter ended March 31, 2017, as follows:
Date:
|
May 4,
2017
|
Time:
|
8:30 a.m.
ET
|
Dial-in
numbers:
|
Toll free: (866)
374-4635 (U.S.), (855) 669-9657 (Canada),
or International: (412) 902-4218
|
Webcast (live and
archive):
|
www.juniperpharma.com, under "Investors" or click
here.
|
The teleconference replay will be available approximately one
hour after completion through Thursday, May
11, 2017,
at (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
or (412) 317-0088 (International). The replay
access code is 10105578.
The archived webcast will be available for one year via the
aforementioned URLs.
About Juniper Pharmaceuticals
Juniper Pharmaceuticals, Inc. is focused on developing therapeutics
that address unmet medical needs in women's health. The
Company is advancing a pipeline of proprietary product
candidates that leverage its differentiated intravaginal
ring technology and when appropriate the 505(b)(2) regulatory
pathway. Targeted product development investments are enabled
by Juniper's core operating business: the
CRINONE® (progesterone gel) franchise
and Juniper Pharma Services, which provides high-end
fee-for-service pharmaceutical development and clinical trials
manufacturing to clients. Please
visit www.juniperpharma.com for more information.
Juniper Pharmaceuticals™ is a trademark of Juniper
Pharmaceuticals, Inc., in the U.S. and EU.
CRINONE® is a registered trademark of
Merck KGaA, Darmstadt, Germany, outside the U.S. and of
Allergan plc in the U.S.
Forward Looking Statements
This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of
1995, including statements relating to anticipated future
financial performance; the number and timing of Investigational New
Drug ("IND") application filings and potential clinical trials for
Juniper's product candidates and the announcement of results from
these trials; the potential of Juniper's Intravaginal Ring ("IVR")
technology to improve the delivery of therapeutics to women;
Juniper's ability to leverage the 505(b)(2) pathway
for product candidates; Juniper's ability to complete
business development transactions, including new product
acquisitions and/or new collaborations regarding Juniper's IVR
technology; and, the expectation that the core operating business
will enable targeted product development investments. Management
believes that these forward-looking statements are reasonable as
and when made. However, such forward-looking statements involve
known and unknown risks, uncertainties, and other factors that may
cause actual results to differ materially from those projected in
the forward-looking statements. These risks and uncertainties
include, but are not limited to: risks associated with the
drug development process generally, including the timely completion
of prototype development and planned IND-enabling and sheep
studies; risks associated with the outcomes of the prototype
formulation development efforts and planned IND-enabling and sheep
studies and whether they support further development of our product
candidates; risks associated with the regulatory review process,
including the risk that the FDA does not ultimately accept our
proposed clinical program for JNP-0301; the risk that the results
of previously conducted studies involving our product candidates
will not be repeated or observed in ongoing or future studies or
following commercial launch, if such product candidates are
approved; risks associated with obtaining, maintaining and
protecting intellectual property; risks associated with Juniper
Pharmaceuticals' ability to enforce its patents against infringers
and defend its patent portfolio against challenges from third
parties; the risk of competition from currently approved therapies
and from other companies developing products for similar uses;
risks associated with Juniper Pharmaceuticals' ability to
manage operating expenses and/or obtain additional funding to
support its business activities; and risks associated with Juniper
Pharmaceuticals' dependence on third parties. For a discussion
of certain risks and uncertainties associated with Juniper
Pharmaceuticals' forward-looking statements, please review the
Company's reports filed with the SEC, including, but not
limited to, its Annual Report on Form 10-K and subsequent
filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. These statements are based on
management's current expectations and Juniper
Pharmaceuticals does not undertake any responsibility to
revise or update any forward-looking statements contained herein,
except as expressly required by law.
Investor Contact:
Argot Partners
Laura Perry or Heather
Savelle
212-600-1902
laura@argotpartners.com
heather@argotpartners.com
To receive Juniper's press releases, SEC filings or calendar
alerts by email click
here.
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JUNIPER
PHARMACEUTICALS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(In
thousands)
|
|
March
31,
|
|
December 31,
|
2017
|
2016
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
21,759
|
|
$
|
20,994
|
Accounts receivable,
net
|
|
4,505
|
|
|
6,573
|
Inventories
|
|
5,694
|
|
|
5,621
|
Prepaid expenses and
other current assets
|
|
1,498
|
|
|
1,539
|
|
|
|
|
|
|
Total current
assets
|
|
33,456
|
|
|
34,727
|
Property and
equipment, net
|
|
13,834
|
|
|
13,366
|
Intangible assets,
net
|
|
908
|
|
|
969
|
Goodwill
|
|
8,444
|
|
|
8,342
|
Other
assets
|
|
167
|
|
|
167
|
|
|
|
|
|
|
Total
Assets
|
$
|
56,809
|
|
$
|
57,571
|
|
|
|
|
|
|
|
|
|
Liabilities,
contingently redeemable preferred stock, and stockholders'
equity:
|
|
|
|
|
|
Accounts
payable
|
$
|
2,706
|
|
$
|
3,893
|
Accrued expenses and
other
|
|
4,306
|
|
|
5,271
|
Deferred
revenue
|
|
6,443
|
|
|
5,624
|
Current portion of
long-term debt
|
|
508
|
|
|
204
|
|
|
|
|
|
|
Total current
liabilities
|
|
13,963
|
|
|
14,992
|
Long-term debt, net
of current portion
|
|
3,359
|
|
|
2,203
|
Other noncurrent
liabilities
|
|
45
|
|
|
56
|
|
|
|
|
|
|
Total
Liabilities
|
|
17,367
|
|
|
17,251
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Series C preferred
stock
|
|
550
|
|
|
550
|
|
|
|
Total stockholders'
equity
|
|
38,892
|
|
|
39,770
|
|
|
|
|
|
|
Total liabilities,
contingently redeemable preferred stock, and stockholders'
equity
|
$
|
56,809
|
|
$
|
57,571
|
JUNIPER
PHARMACEUTICALS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In thousands, except
per share data)
|
|
|
Three Months Ended March
31,
|
|
2017
|
|
2016
|
|
|
|
Revenues
|
|
|
|
|
|
Product
revenues
|
$
|
7,726
|
|
$
|
6,325
|
Service
revenues
|
|
3,521
|
|
|
3,253
|
Royalties
|
|
-
|
|
|
899
|
Total
revenues
|
|
11,247
|
|
|
10,477
|
|
|
|
|
|
|
Cost of product
revenues
|
|
4,313
|
|
|
4,027
|
Cost of service
revenues
|
|
2,243
|
|
|
2,323
|
Total cost of
revenues
|
|
6,556
|
|
|
6,350
|
|
|
|
|
|
|
Gross
profit
|
|
4,691
|
|
|
4,127
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Sales and
marketing
|
|
379
|
|
|
272
|
Research and
development
|
|
1,346
|
|
|
2,133
|
General and
administrative
|
|
4,421
|
|
|
3,460
|
Total operating
expenses
|
|
6,146
|
|
|
5,865
|
|
|
|
Loss from
operations
|
|
(1,455)
|
|
|
(1,738)
|
|
|
|
Interest expense,
net
|
|
(28)
|
|
|
(26)
|
Other income,
net
|
|
42
|
|
|
125
|
Loss before income
taxes
|
|
(1,441)
|
|
|
(1,639)
|
Provision for income
taxes
|
|
-
|
|
|
4
|
Net
loss
|
$
|
(1,441)
|
|
$
|
(1,643)
|
|
|
|
|
|
|
Diluted net loss per
share
|
$
|
(0.13)
|
|
$
|
(0.15)
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
10,803
|
|
|
10,789
|
|
|
|
|
|
|
Basic net loss per
share
|
$
|
(0.13)
|
|
$
|
(0.15)
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
10,803
|
|
|
10,789
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/juniper-pharmaceuticals-reports-first-quarter-2017-financial-and-operating-results-300451218.html
SOURCE Juniper Pharmaceuticals, Inc.