BOSTON, Aug. 3, 2017 /PRNewswire/ -- Juniper
Pharmaceuticals (Nasdaq: JNP), a women's health therapeutics
company, today announced financial results for the three-month
period ended June 30, 2017. Cash and
cash equivalents were $21.5 million at June 30, 2017, a 1%
decrease from March 31, 2017.
"We had a robust second quarter, marked by significant growth in
both Crinone sales and JPS revenues on an annual basis. The
continued strength in our core business allows us to maintain a
solid financial position while advancing our long-term business
objectives. We remain committed to a fiscally disciplined approach
in developing and advancing our intravaginal ring (IVR) portfolio
of differentiated women's health therapeutics," said Alicia Secor, Chief Executive Officer.
"IND-enabling activities are currently progressing in parallel
for each of our IVR pipeline candidates and we anticipate results
from key preclinical studies by year end. Following the
results of these studies, we plan to prioritize our portfolio and
selectively advance one or more candidates to IND filing with the
U.S. Food and Drug Administration in the first half of 2018.
Additionally, we will explore multiple opportunities that support
the advancement of these candidates, including non-dilutive
financing through partnerships, and we remain open to building our
existing pipeline with the addition of external products," added
Ms. Secor.
Advancements on lead formulations for the Company's pipeline of
intravaginal ring (IVR) candidates continue as planned 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.
Second Quarter Financial Results
"We continued to see
strong growth on an annual basis in our core business during the
second quarter of 2017," said Jeff
Young, Chief Financial Officer at Juniper.
"CRINONE product revenues were up 30%, and revenues
from Juniper Pharma Services exceeded projections, with
approximately 46% growth on a local currency basis, compared
to the second quarter of 2016."
Second quarter total revenues increased 20% to
$14 million, compared with $11.6 million for the quarter ended
June 30, 2016.
Product revenues were $9.6 million, an increase of 30%, 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 $4.4 million, an increase
of $1.0 million, or 30%, versus the second quarter
of last year, driven by new and
existing customer growth.
Gross profit increased to $6.3 million as compared to $5.1 million in the prior year quarter.
Total operating expenses were $6.7
million in the second quarter of 2017, a $0.8 million decrease as compared to the
prior year period.
Juniper's net loss was $376
thousand, or $(0.03) per
diluted share, in the second quarter of 2017, compared to a
net loss of $2.3 million, or $(0.21) per diluted
share, in the second quarter of 2016.
Liquidity
Cash and cash equivalents were $21.5 million as of June 30, 2017, versus $21.8 million at March 31, 2017.
Conference Call
As previously announced, Juniper's
management team will hold a conference call to discuss financial
results for the second quarter ended June
30, 2017, as follows:
Date:
|
August 3,
2017
|
Time:
|
4:30 p.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,
August 10, 2017, at (877)
344-7529 (U.S.), (855) 669-9658 (Canada) or (412) 317-0088
(International). The replay access code is 10110526.
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, Inc. 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)
|
|
June
30,
|
|
December 31,
|
2017
|
2016
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
21,464
|
|
$
|
20,994
|
Accounts receivable,
net
|
|
6,900
|
|
|
6,573
|
Inventories
|
|
5,212
|
|
|
5,621
|
Prepaid expenses and
other current assets
|
|
1,812
|
|
|
1,539
|
|
|
|
|
|
|
Total current
assets
|
|
35,388
|
|
|
34,727
|
Property and
equipment, net
|
|
14,811
|
|
|
13,366
|
Intangible assets,
net
|
|
869
|
|
|
969
|
Goodwill
|
|
8,793
|
|
|
8,342
|
Other
assets
|
|
167
|
|
|
167
|
|
|
|
|
|
|
Total
Assets
|
$
|
60,028
|
|
$
|
57,571
|
|
|
|
|
|
|
|
|
|
Liabilities,
contingently redeemable preferred stock, and stockholders'
equity:
|
|
|
|
|
|
Accounts
payable
|
$
|
3,461
|
|
$
|
3,893
|
Accrued expenses and
other
|
|
5,134
|
|
|
5,271
|
Deferred
revenue
|
|
7,191
|
|
|
5,624
|
Current portion of
long-term debt
|
|
516
|
|
|
204
|
|
|
|
|
|
|
Total current
liabilities
|
|
16,302
|
|
|
14,992
|
Long-term debt, net
of current portion
|
|
3,398
|
|
|
2,203
|
Other noncurrent
liabilities
|
|
32
|
|
|
56
|
|
|
|
|
|
|
Total
Liabilities
|
|
19,732
|
|
|
17,251
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
Series C preferred
stock
|
|
—
|
|
|
550
|
|
|
|
Total stockholders'
equity
|
|
40,296
|
|
|
39,770
|
|
|
|
|
|
|
Total liabilities,
contingently redeemable preferred stock, and stockholders'
equity
|
$
|
60,028
|
|
$
|
57,571
|
JUNIPER
PHARMACEUTICALS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In thousands, except
per share data)
|
|
Three Months Ended June
30,
|
|
Six Months Ended June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenues
|
$
|
9,569
|
|
$
|
7,334
|
|
$
|
17,295
|
|
$
|
13,659
|
Service
revenues
|
|
4,387
|
|
|
3,374
|
|
|
7,908
|
|
|
6,627
|
Royalties
|
|
—
|
|
|
902
|
|
|
—
|
|
|
1,801
|
Total net
revenues
|
|
13,956
|
|
|
11,610
|
|
|
25,203
|
|
|
22,087
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenues
|
|
5,303
|
|
|
4,182
|
|
|
9,617
|
|
|
8,209
|
Cost of service
revenues
|
|
2,347
|
|
|
2,285
|
|
|
4,590
|
|
|
4,608
|
Total cost of
revenues
|
|
7,650
|
|
|
6,467
|
|
|
14,207
|
|
|
12,817
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
6,306
|
|
|
5,143
|
|
|
10,996
|
|
|
9,270
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
410
|
|
|
379
|
|
|
788
|
|
|
651
|
Research and
development
|
|
1,648
|
|
|
3,797
|
|
|
2,994
|
|
|
5,930
|
General and
administrative
|
|
4,604
|
|
|
3,244
|
|
|
9,025
|
|
|
6,704
|
Total operating
expenses
|
|
6,662
|
|
|
7,420
|
|
|
12,807
|
|
|
13,285
|
|
|
|
|
|
|
Loss from
operations
|
|
(356)
|
|
|
(2,277)
|
|
|
(1,811)
|
|
|
(4,015)
|
|
|
|
|
|
|
Interest expense,
net
|
|
(30)
|
|
|
(24)
|
|
|
(58)
|
|
|
(50)
|
Other income,
net
|
|
10
|
|
|
81
|
|
|
52
|
|
|
206
|
Loss before income
taxes
|
|
(376)
|
|
|
(2,220)
|
|
|
(1,817)
|
|
|
(3,859)
|
Provision for income
taxes
|
|
—
|
|
|
48
|
|
|
—
|
|
|
52
|
Net
loss
|
$
|
(376)
|
|
$
|
(2,268)
|
|
$
|
(1,817)
|
|
$
|
(3,911)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss per
share
|
$
|
(0.03)
|
|
$
|
(0.21)
|
|
$
|
(0.13)
|
|
$
|
(0.36)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
10,954
|
|
|
10,789
|
|
|
10,803
|
|
|
10,789
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
$
|
0.01
|
|
$
|
(0.21)
|
|
$
|
(0.13)
|
|
$
|
(0.36)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
10,803
|
|
|
10,789
|
|
|
10,803
|
|
|
10,789
|
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SOURCE Juniper Pharmaceuticals, Inc.