Veloxis Pharmaceuticals Announces Financial Results for the First Three Months of 2017
- It is now estimated that over 6,000 patients in the US and Europe are being treated with Envarsus XR.
- In the US, prescription growth of Envarsus in the first quarter of 2017 grew 19% vs. the fourth quarter of 2016, in contrast to the -2% decline in total tacrolimus market prescriptions over the same period, a decline which is experienced annually due to market seasonality.
- 63% of US transplant centers have utilized Envarsus XR since launch.
- Veloxis entered into an exclusive license, supply and distribution agreement with Taiba Healthcare, a leading healthcare marketing, distributor and retail pharmacies group known regionally for a focus on specialty and rare diseases, to register, commercialize and distribute Envarsus XR in certain countries throughout the Middle East and North Africa region (MENA).
- Veloxis reported a net loss of tUSD 5,891 for the first quarter of 2017 compared to a net loss of tUSD 7,109 for the same period in 2016. The reported operating net loss is in line with expectations and the financial outlook for 2017 is maintained.
- First quarter revenue totaled tUSD 4,000, including tUSD 1,000 of an upfront payment from the MENA license, compared with tUSD 1,500 in first quarter 2016, reflecting the US market launch in December 2015 and the successful adoption of Envarsus® XR. Likewise, Chiesi, under its license for European commercialization, continues to grow European sales and to launch Envarsus® XR in additional European countries.
Outlook for 2017
Veloxis maintains its 2017 outlook of operating loss before the recognition of income from license agreements and before accounting for stock compensation to be in the range of USD 5 — 15 million.
A conference call will be held tomorrow, 17 May, 2017 at 4:00 PM CEST (Denmark); 2:00 PM GMT (London), 10:00 AM EST (New York).
To access the live conference call, please dial one of the following numbers:
Confirmation Code: 5325377
UK: +44(0)20 3427 1910
US: +1 212 444 0412
DK: +4532 71 16 59
Following the conference call, a recording will be available on the company's website http://www.veloxis.com.