Allos Therapeutics, Inc. (Nasdaq: ALTH) today reported financial
results for the second quarter ended June 30, 2011.
- FOLOTYN® (pralatrexate injection) net
product sales increased 39% year-over-year to $11.0 million in the
second quarter of 2011, compared to $7.9 million for the same
period in 2010.
- As of June 30, 2011, the Company had no
debt and $109.5 million in total cash, cash equivalents and
investments.
“We’re enthusiastic about our planned merger with AMAG
Pharmaceuticals, which will allow Allos stockholders to benefit
from a combined organization with significantly improved operating
leverage and a diversified portfolio of commercial products with
overlapping customer bases,” said Paul L. Berns, president and
chief executive officer of Allos Therapeutics. “During the second
quarter, we continued to build brand and disease state awareness
for FOLOTYN in the U.S. for patients with relapsed or refractory
PTCL while growing account penetration and optimizing the duration
of treatment with FOLOTYN. Along with growing U.S. sales of FOLOTYN
for relapsed or refractory PTCL, our key objectives for the
remainder of the year are to advance our global registration
programs for FOLOTYN in first line PTCL and relapsed or refractory
CTCL, and to expand the commercial potential of FOLOTYN outside the
U.S. by pursuing regulatory approval in the EU, which may occur in
early 2012.”
Financial Results
Net product sales for the second quarter of 2011 were $11.0
million, compared to $7.9 million for the same period in 2010, a
39% increase year-over-year. Net product sales for the six months
ended June 30, 2011 were $21.8 million, compared to $15.3 million
for the same period in 2010, a 43% increase year-over-year.
In May 2011, Allos entered into a strategic collaboration
agreement with Mundipharma International Corporation Limited
(Mundipharma) and received an upfront payment of $50 million.
License and other revenue related to the Mundipharma agreement in
the second quarter of 2011 was $28.1 million. As of June 30, 2011,
$22.0 million was recorded as deferred revenue related to the
Mundipharma agreement.
Cost of license and other revenue in the second quarter of 2011
was $10.6 million, which was primarily related to the Company’s
payment of $10 million (or 20% of the $50 million upfront payment
the Company received from Mundipharma) to the licensors of FOLOTYN
under the terms of the Company’s license agreement with Sloan
Kettering Institute for Cancer Research, SRI International, and
Southern Research Institute.
Net income for the second quarter of 2011 was $2.2 million, or
$0.02 per share, compared to a net loss of $20.0 million, or $0.19
per share, for the same period in 2010. Net loss for the six months
ended June 30, 2011 was $13.0 million, or $0.12 per share, compared
to $40.5 million, or $0.39 per share for the same period in
2010.
Total operating costs and expenses, excluding non-cash stock
based compensation expense and cost of license and other revenue,
for the quarter and six months ended June 30, 2011 were $23.6
million and $46.0 million, respectively, compared to $25.1 million
and $50.2 million for the same periods in 2010. Stock based
compensation expense was $2.8 million and $6.5 million for the
quarter and six months ended June 30, 2011, respectively, compared
to $2.8 million and $5.7 million for the same periods in 2010.
- Cost of sales for the quarter and six
months ended June 30, 2011, were $1.0 million and $2.0 million,
respectively, compared to $0.8 million and $1.4 million for the
same periods in 2010.
- Research and development expenses for
the quarter and six months ended June 30, 2011 were $5.1 million
and $12.6 million, respectively, compared to $6.5 million and $15.8
million for the same periods in 2010.
- Selling, general and administrative
expenses for the quarter and six months ended June 30, 2011 were
$20.2 million and $37.7 million, respectively, compared to $20.5
million and $38.4 million for the same periods in 2010.
As of June 30, 2011, the Company had no debt, and $109.5 million
in total cash, cash equivalents and investments.
Financial Guidance
Because of the announcement of the merger with AMAG
Pharmaceuticals, which is expected to close in the fourth quarter
of 2011, Allos is not providing net product sales guidance for the
second half of 2011.
Allos is introducing second half 2011 financial guidance for
license and other revenue and cost of license and other revenue,
related to the Mundipharma agreement, of approximately $4 million
and $2 million, respectively. This guidance relates to expected
research and development and regulatory services to be performed,
which includes Mundipharma’s current 40% share of jointly
agreed-upon clinical development expenses for FOLOTYN.
Allos reaffirms prior full year 2011 financial guidance that
total operating costs and expenses, excluding cost of sales, cost
of license and other revenue and non-cash stock-based compensation
expense, are expected to approximate $95 to $98 million. This
guidance includes transaction costs incurred as of June 30, 2011
and that are expected to be incurred in connection with the planned
merger with AMAG prior to closing. This guidance excludes
transaction costs that would be incurred upon and subsequent to the
closing of the merger. Stock-based compensation expense for 2011 is
expected to approximate $13 to $14 million.
Actual financial results for 2011 will vary based upon many
factors, including the amount of FOLOTYN sales and rate of patient
enrollment in FOLOTYN clinical trials that are ongoing and planned
for initiation in 2011.
Recent Corporate Highlights
- On July 19, 2011, the Company entered
into a definitive merger agreement with AMAG Pharmaceuticals, Inc.
Under the terms of the agreement, Allos stockholders will receive a
fixed ratio of 0.1282 shares of AMAG common stock for each share of
Allos common stock they own. The transaction is subject to approval
by both companies’ stockholders and other customary closing
conditions. The merger is expected to result in a combined company
with a strengthened portfolio of commercial products and
significantly improved operating leverage. For more information,
please refer to the companies’ joint press release dated July 20,
2011.
- In May 2011, the Company entered into a
strategic collaboration agreement with Mundipharma to co-develop
FOLOTYN. Under the agreement, Allos retains full commercialization
rights for FOLOTYN in the United States and Canada, with
Mundipharma having exclusive rights to commercialize FOLOTYN in the
rest of the world. Under the agreement, the Company received an
upfront payment of $50 million and has the potential to earn up to
$310.5 million in regulatory and commercial progress- and
sales-dependent milestone payments. Allos is also entitled to
receive tiered double-digit royalties based on net sales of FOLOTYN
within Mundipharma’s licensed territories. In addition, Allos and
Mundipharma will jointly fund development costs, initially on a
60:40 basis, which will change to a 50:50 basis if certain
pre-defined milestones are achieved, including approval of the
Company’s Marketing Authorisation Application currently under
review to market FOLOTYN in the European Union.
- In June 2011, the Company reported on a
number of FOLOTYN data presentations at the 11th International
Conference on Malignant Lymphoma in Lugano, Switzerland which
included:
- Results from two retrospective analyses
of data from the Company's pivotal PROPEL trial which:
- suggested that treatment with
single-agent FOLOTYN may result in increased response rates and
progression-free survival relative to the immediate prior line of
therapy in patients with relapsed or refractory PTCL;
- demonstrated the ability of FOLOTYN to
achieve responses in a significant proportion of patients with PTCL
who have not responded to, or relapsed following, initial treatment
with CHOP (Cyclophosphamide, Doxurubicin, Vincristine, and
Prednisone); and
- supports the design of the Company’s
planned Phase 3 registration trial, where sequential FOLOTYN will
be administered in previously untreated patients with PTCL
following treatment with CHOP/CHOP-like regimen.
- Initial data from COMPLETE, an
international registry designed to address the urgent need for an
increased understanding of the treatment patterns and outcomes for
patients with PTCL.
Conference Call Information
Allos will host a conference call to review its second quarter
2011 financial results today, August 4, 2011, at 4:30 p.m. ET.
Participants can access the call at 1-877-941-1465 (U.S.) or
+480-629-9772 (Canada and international). To access the live audio
webcast or the subsequent archived recording, visit the “Investors
- Presentations and Events” section of the Allos website at
www.allos.com. Webcast and telephone replays of the conference call
will be available approximately two hours after the completion of
the call. Callers can access the replay by dialing 800-406-7325
(domestic) or 303-590-3030 (international). The passcode is
4458751#. The webcast will be recorded and available for replay on
Allos’ website until August 18, 2011.
About Peripheral T-Cell Lymphoma
T-cell lymphomas account for approximately 10% to 15% of all
cases of non-Hodgkin lymphomas (NHL).1-3 Allos estimates the
current annual incidence of PTCL to be approximately 5,900 patients
in the U.S. and approximately 6,000 to 7,000 patients in the top
five European markets. The outcome of patients with PTCL is poor
and the majority of patients ultimately have refractory disease to
a variety of agents, including multi-agent chemotherapy with CHOP
(cyclophosphamide, doxorubicin, vincristine, and prednisone) or
CHOP-like regimens. The 5-year overall survival rate in these
patients is 25% to 40%, depending on sub-type.4-5
About FOLOTYN
FOLOTYN, a folate analogue metabolic inhibitor, was discovered
by Sloan-Kettering Institute for Cancer Research, SRI International
and Southern Research Institute and developed by Allos
Therapeutics. In September 2009, the U.S. Food and Drug
Administration (FDA) granted accelerated approval for FOLOTYN for
use as a single agent for the treatment of patients with relapsed
or refractory PTCL. This indication is based on overall response
rate. Clinical benefit such as improvement in progression-free
survival or overall survival has not been demonstrated. FOLOTYN has
been available to patients in the U.S. since October 2009. An
updated analysis of data from PROPEL, the pivotal study of FOLOTYN
in patients with relapsed or refractory PTCL, was published in the
March 20, 2011 issue of the Journal of Clinical Oncology. FOLOTYN
has patent protection through 2017, potentially longer with
extensions.
About Allos Therapeutics
Allos Therapeutics, Inc. (Nasdaq: ALTH) is a biopharmaceutical
company committed to the development and commercialization of
innovative anti-cancer therapeutics. Allos is currently focused on
the development and commercialization of FOLOTYN® (pralatrexate
injection), a folate analogue metabolic inhibitor. FOLOTYN is
approved in the U.S. for the treatment of patients with relapsed or
refractory PTCL. For additional information, please visit
www.allos.com.
IMPORTANT SAFETY INFORMATION
Warnings and Precautions
FOLOTYN may suppress bone marrow function, manifested by
thrombocytopenia, neutropenia, and anemia. Monitor blood counts and
omit or modify dose for hematologic toxicities.
Mucositis may occur. If greater-than or equal to Grade 2
mucositis is observed, omit or modify dose. Patients should be
instructed to take folic acid and receive vitamin B12 to
potentially reduce treatment-related hematological toxicity and
mucositis.
Fatal dermatologic reactions may occur. Dermatologic reactions
may be progressive and increase in severity with further treatment.
Patients with dermatologic reactions should be monitored closely,
and if severe, FOLOTYN should be withheld or discontinued. Tumor
lysis syndrome may occur. Monitor patients and treat if needed.
FOLOTYN can cause fetal harm. Women should avoid becoming
pregnant while being treated with FOLOTYN and pregnant women should
be informed of the potential harm to the fetus.
Use caution and monitor patients when administering FOLOTYN to
patients with moderate to severe renal function impairment.
Elevated liver function test abnormalities may occur and require
monitoring. If liver function test abnormalities are greater-than
or equal to Grade 3, omit or modify dose.
Adverse Reactions
The most common adverse reactions were mucositis (70%),
thrombocytopenia (41%), nausea (40%), and fatigue (36%). The most
common serious adverse events are pyrexia, mucositis, sepsis,
febrile neutropenia, dehydration, dyspnea, and
thrombocytopenia.
Use in Specific Patient Population
Nursing mothers should be advised to discontinue nursing or the
drug, taking into consideration the importance of the drug to the
mother.
Drug Interactions
Co-administration of drugs subject to renal clearance (e.g.,
probenecid, NSAIDs, and trimethoprim/sulfamethoxazole) may result
in delayed renal clearance.
Please see FOLOTYN Full Prescribing Information at
www.FOLOTYN.com.
Safe Harbor Statement
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements regarding the Company’s expectations
regarding the potential benefits of its planned merger with AMAG
Pharmaceuticals, Inc., statements regarding the Company’s financial
guidance for 2011; statements regarding the
status and prospects of our commercialization of FOLOTYN for
patients with relapsed or refractory peripheral T-cell lymphoma,
statements regarding our strategic collaboration with Mundipharma,
including Mundipharma’s potential commercialization of FOLOTYN
outside the United States and Canada, any statements regarding our
future financial performance, results of operations or sufficiency
of capital resources to fund our operating requirements and
any other statements that are other than statements of historical
fact. In some cases, you can identify forward-looking statements by
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"projects," "potential," "continue," and other similar terminology
or the negative of these terms, but their absence does not mean
that a particular statement is not forward-looking. Such
forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that may cause actual
results to differ materially from those anticipated by the
forward-looking statements. Important factors that may cause actual
results to differ materially include, but are not limited to, risks
and uncertainties associated with the failure of Allos or AMAG
stockholders to approve the proposed transaction; the challenges
and costs of closing the proposed transaction, integrating the two
companies and restructuring the combined company; and other
economic, business, competitive and/or regulatory factors affecting
the Company’s business generally. Additional information concerning
these and other factors that may cause actual results to differ
materially from those anticipated in the forward-looking statements
is contained in the "Risk Factors" section of the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2011,
and in the Company's other periodic reports and filings with the
Securities and Exchange Commission. The Company cautions investors
not to place undue reliance on the forward-looking statements
contained in this press release. All forward-looking statements are
based on information currently available to the Company on the date
hereof, and the Company undertakes no obligation to revise or
update these forward-looking statements to reflect events or
circumstances after the date of this presentation, except as
required by law.
Additional Information and Where You Can Find It
This communication does not constitute an offer to sell or
the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. The proposed merger between
AMAG and Allos will be submitted to the respective stockholders of
AMAG and Allos for their consideration.
AMAG will file a Registration Statement on Form S-4 containing a
joint proxy statement/prospectus of Allos and AMAG and other
documents concerning the proposed acquisition with the Securities
and Exchange Commission (the "SEC"). Investors are urged to read
the joint proxy statement/prospectus when it becomes available and
other relevant documents filed with the SEC because they will
contain important information. Security holders may obtain a free
copy of the proxy statement/prospectus (when it is available) and
other documents filed by Allos and AMAG with the SEC at the SEC's
website at www.sec.gov. The joint proxy statement/prospectus and
other documents may also be obtained for free by contacting Allos'
Investor Relations by e-mail at investorrelations@allos.com, by
telephone at (303) 426-6262 or by mail at Investor Relations, Allos
Therapeutics, Inc., 11080 CirclePoint Road, Suite 200, Westminster,
CO 80020 or by contacting AMAG's Investor Relations by e-mail at
cmiceli@amagpharma.com, by telephone at (617) 498-3361 or by mail
at Investor Relations, AMAG Pharmaceuticals, Inc., 100 Hayden
Avenue, Lexington, MA 02421.
Allos, AMAG, certain of their respective directors, executive
officers, members of management and employees may, under the rules
of the SEC, be deemed to be participants in the solicitation of
proxies in connection with the proposed merger. Information
regarding Allos' directors and executive officers and their
beneficial ownership of Allos' common stock is also set forth in
Allos' annual proxy statement on Schedule 14A filed with the SEC on
April 29, 2011. This document is available free of charge at the
SEC's website at www.sec.gov or by going to Allos' Investors page
on its corporate website at www.allos.com. Information concerning
AMAG's directors and executive officers and their beneficial
ownership of AMAG's common stock is set forth in AMAG's annual
proxy statement on Schedule 14A filed with the SEC on April 18,
2011. This document is available free of charge at the SEC's
website at www.sec.gov or by going to AMAG's Investors page on its
corporate website at www.amagpharma.com. Additional information
regarding the persons who may, under the rules of the SEC, be
deemed "participants" in the solicitation of proxies in connection
with the proposed merger, and a description of their direct and
indirect interests in the proposed merger, which may differ from
the interests of Allos' investors or AMAG's investors generally,
will be set forth in the joint proxy statement/prospectus when it
is filed with the SEC.
Note: The Allos logo and FOLOTYN name are registered trademarks
of Allos Therapeutics, Inc.
References:
1. The Non-Hodgkin's Lymphoma Classification
Project. A clinical evaluation of the International Lymphoma Study
Group classification of non-Hodgkin's lymphoma. Blood.
1997;89(11):3909-3908. 2. Hennessy BT, Hanrahan EO, Daly PA.
Non-Hodgkin lymphoma: an update [review]. Lancet Oncol.
2004;5(6):341-353. 3. O'Leary HM, Savage KJ. Novel therapies in
peripheral T-cell lymphomas [review]. Curr Oncol Rep.
2008;134(5):202-207. 4. Savage KJ, Chhanabhai M, Gascoyne RD, et
al. Characterization of peripheral T-cell lymphomas in a single
North American institution by the WHO classification. Ann Oncol
2004;15(10):1467-75. 5. Savage KJ. Peripheral T-cell Lymphomas.
Blood Rev. 2007; 21:201-216.
Note: The Allos logo and FOLOTYN name are registered trademarks
of Allos Therapeutics, Inc.
ALLOS THERAPEUTICS, INC.
CONDENSED STATEMENTS OF
OPERATIONS
(in thousands, except share and per
share information)
(unaudited)
Three Months Ended Six Months
Ended June 30, June 30, 2011
2010 2011 2010 Revenue:
Net product sales $ 10,972 $ 7,885 $ 21,836 $ 15,292 License and
other revenue 28,127 — 28,127 — Total revenue 39,099 7,885 49,963
15,292 Operating costs and expenses: Cost of sales,
excluding amortization expense 1,044 752 1,987 1,441 Cost of
license and other revenue 10,571 — 10,571 — Research and
development 5,074 6,522 12,571 15,807 Selling, general and
administrative 20,158 20,517 37,710 38,449 Amortization of
intangible asset 114 114 227 227 Total operating costs and expenses
36,961 27,905 63,066 55,924 Operating income (loss) 2,138 (20,020)
(13,103) (40,632) Interest and other income, net 22 66 60 131 Net
income (loss) $2,160 ($19,954) ($13,043) ($40,501) Basic net income
(loss) per share $0.02 ($0.19) ($0.12) ($0.39) Diluted net income
(loss) per share $0.02 ($0.19) ($0.12) ($0.39)
Basic weighted average shares
105,606,587 105,187,206 105,567,206 104,896,286
Diluted weighted average shares
105,640,354 105,187,206 105,567,206 104,896,286
ALLOS THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
2011 2010 ASSETS Cash, cash equivalents and
investments $ 109,468 $ 98,565 Accounts receivable 13,971 12,076
Intangible asset, net 4,998 5,225 Other assets 3,769 2,645 Property
and equipment, net 1,913 2,245 Total assets $ 134,119
$ 120,756
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities, excluding deferred revenue $ 20,314 $ 22,558 Deferred
revenue 22,028 — Stockholders’ equity 91,777 98,198
Total liabilities and stockholders’ equity $ 134,119 $ 120,756
Allos Therapeutics, Inc. (MM) (NASDAQ:ALTH)
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