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NPS Pharmaceuticals reports second-quarter loss of $39.3 million
By Lisa Kerner
Charlotte, N.C., Aug. 3 - NPS Pharmaceuticals, Inc. reported a net loss for the second quarter of 2006 of $39.3 million, or $0.85 per share, slightly better than the net loss of 2005 of $42.2 million, or $1.09 per share, in the second quarter of 2005.
Revenues for the second quarter were up at $8.3 million from $2.2 million for the same period last year.
For the six months ended June 30, the company's the net loss was $77.6 million, or $1.68 per share, compared with $87.1 million, or $2.24 per share for the prior-year period.
NPS said revenues for the six-month period were also up at $14.4 million from $3.8 million for the same six-month period in 2005.
The company attributed increases in revenues in the three and six months ended June 30 to increased royalty revenue from Amgen on the sales of cinacalcet HCl and a $2.0 million milestone from Kirin during the six months ended June 30.
NPS reiterated its guidance that the cash burn for 2006 will be about $135.0 million to $145.0 million, with cash burn expected to decrease in the future.
"The first step in improving our capital structure was to reduce our cash burn and extend the runway to value creation with our current assets," president and chief executive officer N. Anthony Coles said in a company news release.
"Our next step will be to address our convertible debt in a manner that gives us additional financial flexibility and a stronger balance sheet."
Company highlights for the second-quarter 2006 include increased royalty revenue from sales of Sensipar/Mimpara (cinacalcet HCl) by Amgen and the European launch of Preotact (parathyroid hormone [rDNA origin] for injection) by its partner, Nycomed.
NPS is a pharmaceutical company based in Salt Lake City.
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