The San Ramon, Calif.-based company posted losses of -$2.4 million, or -12¢ per share, on sales of $400,000 for the 3 months ended Dec. 31, for bottom-line growth of 63.1% on sales loss of -25.6% compared with the same period last year.
“2016 was a year of important progress for SteadyMed, which saw our company significantly advance the development of its lead product candidate, Trevyent for the treatment of PAH. These are exciting times for SteadyMed as we look forward to learning of our IPR ruling in April and submit our NDA for Trevyent to the FDA at the end of the 2nd quarter,” president & CEO Jonathan Rigby said in prepared remarks. “In addition, we ended 2016 with a cash position of $23.2 million, bolstered by the proceeds of our successful July 2016 private placement, with another $10.7 million tranche that we believe we will be in a position to call in the third quarter. Overall, we believe that we are well positioned to execute on our primary strategic and operational objectives in 2017 and beyond, and look forward to sharing details of our continued progress with our shareholders.”
SteadyMed said it expects to post adjusted EPS of -$1.59 on sales of $1.1 million for the full year of 2016.
STDY shares were trading at $4.05 apiece today in morning trading, up 2.5%.
In October, the company detailed the development of its lead drug candidate, Trevyent (treprostinil sodium), for the treatment of pulmonary arterial hypertension using its PatchPump tech at the Parenteral Drug Assn. Conference in Huntington Beach, Calif.
PatchPump is the 1st single-use, wearable, pre-filled pump and treprostinil will be the 1st drug integrated with the delivery system, according to the company.
The pump uses a self-powered expanding battery actuator, a semi-flexible container, a printer circuit board assembly for controlling the delivery rate, a proprietary infusion set, and an adhesive patch.