The San Ramon, Calif.-based company posted a net loss of -$8.1 million on sales of $319,000 for the 3 months ended June 30, for bottom-line loss of -14% on sales growth of 239.4% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -33¢, behind consensus on The Street, where analysts were looking for sales of $130,000 million.
“SteadyMed has had a very successful year to date, culminating in the June 30, 2017 submission of an NDA for our lead drug candidate, Trevyent. PAH is a serious, life threatening disease, and currently, the administration of high dose prostacyclins to help these patients has some serious challenges. Trevyent has been developed with the aim of addressing these challenges,” president & CEO Jonathan Rigby said in prepared remarks. “We completed the second quarter with a strong cash position of $43.5 million. We believe this provides the necessary foundation to execute on our next major milestones for the company through the launch of Trevyent in the U.S., which is anticipated in mid-2018, subject to FDA approval.”
STDY shares were trading at $6.22 apiece today in afternoon activity, down -1.3%.
In April, the company inked a $30 million private placement with Adage Capital Management, OrbiMed, Deerfield Management and Kingon Capital Management.
SteadyMed said it plans to use its newly-acquired funds to prepare for the commercial launch of its pulmonary arterial hypertension treatment, Trevyent. The therapy is a combination of treprostinil and the PatchPump prefilled, disposable infusion system.