Featured image: Jean-Paul Clozel, CEO of Idorsia
The company founded after demerger from Actelion, Idorsia, had a successful start of business, with no interruptions through the demerger. It reported several positive results with certain drugs development.
One was positive dose-finding results with aprocitentan (ACT-132577) – asset moving into Phase 3 development in resistant hypertension. It also had positive results for Phase 2 program with ACT-541468 (DORA) in insomnia announced late July 2017.
Jean-Paul Clozel, CEO of Idorsia, said he was pleased and proud for being fully functional after demerger from Actelion. Pointing out that the innovation being the key to the company’s success, he said the company was starting out with a highly innovative pipeline, with four compounds moving into Phase 3 in the near future. He said that, in addition, within the space of the last few months, the company has received positive results for two Phase 2 programs for DORA and aprocitentan.
Financial results
According to the Idorsia, US GAAP operating loss amounted to CHF 11 million, driven by R&D expenses of CHF 8 million and G&A expenses of CHF 2 million. US GAAP net loss amounted to CHF 11 million. US GAAP net loss per share amounted to CHF 0.11, based on 106 million of shares outstanding (time-weighted average).
Non-GAAP operating loss amounted to CHF 10 million, driven by R&D expenses of CHF 8 million and G&A expenses of CHF 2 million. Non-GAAP net loss amounted to CHF 10 million. Non-GAAP net loss per share amounted to CHF 0.10, based on 106 million of shares outstanding (time-weighted average).
André C. Muller, CFO of Idorsia, said: “We launched Idorsia on 15 June 2017 with a fully operational research and development engine and CHF 1 billion in cash. For the shortened financial year of 2017, we expect our non-GAAP operating expenses to be between CHF 180-190 million.”