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Ocular Therapeutix posts net loss of $17.1 million in the first quarter of 2019

DEXTENZA® Commercial Launch Scheduled for
Mid-Year 2019

BEDFORD, Mass.–(BUSINESS WIRE)–Ocular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company
focused on the formulation, development, and commercialization of
innovative therapies for diseases and conditions of the eye, today
announced financial results for the first quarter ended March 31, 2019
and provided a business update.

“This is an exciting time at Ocular Therapeutix and it has been a very
productive first quarter,” said Antony Mattessich, President and Chief
Executive Officer. “We have made tremendous progress with DEXTENZA on a
number of fronts and are pleased that the launch is in full roll-out. In
addition, we have received a preliminary recommendation from the Center
for Medicare and Medicaid Services for our permanent HCPCS J-code for
DEXTENZA, and we were given a PDUFA target action date of November 2019
for the expansion of our DEXTENZA label to include the treatment of
ocular inflammation following ophthalmic surgery. Beyond DEXTENZA, our
pipeline continues to advance and we look forward to announcing results
from our first Phase 3 clinical trial of OTX-TP in the next several
weeks.”

Key Highlights and Upcoming Events

First Quarter Ended March 31, 2019 Financial Results

Conference Call & Webcast Information
Members of
the Ocular Therapeutix management team will host a live conference call
and webcast today at 8:30 a.m. Eastern Time to review the Company’s
financial results and provide a general business update. The live
webcast can be accessed by visiting the Investors section of the
Company’s website at investors.ocutx.com. Please connect at least 15
minutes prior to the live webcast to ensure adequate time for any
software download that may be needed to access the webcast.
Alternatively, please call (844) 464-3934 (U.S.) or (765) 507-2620
(International) to listen to the live conference call. The conference ID
number for the live call will be 9580369. An archive of the webcast will
be available until August 12, 2019 on the Company’s website.

About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc.
is a biopharmaceutical company focused on the formulation, development,
and commercialization of innovative therapies for diseases and
conditions of the eye using its proprietary bioresorbable hydrogel-based
formulation technology. Ocular Therapeutix’s first commercial drug
product, DEXTENZA®, is FDA-approved for the treatment of
ocular pain following ophthalmic surgery. OTX-TP (intracanalicular
travoprost insert) is an intracanalicular insert in Phase 3 clinical
development for the reduction of intraocular pressure in patients with
primary open-angle glaucoma and ocular hypertension. The Company’s
earlier stage assets include OTX-TIC, an extended-delivery intracameral
travoprost implant for the reduction of intraocular pressure in patients
with glaucoma and ocular hypertension, as well as sustained release
intravitreal implants for the treatment of retinal diseases. These
intravitreal implants include OTX-TKI, containing a tyrosine kinase
inhibitor (TKI), and, in collaboration with Regeneron, OTX-IVT, an
extended-delivery protein-based anti-vascular endothelial growth factor
(VEGF) trap. Ocular Therapeutix’s first product, ReSure®
Sealant, is FDA-approved to seal corneal incisions following cataract
surgery.

Forward Looking Statements
Any statements in this press
release about future expectations, plans, and prospects for the Company,
including the commercialization of DEXTENZA®, ReSure Sealant,
or any of the Company’s product candidates, including the anticipated
commercial launch of, and receipt of reimbursement codes for, DEXTENZA;
the development and regulatory status of the Company’s product
candidates, such as the Company’s regulatory submissions for and the
timing and conduct of, or implications of results from, clinical trials
of DEXTENZA for the treatment of post-surgical ocular inflammation and
the prospects for approvability of DEXTENZA for post-surgical ocular
inflammation or any other indications, OTX-TP for the treatment of
primary open-angle glaucoma and ocular hypertension, OTX-TIC for the
treatment of primary open-angle glaucoma and ocular hypertension,
OTX-TKI for the treatment of retinal diseases including wet AMD, and
OTX-IVT as an extended-delivery formulation of the VEGF trap aflibercept
for the treatment of retinal diseases including wet AMD; the ongoing
development of the Company’s extended-delivery hydrogel depot
technology; the potential utility of any of the Company’s product
candidates; the potential benefits and future operation of the
collaboration with Regeneron Pharmaceuticals, including any potential
future payments thereunder; the sufficiency of the Company’s cash
resources and other statements containing the words “anticipate,”
“believe,” “estimate,” “expect,” “intend”, “goal,” “may”, “might,”
“plan,” “predict,” “project,” “target,” “potential,” “will,” “would,”
“could,” “should,” “continue,” and similar expressions, constitute
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those indicated by such forward-looking statements as a result of
various important factors. Such forward-looking statements involve
substantial risks and uncertainties that could cause the Company’s
clinical development programs, future results, performance or
achievements to differ significantly from those expressed or implied by
the forward-looking statements. Such risks and uncertainties include,
among others, those related to the timing and costs involved in
commercializing DEXTENZA, ReSure Sealant or any product candidate that
receives regulatory approval, including the conduct of post-approval
studies, the ability to retain regulatory approval of DEXTENZA, ReSure
Sealant or any product candidate that receives regulatory approval, the
ability to obtain reimbursement codes for DEXTENZA, the initiation,
timing and conduct of clinical trials, availability of data from
clinical trials and expectations for regulatory submissions and
approvals, the Company’s scientific approach and general development
progress, the availability or commercial potential of the Company’s
product candidates, the sufficiency of cash resources, the Company’s
existing indebtedness, the ability of the Company’s creditors to
accelerate the maturity of such indebtedness upon the occurrence of
certain events of default, the outcome of the Company’s ongoing legal
proceedings and need for additional financing or other actions and other
factors discussed in the “Risk Factors” section contained in the
Company’s quarterly and annual reports on file with the Securities and
Exchange Commission. In addition, the forward-looking statements
included in this press release represent the Company’s views as of the
date of this release. The Company anticipates that subsequent events and
developments will cause the Company’s views to change. However, while
the Company may elect to update these forward-looking statements at some
point in the future, the Company specifically disclaims any obligation
to do so except as required by law. These forward-looking statements
should not be relied upon as representing the Company’s views as of any
date subsequent to the date of this release.

Ocular Therapeutix, Inc.
Consolidated
Statements of Operations and Comprehensive Loss

(In
thousands, except share and per share data)

(Unaudited)

Three Months Ended
March 31,
2019 2018
Revenue:
Product revenue $ 492 $ 340
Total revenue 492 340
Costs and operating expenses:
Cost of product revenue 128 80
Research and development 11,317 8,227
Selling and marketing 3,347 717
General and administrative 5,358 4,771
Total costs and operating expenses 20,150 13,795
Loss from operations (19,658 ) (13,455 )
Other income (expense):
Interest income 329 176
Interest expense (1,018 ) (486 )
Change in fair value of derivative liability 3,223
Total other income (expense), net 2,534 (310 )
Net loss and comprehensive loss $ (17,124 ) $ (13,765 )
Net loss per share, basic $ (0.41 ) $ (0.40 )
Weighted average common shares outstanding, basic 42,251,292 34,792,848
Net loss per share, diluted $ (0.45 ) $ (0.40 )
Weighted average common shares outstanding, diluted 44,174,369 34,792,848

OCULAR THERAPEUTIX, INC.
CONSOLIDATED BALANCE SHEETS
(In
thousands, except share and per share data)

(Unaudited)

March 31, December 31,
2019 2018
Assets
Current assets:
Cash and cash equivalents $ 76,251 $ 54,062
Accounts receivable 276 201
Inventory 265 217
Prepaid expenses and other current assets 2,380 1,713
Total current assets 79,172 56,193
Property and equipment, net 10,548 10,236
Restricted cash 6,614 6,614
Operating lease assets 5,156
Total assets $ 101,490 $ 73,043
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 3,902 $ 2,965
Accrued expenses and other current liabilities 4,037 6,194
Operating lease liability 675
Total current liabilities 8,614 9,159
Other liabilities 3,221
Operating lease liabilities, net of current portion 7,909
Derivative liability 11,462
Notes payable, net of discount 24,843 24,788
2026 convertible notes, net 23,014
Total liabilities 75,842 37,168
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized and
no shares issued or outstanding at March 31, 2019 and December 31,
2018, respectively
Common stock, $0.0001 par value; 100,000,000 shares authorized and
42,836,978 and 41,518,091 shares issued and outstanding at March 31,
2019 and December 31, 2018
4 4
Additional paid-in capital 340,011 333,114
Accumulated deficit (314,367 ) (297,243 )
Total stockholders’ equity 25,648 35,875
Total liabilities and stockholders’ equity $ 101,490 $ 73,043

Contacts

Investors
Ocular Therapeutix
Donald Notman
Chief
Financial Officer
dnotman@ocutx.com

or

Westwicke,
an ICR Company
Chris Brinzey
Managing Director
chris.brinzey@westwicke.com

Media
Ocular Therapeutix
Scott Corning
Senior Vice
President, Commercial
scorning@ocutx.com

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