Supernus Pharmaceuticals Reports Third Quarter 2012 Financial Results

Supernus Pharmaceuticals Reports Third Quarter 2012 Financial Results

ROCKVILLE, Md., Nov. 7, 2012 (GLOBE NEWSWIRE) -- Supernus Pharmaceuticals,
Inc. (Nasdaq:SUPN), a specialty pharmaceutical company, reported in the
November 2, 2012 filing of the Form 10-Q consolidated financial results for
the three and nine months ended September 30, 2012, and provided an update on
key accomplishments to date.

Third quarter 2012 Financial Results

  *Cash, cash equivalents, unrestricted marketable securities and long-term
    investments of $62.5 million at September 30, 2012.
  *Research and development (R&D) expense for third quarter 2012 was $8.3
    million compared with $8.4 million in 2011. This decrease is attributable
    to lower clinical trial costs for Trokendi XR^TM.
  *Selling, general and administrative (SG&A) expense for third quarter 2012
    was $4.1 million compared with $1.5 million in 2011. The increase was
    primarily due to higher sales and marketing expenses associated with
    preparing for launches of Oxtellar XR^TM and Trokendi XR^TM.
  *Net loss applicable to common shareholders for third quarter 2012 was
    $13.5 million or $0.55 per common share (based on 24.5 million weighted
    average diluted shares outstanding), compared with $10.6 million, or $6.64
    per common share, for 2011 (based on 1.6 million weighted average diluted
    shares outstanding). Net loss per share decreased due to the significant
    number of common shares issued in May 2012 in connection with our IPO.

Nine months ended September 30, 2012 Financial Results

  *R&D expense for the first nine months of 2012 was $18.4 compared with
    $23.1 million in 2011. This decrease was primarily due to the conclusion
    of the Oxtellar XR^TM and Trokendi XR^TM clinical trials in 2011.
  *SG&A expense for the first nine months of 2012 was $11.5 million compared
    with $5.1 million in 2011. The increase was primarily due to an increase
    in sales and marketing costs associated with preparing for launches of
    Oxtellar XR^TM and Trokendi XR^TM.
  *Net loss applicable to common shareholders for the first nine months of
    2012 was $33.9 million or $2.36 per common share (based on 14.4 million
    weighted average diluted shares outstanding), compared with $30.7 million,
    or $19.28 per common share, for 2011 (based on 1.6 million weighted
    average diluted shares outstanding). Net loss per share decreased due to
    the significant number of common shares issued in May 2012 in connection
    with our IPO.

Liquidity and Capital Resources

Our anticipated cash burn for 2012 continues to be in the range of $55 million
to $60 million. Based on our current plans, Supernus continues to anticipate
that our current cash, cash equivalents and unrestricted marketable securities
as of September 30, 2012 should be sufficient to fund operations into the
second quarter of 2013.

About Supernus Pharmaceuticals, Inc.

Supernus Pharmaceuticals, Inc. is a specialty pharmaceutical company focused
on developing and commercializing products for the treatment of central
nervous system, or CNS, diseases.The Company has one approved product for
epilepsy, Oxtellar XR^TM (extended release oxcarbazepine), and one tentatively
approved product for epilepsy, Trokendi XR^TM (extended release topiramate).
The company is also developing several product candidates in psychiatry to
address large market opportunities in ADHD including ADHD patients with
impulsive aggression. These product candidates include SPN-810 for impulsive
aggression in ADHD and SPN-812 for ADHD.

Forward-Looking Statements:

This press release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements do not
convey historical information, but relate to predicted or potential future
events that are based upon management's current expectations. These statements
are subject to risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such statements. In
addition to the factors mentioned in this press release, such risks and
uncertainties include, but are not limited to, the Company's ability to
achieve profitability; the Company's ability to raise sufficient capital to
implement its corporate strategy; the implementation of the Company's
corporate strategy; the Company's future financial performance and projected
expenditures; the Company's ability to enter into future collaborations with
pharmaceutical companies and academic institutions or to obtain funding from
government agencies; the Company's product research and development
activities, including the timing and progress of the Company's clinical
trials, and projected expenditures; the Company's ability to receive, and the
timing of any receipt of, regulatory approvals to develop and commercialize
the Company's product candidates; the Company's respective PDUFA dates for
product candidates and anticipated launch dates for its approved product and
its tentatively approved product; the Company's ability to protect its
intellectual property and operate its business without infringing upon the
intellectual property rights of others; the Company's expectations regarding
federal, state and foreign regulatory requirements; the therapeutic benefits,
effectiveness and safety of the Company's product candidates; the accuracy of
the Company's estimates of the size and characteristics of the markets that
may be addressed by its product candidates; the Company's ability to increase
its manufacturing capabilities for its product candidates; the Company's
projected markets and growth in markets; the Company's product formulations
and patient needs and potential funding sources; the Company's staffing needs;
and other risk factors set forth from time to time in the Company's SEC
filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended. The Company undertakes no obligation to update the
information in this press release to reflect events or circumstances after the
date hereof or to reflect the occurrence of anticipated or unanticipated
events.

SUPERNUS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                          
                                         December 31, 2011 September 30, 2012
                                                          (unaudited)
Cash, cash equivalents and marketable     $48,544         $60,668
securities
Other current assets                      855              2,221
Total current assets                      49,399           62,889
Property and equipment, net               1,310            1,384
Long Term Investments                     --              1,804
Deferred financing costs                  2,054            142
Other long-term assets                    967              795
Total Assets                              $53,730         $67,014
                                                          
Accounts payable and accrued expenses     $11,625         $12,286
Secured notes payable, current            6,775            11,490
Other current liabilities                 370              814
Total current liabilities                 18,770           24,590
Secured notes payable, long-term          22,711           14,116
Other liabilities                         2,806            3,677
Total Liabilities                         44,287           42,383
                                                          
Total Stockholders' Equity                9,443            24,631
Total Liabilities & Stockholders Equity   $53,730         $67,014
                                                          


SUPERNUS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
                                                               
                        Three months ended          Nine months ended
                        September 30, September 30, September  September
                         2011          2012          30, 2011   30, 2012
                                                               
Total revenues           $11          $91          $761      $391
                                                               
Operating expenses:                                             
Research and development 8,425         8,306         23,126     18,367
General and              1,501         4,075         5,143      11,450
administrative
Total operating expenses 9,926         12,381        28,269     29,817
                                                               
Operating loss           (9,915)       (12,290)      (27,508)   (29,426)
Other income (expense):                                         
Interest income          3             39            29         91
Interest expense         (499)         (880)         (1,357)    (2,771)
Other income(expense)    260           (351)         30         (665)
                                                               
Net loss from continuing (10,151)      (13,482)      (28,806)   (32,771)
operations
Discontinued operations  417           --           646        --
Net loss                 $(9,734)     $(13,482)    $(28,160) $(32,771)
Cumulative Dividends on  $(858)       $--         $(2,573)  $(1,143)
Preferred Stock
Net loss attributable to $(10,592)    $(13,482)    $(30,733) $(33,914)
common shareholders
                                                               
Net loss per share -     $(6.64)      $(0.55)      $(19.28)  $(2.36)
basic & diluted
Weighted average number  1,595,821     24,464,281    1,594,288  14,356,546
of common shares

CONTACT: Jack Khattar, President & CEO
         Gregory S. Patrick, Vice President and CFO
         Supernus Pharmaceuticals, Inc.
         Tel: (301) 838-2591
 
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