Aegerion Pharmaceuticals Announces Third Quarter 2012 Financial Results

Aegerion Pharmaceuticals Announces Third Quarter 2012 Financial Results

CAMBRIDGE, Mass., Nov. 7, 2012 (GLOBE NEWSWIRE) -- Aegerion Pharmaceuticals,
Inc. (Nasdaq:AEGR), an emerging biopharmaceutical company focused on the
development and commercialization of novel therapeutics to treat debilitating
and often fatal rare diseases, announced its financial results and business
highlights for the third quarter and nine months ended September 30, 2012.

As previously announced, the U.S. Food and Drug Administration (FDA) held a
meeting of the Endocrinologic and Metabolic Drugs Advisory Committee (EMDAC)
on October 17, 2012, to review Aegerion's New Drug Application (NDA)
requesting approval to market lomitapide as an adjunct to a low-fat diet and
other lipid-lowering therapies, with or without apheresis, to reduce LDL-C,
total cholesterol, apolipoprotein B, and triglycerides in adults with
homozygous familial hypercholesterolemia (HoFH). The EMDAC determined by a
vote of 13 to 2 that Aegerion has presented sufficient safety and efficacy
data to support marketing of lomitapide for this indication. The FDA is not
bound by EMDAC's recommendation, but will consider the committee's
recommendation as the agency completes its review of the lomitapide NDA.

"We have made great progress in advancing the global lomitapide development
program," said Marc D. Beer, Chief Executive Officer. "In October, we achieved
a positive recommendation for approval of lomitapide by FDA's Advisory
Committee. Last week, the Lancet published the full 78 week data from
Aegerion's pivotal Phase III study of lomitapide. Finally, we continue to
execute on our pre-launch initiatives, and to build our commercial resources
in anticipation of potential FDA approval."

Financial Results

For the third quarter ended September 30, 2012, net loss was $14.9 million, or
$0.59 per share, compared with a net loss of $10.1 million, or $0.48 per
share, for the same period in 2011. For the nine months ended September 30,
2012, net loss was $40.5 million, or $1.76 per share, compared with a net loss
of $25.6 million, or $1.36 per share, for the same period in 2011.

Research and development expenses were $6.5 million for the quarter ended
September 30, 2012, compared to $7.3 million for the same period in 2011.
Research and development expenses were $16.6 million for the nine months ended
September 30, 2012, compared to $16.1 million for the same period in 2011. The
decrease in research and development expenses in the third quarter of 2012
over the comparable period in 2011 was primarily related to decreases in
clinical trial expenses related to trials which had been substantially
completed in 2011, offset in part by increases in costs associated with the
Company's ongoing lomitapide drug substance manufacturing validation campaign,
and increased headcount required to support the Company's regulatory and
medical affairs activities. The increase in research and development expenses
for the nine months ended September 30, 2012 over the nine months ended
September 30, 2011 was primarily related to increases in headcount required to
support the Company's regulatory and medical affairs activities, and increases
in costs associated with the Company's ongoing drug substance manufacturing
validation campaign, offset by decreases in clinical trial expenses related to
trials which had been substantially completed in 2011.

General and administrative expenses were $8.2 million for the quarter ended
September 30, 2012, compared to $3.3 million for the same period in 2011.
General and administrative expenses were $21.0 million for the nine months
ended September 30, 2012, compared to $9.6 million for the same period in
2011. The increases in general and administrative expenses in 2012 over the
comparable periods in 2011 were primarily related to increased headcount to
support potential commercial launch of lomitapide and in administrative
functions.

Cash, cash equivalents and marketable securities totaled $95.5 million as of
September 30, 2012, compared to $73.2 million as of December 31, 2011.

Conference Call Details

Aegerion will hold a conference call to discuss its financial results,
business highlights and outlook today, Wednesday, November 7, 2012 at 8:30
a.m. EST. In addition, the Company will answer questions concerning business
and financial developments and trends, and other matters affecting the
Company, some of the responses to which may contain information that has not
been previously disclosed.

To listen to the conference call, dial (866) 516-3002 (International callers
dial (760) 298-5082). In addition, the presentation will be webcast live, and
may be accessed for 90 days following the call, by visiting the "Investors"
section of Aegerion's website, www.aegerion.com. An accompanying slide
presentation also can be accessed via the "Investors" section of the Aegerion
website.

About Aegerion Pharmaceuticals

Aegerion Pharmaceuticals is an emerging biopharmaceutical company focused on
the development and commercialization of novel, life-altering therapeutics to
treat debilitating and often fatal rare diseases. The company's lead drug
candidate, lomitapide, is in late-stage development for the treatment of
homozygous familial hypercholesterolemia (HoFH), a rare life-threatening
disease characterized by severely elevated cholesterol levels.

Aegerion is motivated by its commitment to patients first, as well as its core
values of integrity, innovation, responsibility to healthcare providers and
development of employees, with a constant focus on scientific and clinical
excellence. For more information, visit www.aegerion.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements
regarding the potential for regulatory approval and launch of lomitapide.
These forward-looking statements are neither promises nor guarantees of future
performance, and are subject to a variety of risks and uncertainties, many of
which are beyond our control, which could cause actual results to differ
materially from those contemplated in these forward-looking statements. In
particular, the risks and uncertainties include, among other factors: the risk
that applicable regulatory authorities may ask for additional data,
information or studies to be completed or provided prior to approval; the risk
that the FDA may not agree with EMDAC's recommendation; the risk that
applicable regulatory authorities may not agree with our validation plan or
may require additional work related to the commercial manufacturing process to
be completed prior to approval or may, in the course of the inspection of
manufacturing facilities, identify issues to be resolved; the risks that the
applicable regulatory authorities may not be satisfied with the safety profile
of lomitapide; and the risk that we do not receive approval of lomitapide on a
timely basis or at all. For additional disclosure regarding these and other
risks we face, see the disclosure contained in our public filings with the
U.S. Securities and Exchange Commission (available on the SEC's website at
http://www.sec.gov), including the "Risk Factors" section of our most recent
Quarterly Report on Form 10-Q. We undertake no obligation to update or revise
the information contained in this press release, whether as a result of new
information, future events or circumstances or otherwise.

                                                                            
Aegerion Pharmaceuticals, Inc.
(A Development Stage Company)
Condensed Consolidated Statements of Operations
(Unaudited)
                                                                                 Period from
                 Three Months Ended September    Nine Months Ended September    February 4,
                  30,                             30,                            2005
                                                                                 (inception) to
                 2012            2011            2012           2011            September
                                                                                 30, 2012
Operating                                                                    
Expenses:
Researchand      $6,521,634    $7,290,554    $16,605,646  $16,070,026   $90,905,907
development
Generaland       8,163,160       3,271,184       21,022,059     9,622,254       59,533,652
administrative
Restructuring     986            --            1,377,709     --            2,289,683
costs
                                                                            
Total operating   14,685,780     10,561,738     39,005,414    25,692,280     152,729,242
expenses
                                                                            
Loss from         (14,685,780)   (10,561,738)   (39,005,414)  (25,692,280)   (152,729,242)
operations
Interest expense  (205,269)      (334,692)      (732,494)     (779,022)      (8,744,040)
Interest income   45,900         27,673         115,053       165,369        3,040,765
Other
income\(expense), (28,844)       748,259        (843,536)     748,259        (2,549,027)
net
Loss before       (14,873,993)   (10,120,498)   (40,466,391)  (25,557,674)   (160,981,544)
income taxes
Benefit from      --             --             --            --             1,793,129
income taxes
                                                                            
Net loss          (14,873,993)   (10,120,498)   (40,466,391)  (25,557,674)   (159,188,415)
Less: Accretion
of preferred
stock dividends   --             --             --            --             (23,663,413)
and other deemed
dividends
                                                                            
Net loss
attributable to   $(14,873,993) $(10,120,498) $(40,466,391) $(25,557,674) $
common                                                                           (182,851,828)
stockholders
                                                                            
Net loss
attributable to
common            $(0.59)       $(0.48)       $(1.76)      $(1.36)       
stockholders per
common share -
basic and diluted
                                                                            
Weighted-average
shares            25,360,442      21,063,714      22,939,840     18,812,037      
outstanding -
basic and diluted
                                                                            
The Company has reclassified certain prior period amounts to conform to the current period
presentation. In 2012, the Company began allocating certain overhead costs across its
functional areas and as a result reclassified certain amounts in the prior year from general
and administrative expenses to research and development expenses.
                                                                            

                                                             
Aegerion Pharmaceuticals, Inc.
(A Development Stage Company)
Condensed Consolidated Balance Sheets
(unaudited)
                                                             
                                                September 30, December 31,
                                                 2012          2011
Cash, cash equivalents and marketable securities $95,462,798 $73,162,767
Prepaid expensesand other current assets        1,379,998    913,845
Restricted cash                                  104,892      104,892
Propertyand equipment, net                      738,148      526,353
Other assets                                     86,608       860,302
Total assets                                     $97,772,444 $75,568,159
                                                             
Accounts payable and accrued expenses            $8,806,659  $7,525,386
Current portion of long-term debt                2,102,540    1,875,002
Long-term debt                                   8,424,443    8,124,998
Other noncurrent liabilities                     144,527      841,432
Total liabilities                                19,478,169   18,366,818
Total stockholders' equity                       78,294,275   57,201,341
Total liabilities and stockholders' equity       $97,772,444 $75,568,159
                                                             

CONTACT: Aegerion Pharmaceuticals, Inc.
         Michael Lawless, VP, IR
         (857) 242-5028
 
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