Breaking News

Panasonic Commits to Partner With Tesla on Battery Gigafactory
Tweet TWEET

Hyperion Therapeutics Announces Fourth Quarter and Full Year 2012 Operating Results

Hyperion Therapeutics Announces Fourth Quarter and Full Year 2012 Operating
Results

SOUTH SAN FRANCISCO, Calif., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Hyperion
Therapeutics, Inc. (Nasdaq:HPTX) today reported financial operating results
for the fourth quarter and the year ended December 31, 2012.

According to Chief Executive Officer Donald J. Santel, "Since the FDA's
approval of RAVICTI™ (glycerol phenylbutyrate) on February 1st, we have been
singularly focused on our commercial roll-out and expect to have product
available for launch by the end of April. Specifically, we have begun the
training of our sales and market access field teams and have initiated
reimbursement dialogues with key private and public payers. We also expect to
begin the final due diligence review related to our option to purchase
BUPHENYL^® (sodium phenylbutyrate) Tablets and Powder and AMMONUL^® (sodium
phenylacetate and sodium benzoate) injection 10%/10% from Valeant in the near
future."

Fourth Quarter and Full Year 2012 Financial Results

Hyperion reported net losses of $8.3 million and $32.3 million for the fourth
quarter and year ended December 31, 2012, respectively, compared with net
losses of $8.7 million and $29.4 million for the same periods of 2011.

Research and development expenses for the fourth quarter 2012 were $3.0
million compared with $3.5 million for the same period in 2011. For the full
year 2012, research and development expenses were $17.1 million compared with
$17.2 million for the full year 2011. The decrease for both the fourth quarter
and full year for research and development expenses was primarily due to
reduced clinical development and consulting expenses related to the company's
HE Phase II trial and the long-term safety extension trial in adults with UCD
both of which were largely completed in 2011. These decreases were partially
offset by increases in 2012 in manufacturing related expenses, which were
expensed to research and development as RAVICTI was not yet approved as well
as the $5.7 million in expenses incurred in connection with the purchase of
RAVICTI.

General and administrative expenses for the fourth quarter 2012 were $2.5
million compared to $3.1 million for the same period of 2011. For the full
year 2012, general and administrative expenses decreased to $7.5 million
compared to $8.2 million for the full year 2011. The decrease in the fourth
quarter compared to the same period last year was primarily due to the
decrease in certain non-recurring legal costs incurred in 2011. The decrease
for the full year 2012 was primarily due to the decrease in these legal costs
partially offset by increases in compensation-related, consulting and
insurance expenses.

Selling and marketing expenses for the fourth quarter 2012 were $2.3 million,
compared to $0.1 million for the same period of 2011. For the full year 2012,
selling and marketing expenses were $4.0 million compared to $0.8 million for
the same period of 2011. The increase for both the fourth quarter and the full
year was primarily due to increases in compensation-related expenses related
to new hires as well as consulting fees as the company strategically expanded
its commercial infrastructure in preparation for the commercialization of
Ravicti in UCD.

As of December 31, 2012, Hyperion had cash and cash equivalents of $49.9
million.

About Hyperion Therapeutics

Hyperion Therapeutics, Inc. is a commercial stage biopharmaceutical company
committed to developing and delivering life-changing treatments for orphan
diseases and hepatology. For more information, please visit www.hyperiontx.com

Forward-Looking Statements:

To the extent that statements contained in this press release are not
descriptions of historical facts regarding Hyperion, they are forward-looking
statements reflecting the current beliefs and expectations of management made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Words such as "may," "will," "expect," "anticipate,"
"estimate," "intend," and similar expressions (as well as other words or
expressions referencing future events, conditions or circumstances) are
intended to identify forward-looking statements. Examples of forward-looking
statements contained in this press release include, among others, statements
regarding our expectations regarding the timing of any commercial launch of
Ravicti. Forward-looking statements in this release involve substantial risks
and uncertainties that could cause 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, risks related
to: the uncertain clinical development process; that the U.S. Food and Drug
Administration may not be satisfied with preclinical data, including
carcinogenicity data; or the success and timing of commercialization efforts;
the fact that the patient population suffering from UCD is small and has not
been established with precision; the ability to obtain adequate clinical
supplies of Ravicti; and the ability to raise sufficient capital to complete
the development of and commercialize Ravicti in UCD.Hyperion undertakes no
obligation to update or revise any forward-looking statements. For a further
description of the risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as well as
risks relating to the business of the company in general, see the section
entitled "Risk Factors" in Hyperion's Annual Report on Form 10-K for the year
ended December 31, 2012, and in subsequent filings with the Securities and
Exchange Commission.


Hyperion Therapeutics, Inc.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)

                               Three Months Ended      Twelve Months Ended
                              December31,            December31,^(1)
                               (Unaudited)
                              2012        2011        2012        2011
Operating expenses                                              
Research and development       $3,033   $3,544     $17,046    $17,236
General and administrative     2,450      3,058      7,530      8,162
Selling and marketing          2,312      132        3,957      761
Total operating expenses       7,795      6,734      28,533     26,159
Loss from operations           (7,795)    (6,734)    (28,533)   (26,159)
Interest income                1          9          12         28
Interest expense               (491)      (867)      (3,703)    (2,554)
Other income (expense), net    —          (1,062)    (39)       (731)
Net loss attributable to       $(8,285)   $(8,654)  $(32,263)  $(29,416)
common stockholders
Net loss per share
attributable to common                                          
stockholders:
Basic and diluted              $(0.50)    $(18.44)   $(4.45)    $(62.68)
Weighted average number of
shares used to compute net                                      
loss per share of common
stock:
Basic and diluted              16,613,320  469,319    7,256,537  469,319
                                                               
(1)Derived from the audited financial statements, included in the Company's
Annual Report on Form 10-K for the year ended December 31, 2012.



Hyperion Therapeutics, Inc.
Consolidated Balance Sheets
(In thousands)

                                          December31,      December31,
                                           2012 ^(1)         2011 ^(1)
Assets                                                      
Current assets                                              
Cash and cash equivalents                  $49,853          $7,018
Prepaid expenses and other current assets  1,155            741
Restricted cash                            —               305
Total current assets                       51,008           8,064
                                                           
Property and equipment, net                49               19
Restricted cash                            —               25
Other non-current assets                   147              34
Total assets                               $51,204          $8,142
Liabilities, Convertible Preferred Stock                    
and Stockholders' Equity (Deficit)
Current liabilities                                         
Accounts payable                           $2,177           $1,887
Accrued liabilities                        2,540            3,310
Call option liability                      —               737
Convertible notes payable                  —               23,412
Notes payable, current portion             4,348            —
Total current liabilities                  9,065            29,346
Warrants liability                         —               2,574
Notes payable, net of current portion      7,750            —
Total liabilities                          16,815           31,920
                                                           
Convertible preferred stock                —               58,326
Stockholders' equity (deficit)                              
Preferred stock                            —               —
Common stock                               2               —
Additional paid-in capital                 173,384          24,630
Deficit accumulated during the development (138,997)        (106,734)
stage
Total stockholders' equity (deficit)       34,389           (82,104)
Total liabilities, convertible preferred   $51,204          $8,142
stock and stockholders' equity (deficit)
                                                           
(1)Derived from the audited financial statements, included in the Company's
Annual Report on Form 10-K for the year ended December 31, 2012.

CONTACT: Shari Annes, Investor Relations
         650-888-0902
         sannes@annesassociates.com