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Anthera Pharmaceuticals Reports 2012 Fourth Quarter And Fiscal Year Financial Results

Anthera Pharmaceuticals Reports 2012 Fourth Quarter And Fiscal Year Financial
                                   Results

PR Newswire

HAYWARD, Calif., March 26, 2013

HAYWARD, Calif., March 26, 2013 /PRNewswire/ --Anthera Pharmaceuticals, Inc.
(NASDAQ: ANTH), today announced financial results and business highlights for
the quarter and fiscal year ended December 31, 2012.

Fourth Quarter and Fiscal Year 2012 Financial Results:

Total operating expenses for the fourth quarter ended December 31, 2012 were
$8.1 million, as compared to $11.1 million for the third quarter ended
September 30, 2012. The decrease in operating expenses for the period is
related primarily to the reduced clinical activity following the completion of
the PEARL-SC study.

Total operating expenses for the fiscal year ended December 31, 2012 were
$55.9 million, as compared to $93.1 million for the fiscal year ended December
31, 2011. The decrease in operating expenses for the period can be attributed
to the reduced clinical activity following the completion of the PEARL-SC
study and the termination of the VISTA-16 study in early 2012. 

Anthera ended the fourth quarter of 2012 with approximately $24.8 million in
cash and cash equivalents and short-term investments. On January 30, 2013, the
Company completed a public offering of shares of its common stock resulting in
net proceeds of approximately $43.0 million from the sale of 69,696,970
shares, which includes 9,090,909 shares issued upon the exercise in full of
the underwriters' over-allotment option.

The Company intends to host a conference call during the second quarter of
2013 to provide an update on the Company's clinical development plan.

Recent Management Update:

Sanford Zweifach has been appointed to Anthera's Board of Directors. Mr.
Zweifach has over 20 years of extensive experience in the areas of corporate
partnering, business development, operational and P&L experience, private and
public investing and capital-raising in the life sciences industry. He
currently serves as the Chief Executive Officer of Ascendancy Healthcare,
Inc. From 2005 until mid-2011, Mr. Zweifach was a Partner at Reedland Capital
Partners, a boutique investment bank, where he headed its life sciences M&A
and advisory efforts. Prior to joining Reedland, he was the CEO of Pathways
Diagnostics, a biomarker development company. From 1997 to 2004 he was a
Managing Director/CFO of Bay City Capital. He received his BA in Biology from
UC San Diego and holds an MS in Human Physiology from UC Davis.

"I am excited to welcome Sandy to the Anthera Board of Directors," said Dr.
Christopher Henney, Ph.D., Anthera's Chairman of the Board. "His extensive
expertise in commercial development and pharmaceutical transactions will be
invaluable as we continue to move forward with the development of blisibimod."

About Anthera Pharmaceuticals

Anthera Pharmaceuticals is a biopharmaceutical company focused on developing
and commercializing products to treat serious diseases associated with
inflammation and autoimmune disorders.

Safe Harbor Statement

Any statements contained in this press release that refer to future events or
other non-historical matters, including statements that are preceded by,
followed by, or that include such words as "estimate," "intend," "anticipate,"
"believe," "plan," "goal," "expect," "project," or similar statements, are
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on Anthera's expectations as of the date of this press
release and are subject to certain risks and uncertainties that could cause
actual results to differ materially as set forth in Anthera's public filings
with the SEC, including Anthera's Annual Report on Form 10-K for the year
ended December 31, 2011 and Quarterly Report on Form 10-Q for the quarter
ended September 30, 2012. Anthera disclaims any intent or obligation to
update any forward-looking statements, whether because of new information,
future events or otherwise, except as required by applicable law.

CONTACT: Bianca Nery of Anthera Pharmaceuticals, Inc., bnery@anthera.com or
510.856.5586.

                       ANTHERA PHARMACEUTICALS, INC.
                       A Development Stage Company
                       STATEMENT OF OPERATIONS
                       (unaudited)
                       (in thousands except share and per share data)
                       Three Months Ended Dec 31,  Twelve Months Ended Dec 31,
                       2012          2011          2012           2011
OPERATING EXPENSE:
 Research and         $   7,089   $   26,832  $   49,219   $   85,281
development
 General and          1,000         1,597         6,715          7,857
administrative
 Total operating  8,089         28,429        55,934         93,138
expense
LOSS FROM OPERATIONS:  (8,089)       (28,429)      (55,934)       (93,138)
OTHER
(EXPENSE)/INCOME:
 Other (expense) (27)          185           (111)          606
income
 Interest        (797)         (912)         (3,354)        (2,803)
expense
 Total other     (824)         (727)         (3,465)        (2,197)
income (expense)
NET LOSS               $ (8,913)    $  (29,156)  $ (59,399)    $  (95,335)
 Net loss per   $           $         $           $   
share--basic and       (0.11)       (0.71)        (1.03)         (2.55)
diluted
Weighted-average
number of shares used  79,120,940    40,916,666    57,803,491     37,417,775
in per share
calculation-- basic
and diluted





                                           ANTHERA PHARMACEUTICALS, INC.
                                           A Development Stage Company
                                           BALANCE SHEET DATA
                                           (unaudited)
                                           (in thousands except share amounts)
                                           December 31,        December 31,
                                           2012                2011
Cash and cash equivalents                  $   19,431       $   65,624
Short term investments                     $    5,322      $    1,746
Total assets                               $   26,445       $   69,493
Total current liabilities, excluding       $    9,421      $   26,078
current portion of notes payable
Total notes payable                        $   20,550       $   24,331
Deficit accumulated during development     $ (260,378)        $ (200,979)
stage
Total shareholders' equity(deficit)        $   (3,526)      $   19,084
Common shares outstanding                  79,151,592          40,933,354



SOURCE Anthera Pharmaceuticals
 
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