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Durata Therapeutics, Inc. Reports First Quarter 2013 Financial Results

Durata Therapeutics, Inc. Reports First Quarter 2013 Financial Results

                -Raised $54 million in Recent Equity Offering-

CHICAGO, May 9, 2013 (GLOBE NEWSWIRE) -- Durata Therapeutics, Inc.
(Nasdaq:DRTX) today announced financial results for the quarter ended March
31, 2013.

Financial results for the quarter ended March 31, 2013

As of March 31, 2013, we had cash and cash equivalents plus short-term
investments of $46.7 million, compared to $45.4 million at December 31, 2012.

Net loss for the three months ended March 31, 2013 (the "2013 Quarter") was
$15.8 million, compared to a net loss of $8.3 million for the three months
ended March 31, 2012 (the "2012 Quarter").

Research and development expenses for the 2013 Quarter were $11.1 million,
compared to $6.8 million for the 2012 Quarter. The $4.3 million increase from
the 2012 Quarter to the 2013 Quarter principally resulted from an increase of
$2.5 million related to chemistry, manufacturing and control related expenses,
an increase of $1.1 million in consulting expenses for the closeout of our
DISCOVER 1 and DISCOVER 2 clinical trials and preparation of the NDA
submission, and an increase of $0.6 million for personnel costs.

General and administrative expense for the 2013 Quarter was $4.1 million,
compared to $1.2 million for the 2012 Quarter. The $2.9 million increase from
the 2012 Quarter to the 2013 Quarter principally resulted from an increase of
$1.5 million for personnel costs, an increase of $0.9 million in legal and
consulting fees and an increase of $0.4 million for insurance and other
operating expenses to support our pre-launch activities and increased
compliance requirements.

Q1 2013 Highlights and Recent Events

Our significant accomplishments include the following:

  *Announced positive topline results for our DISCOVER 2 clinical trial in
    February.
  *In March, borrowed $20.0 million from Oxford Finance LLC for general
    working capital purposes.
  *Completed an equity offering in April, resulting in approximately $54.1
    million of net proceeds before deducting costs payable by us.
  *Presented new data demonstrating in vitro potency of dalbavancin against
    bacterial pathogens at the 23rd Annual ECCMID Meeting at the end of April.

"We raised $74 million in the first four months of 2013 to fund our operations
through potential commercial launch of dalbavancin in the United States for
treatment of acute bacterial skin and skin structure infections (ABSSSI),"
said Paul Edick, Chief Executive Officer of Durata Therapeutics, Inc.
"Overall, our spending declined during the quarter as we conclude activity
around our two, global Phase 3 clinical trials and prepare for submission of a
new drug application to the FDA."

Conference Call and Webcast Information

The company will host a conference call today, May 9, 2013 at 8:30 AM EDT. To
access the call, please dial 866-632-4021 for participants in the U.S. or
Canada and 404-991-3968 for international callers (reference Conference ID
63029636). A replay of the call may be accessed through May 23, 2013 by
dialing 800-585-8367 for callers in the U.S. and Canada and 404-537-3406 for
international callers (reference Conference ID 63029636). The conference call
will also be webcast live on the Investor Relations section of the Company's
website at www.duratatherapeutics.com.

About Dalbavancin

Dalbavancin is an intravenous antibiotic product candidate under investigation
for once-weekly dosing, which we believe may facilitate the treatment of
patients with ABSSSI in both the in-patient and out-patient settings,
potentially reducing the length of a patient's hospital stay or avoiding
hospital admission altogether, with an impact on the overall cost of care for
these patients.

About Durata Therapeutics

Durata Therapeutics is a pharmaceutical company focused on the development and
commercialization of novel therapeutics for patients with infectious diseases
and acute illnesses. Durata has completed its DISCOVER 1 and DISCOVER 2 global
Phase 3 clinical trials with its lead product candidate, dalbavancin, under
investigation for the treatment of patients with acute bacterial skin and skin
structure infections, or ABSSSI.

Forward-looking statements

Statements contained in this press release contain forward-looking statements
that involve substantial risks and uncertainties. All statements, other than
statements of historical facts, contained in this press release, including
statements regarding our strategy, future operations, future financial
position, future revenues, projected costs, prospects, plans and objectives of
management, are forward-looking statements. The words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should," "continue," and similar
expressions are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.

Forward-looking statements in this press release include statements about the
timing of the filing of a NDA with the FDA and the potential commercialization
of dalbavancin. Actual results may differ materially from those indicated by
these forward-looking statements as a result of various important factors,
including those discussed in the "Risk Factors" section of our most recent
annual report on Form 10-K, which is on file with the SEC and is also
available on our website. In addition, any forward-looking statements
represent our views only as of today and should not be relied upon as
representing our views as of any subsequent date. While we may elect to update
these forward-looking statements at some point in the future, we specifically
disclaim any obligation to do so, even if our views change. Therefore, you
should not rely on these forward-looking statements as representing our views
as of any date subsequent to today.

DURATA THERAPEUTICS, INC. AND SUBSIDIARIES
(A Development Stage Company)
Consolidated Balance Sheet
(in thousands)
(Unaudited)
                                                               
Assets                                                March 31, December 31,
                                                      2013       2012
Current assets:                                                 
Cash and cash equivalents                             $32,642  $32,257
Short-term investments                                14,087     13,094
Prepaid expenses and other current assets             3,995      5,844
Total current assets                                  50,724     51,195
Acquired in process research and development          15,292     15,292
Goodwill                                              5,811      5,811
Property and equipment, net                           1,047      981
Restricted cash                                       1,143      852
Deferred charge                                       11,236     12,417
Other assets                                          865        —
Total assets                                          $86,118  $86,548
Liabilities and Stockholders' Equity                            
Current liabilities:                                            
Accounts payable                                      $11,124  $8,618
Accrued expenses                                      3,939      10,602
Income taxes payable                                  453        2,281
Total current liabilities                             15,516     21,501
Long-term debt (less unamortized debt discount of     18,406     —
$1,594 at March 31, 2013)
Non-current income tax payable                        1,412      1,117
Contingent consideration                              20,120     19,836
Accrued interest liability                            1,190      —
Other liabilities                                     327        222
Total liabilities                                     56,971     42,676
Total stockholders' equity                            29,147     43,872
                                                               
Total liabilities andstockholders' equity            $86,118  $86,548


DURATA THERAPEUTICS, INC. AND SUBSIDIARIES
(A Development Stage Company)
Consolidated Statement of Operations
(in thousands, except share and per share data)
(Unaudited)
                                                               Period from
                                                               inception
                                                               (November 4,
                                                               2009) to
                              Three month period ended March 31, March 31,
                              2013              2012             2013
Operating expenses:                                             
Research and development       $11,092         $6,771         $97,936
expenses
General and administrative     4,050             1,221            21,833
expenses
Acquisition related charges,   284               268              8,828
net
Operating loss                 15,426            8,260            128,597
Total other (income) expense   93                (2)              34
Loss before income tax expense 15,519            8,258            128,631
(benefit)
Income tax expense (benefit)   248              --              (5,563)
Net loss                       $(15,767)       $(8,258)       $(123,068)
                                                               
Net loss per common share –    $(0.86)         $(132.12)      
Basic and Diluted
Weighted-average common shares 18,367,540        62,500           
– Basic and Diluted

CONTACT: Investor Relations and Public Affairs Contact
         Allison Wey
         Durata Therapeutics, Inc.
         Vice President, Investor Relations and Public Affairs
         (312) 219-7017
         awey@duratatherapeutics.com

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