Anthera Pharmaceuticals Reports 2013 First Quarter Financial Results

     Anthera Pharmaceuticals Reports 2013 First Quarter Financial Results

PR Newswire

HAYWARD, Calif., May 13, 2013

HAYWARD, Calif., May 13, 2013 /PRNewswire/ --Anthera Pharmaceuticals, Inc.
(NASDAQ: ANTH), today announced financial results and business highlights for
the quarter ended March 31^st, 2013.

First Quarter 2013 Financial Results:

Loss from operations, which included a non-recurring and non-cash charge of
approximately $1.5 million in stock-based compensation, was $6.9 million for
the first quarter of 2013, compared to $20.1 million for the first quarter of
2012. The decrease in loss from operations primarily resulted from a decrease
in research and development expenses to $4.9 million from $17.7 million and a
decrease in general and administrative expenses from $2.3 million to $2.0
million. The decrease in research and development expenses in the first
quarter of 2013 compared to the first quarter of 2012 was primarily the result
of decreased direct and indirect clinical study costs as the Company focuses
on the development of blisibimod for systemic lupus erythematosus, or lupus,
and IgA nephropathy, an orphan disease. The Company also experienced lower
manufacturing spending as manufacturing of blisibimod for patient dosing in
the on-going clinical studies was completed in 2012. The decrease in general
and administrative expenses for the first quarter of 2013 compared to the
first quarter of 2012 was primarily due to reduced spending on consulting and
professional services and reflects the Company's ongoing cost reduction
efforts.

Net loss for the quarter ended March 31, 2013 was $7.6 million, or $0.06 loss
per basic and diluted share, compared with loss of $20.9 million, or $0.51
loss per basic and diluted share for the quarter ended March 31, 2012. The
decrease in net loss per basic and diluted share in the first quarter of 2013
as compared to the first quarter of 2012 was primarily the result of lower
loss from operations and higher common shares outstanding due to a public
offering of shares of the Company's common stock in the first quarter of 2013,
pursuant to which the Company raised net proceeds of approximately $42.7
million through the issuance of 69,696,970 shares of common stock.

As of March 31, 2013, the Company had cash, cash equivalents and short-term
investments of $54.4 million, as compared to $24.8 million at December 31,
2012. The increase in cash was primarily attributable of a public offering of
shares of the Company's common stock in first quarter of 2013. On April 5,
2013, the Company refinanced its long-term debt. The new long-term debt has a
principal amount of $20 million which amortizes at an average monthly cost of
approximately $289,000 through October 2016, as compared to approximately
$950,000 in monthly debt cost prior to the refinance.

On May 16, 2013 at 11:00 a.m. PDT, Anthera Pharmaceuticals, Inc. will hold its
annual shareholder meeting at 1204 Burlingame Avenue #8, Burlingame, CA
94010. Prior to the meeting the Company encourages all shareholders to cast
their votes on proposals presented in the proxy materials. Our Shareholder
Letter, Annual Report for the fiscal year ended December31, 2012, as well as
our Proxy Statement for the annual shareholder meeting scheduled for May 16,
2013, are available free of charge on our website at www.anthera.com.
Interested parties can request a copy free of charge by calling Investor
Relations at 510-856-5600 or sending an e-mail request to Investor Relations
by accessing our website (www.anthera.com), selecting the "Investors" tab and
then selecting "Investor Contact." Please include your contact information
with the request.

Following the annual shareholder meeting, the Company will host a conference
call on May 20, 2013 at 2:00 p.m. Pacific Time with management to discuss
results from the meeting as well as financial results for the first quarter
and provide a general corporate update.

About Anthera Pharmaceuticals

Anthera Pharmaceuticals, Inc. is a biopharmaceutical company focused on
developing and commercializing products to treat autoimmune diseases.
Anthera's Phase 3 development product candidate, blisibimod, targets elevated
levels of B-cell activating factor, or BAFF, which has been associated with a
variety of B-cell mediated autoimmune diseases, including systemic lupus
erythematosus (SLE), or lupus, Immunoglobulin A nephropathy, or IgAN, lupus
nephritis, vasculitis, rheumatoid arthritis, idiopathic thrombocytopenia
purpura, and others.

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, 2012 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013. 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: Dennis Lutz of Anthera Pharmaceuticals, Inc., dlutz@anthera.com or
510.856.5598.



ANTHERA PHARMACEUTICALS, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
                                                 Three Months Ended March 31,
                                                 2013               2012
Operating expenses:
Research and development                       $ 4,929       (1)  $ 17,738
General and administrative                       1,972       (2)    2,322
 Total operating expenses                     6,901              20,060
 Loss from operations                    (6,901)            (20,060)
Other income (expenses):
Other income (expense) - net                     25                 (10)
Interest expense                                 (704)              (843)
Total other (expense) - net                      (679)              (853)
Net loss attributable to common stockholders   $ (7,580)          $ (20,913)
Net loss per share attributable to common                        
stockholders:
                                               $ (0.06)           $ (0.51)
 Basic and diluted
Weighted-average number of shares used to
compute net                                                        

 loss per share of common stock—basic     124,124,066        41,000,421
and diluted

    Included in research and development expenses is a one-time charge of
(1) stock-based compensation of approximately $799,000 associated with the
    voluntary surrender of stock options by our employees during the three
    months ended March 31, 2013.
    Included in general and administrative expenses is a one-time charge of
(2) stock-based compensation of approximately $661,000 associated with the
    voluntary surrender of stock options by our employees during the three
    months ended March 31, 2013.





                                             ANTHERA PHARMACEUTICALS, INC.
                                             (A Development Stage Company)
                                             BALANCE SHEET DATA
                                             (in thousands, except share data)
                                             (unaudited)
                                             March 31,         December 31,
                                                               2012
                                             2013
Cash and cash equivalents                    $   50,570     $    19,431
Short term investments                       $    3,824    $     5,322
Total assets                                 $   56,452     $    26,445
Total current liabilities, excluding current $    4,706    $    9,421
portion of notes payable
Total notes payable                          $   18,393     $   20,550
Deficit accumulated during development stage $ (267,958)      $ (260,378)
Total shareholders' equity (deficit)         $   33,353     $   (3,526)
Common shares outstanding                    148,900,254       79,151,592

SOURCE Anthera Pharmaceuticals, Inc.

Website: http://www.anthera.com