Thursday, November 24, 2016 6:17:27 PM
Eleven's latest 3Q revenue stood at $28.7 million, compared to $100,0000 in the third quarter of 2015.
The company attributed the latest 3Q swing to profit and spike in revenue to revenue from its license agreement with Roche.
Research and development cost for the Cambridge, Massachusetts-based company came down significantly: from $6.75 million in Q3 2015 to $2.75 million in Q3 2016. However, general and administrative expenses rose from $2.68 million to $6.36 million during the same period, bringing total operating expenses in comparable range: $9.42 million in Q3 2015 versus $9.12 million in Q3 2016.
Eleven Biotherapeutics said the decrease in latest 3Q R&D expenses was due to the discontinuation of development activities for its EBI-005 (isunakinra) and EBI-031 drug candidates.
General and administrative expenses soared due to increased severance, retention and stock-based compensation expenses, professional fees, and its recent acquisition of Viventia Bio Inc. (For more, see Eleven Biotherapeutics Acquires Viventia Bio.)
Eleven Biotherapeutics ended the third quarter with $30.7 million in cash and cash equivalents, which was lower than $36.07 million it had at the end of December 2015. The company believes that its current cash position should fund its operating expenses through 2018.
Corporate Highlights
Eleven Biotherapeutics is a preclinical-stage biopharmaceutical company that discovers and develops protein therapeutics to treat eye diseases.
Major corporate highlights during the recently concluded quarter include an exclusive license agreement Eleven signed with Roche for IL-6 technology, which includes its key drug candidate EBI-031.
It has received $30 million in payments from Roche, and the deal could get Eleven an additional $240 million upon the achievement of certain future regulatory, development and commercialization milestones. In return, Roche gets the exclusive, global license to develop and commercialize EBI-031 and all other IL-6 antagonist antibody technology.
Eleven also recently completed the acquisition of Viventia Bio Inc., which facilitated it to become a late-stage oncology company.
Eleven Biotherapeutics looks forward to future studies, which includes a Phase III clinical trial of Vicinium for treating bladder cancer, and a Phase II combination trial of Proxinium for squamous cell carcinoma of the head and neck.
As for 2017 plans, Eleven Biotherapeutics CEO Stephen Hurly mentioned, “We plan on submitting an IND with the FDA for our lead product in our systemic pipeline based on our proprietary payload deBouganin.”
Following the quarterly results announcement, Eleven’s stock price soared 11.45%, to close at $2.92 per share on Monday.
Read more: Eleven Biotherapeutics 3Q Net 95c a Share (EBIO) | Investopedia http://www.investopedia.com/news/eleven-biotherapeutics-3q-net-95c-share-ebio/#ixzz4QyH3FS4K
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