Momenta Pharmaceuticals, Inc. (MNTA)

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CAMBRIDGE, Mass., Feb. 17, 2015 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (MNTA) today reported its financial results for the fourth quarter and year ended December 31, 2014.

For the fourth quarter of 2014, the company reported a net loss of $(16.0) million, or $(0.31) per share, compared to a net loss of $(30.1) million, or $(0.59) per share for the same period in 2013. For the year ended December 31, 2014, the company reported a net loss of $(98.6) million, or $(1.91) per share, compared to a net loss of ($108.4) million, or $(2.13) per share, for the same period in 2013. At December 31, 2014, the company had cash, cash equivalents, and marketable securities of $191.5 million compared to $245.7 million at December 31, 2013.

"2014 was a very productive year for Momenta. We successfully executed on many of our corporate objectives including the achievement of multiple development milestones in our biosimilars collaboration with Baxter, initiation of a Phase 2 clinical study of necuparanib in pancreatic cancer, and the introduction of three promising autoimmune pipeline candidates further broadening our novel drug portfolio," said Craig A. Wheeler, President and Chief Executive Officer of Momenta Pharmaceuticals.

"In our biosimilars business, Baxter has opted not to elect any additional biosimilars for development and has terminated their participation in the M834 program as part of their corporate restructuring and portfolio review process. Our collaboration with Baxter on M923, biosimilar HUMIRA, remains strong and we look forward to discussions in 2015 with potential new partners for M834, a biosimilar version of ORENCIA, and our additional biosimilar programs," Wheeler continued.

"We expect 2015 to be another year of forward momentum across the business and importantly, we remain optimistic that FDA approval of our once-daily generic Copaxone ANDA is near, and we are prepared for a commercial launch in 2015."

http://ir.momentapharma.com/releasedetail.cfm?ReleaseID=896566