Momenta Pharmaceuticals, Inc. (MNTA)

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Momenta Pharmaceuticals Reports First Quarter 2017 Financial Results

--Company reports Glatopa® 20 mg product revenues of $23 million, a 58% increase over the same period in 2016--

--Ended the first quarter with a strong cash position of $434 million--

CAMBRIDGE, Mass., May 02, 2017 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA) today reported its financial results for the first quarter ended March 31, 2017.

"We continue to demonstrate the value of our Glatopa business both with increased revenues year-over-year for the 20 mg product and the potential of the 40 mg product to be launched this year," said Craig A. Wheeler, President and Chief Executive Officer of Momenta Pharmaceuticals. "Our biosimilar and novel autoimmune programs also showed strong momentum. We expect to submit our biosimilar HUMIRA® candidate for marketing approval mid-year followed by Phase 1 top-line data for our biosimilar ORENCIA® candidate, in collaboration with Mylan. For our novel autoimmune programs, data from the M281 Phase 1 study is expected in the second half of the year and we expect our lead program with CSL, M230, to enter the clinic this year."

Excerpts:
Pfizer submitted a comprehensive response to the observations cited in the warning letter. The Company believes that an approval from the FDA continues to be possible in 2017.

Net Loss: The Company reported a net loss of $31.8 million, or $0.46 per share for the first quarter of 2017 compared to a net loss of $24.0 million, or $0.35 per share for the same period in 2016.

Read more -
http://ir.momentapharma.com/releasedetail.cfm?ReleaseID=1023929