Hyperion Therapeutics, Inc. (HPTX)

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finances

The company reported cash and cash equivalents of $7.3 million as of June 30, 2012. Subsequent to the end of the quarter, on July 31, 2012, the company successfully closed its initial public offering and the underwriters exercised their over-allotment option in full raising proceeds, net of underwriter discounts, of $53.5 million. The company intends to use the proceeds primarily for the potential launch of its first drug, Ravicti™ (glycerol phenylbutyrate).

According to Chief Executive Officer, Donald J. Santel, "Having a completed IPO makes us well positioned for the potential approval and launch of Ravicti. We believe Ravicti offers meaningful benefits over the only product currently FDA-approved for the treatment of the most prevalent urea cycle disorders, or UCD. With the Prescription Drug User Fee Act (PDUFA) target action decision date on the New Drug Application for Ravicti now January 23, 2013, we are actively planning for launch, and are looking forward to bringing this important potential new drug to the UCD community."