Supernus Pharmaceuticals, Inc. ( SUPN ) reported first
quarter 2013 net loss per share of 60 cents, narrower than the
Zacks Consensus Estimate of a loss of 63 cents and the year-ago
loss of $6.05. First quarter revenues were $0.1 million, compared
with $0.2 million in the year-ago quarter. The Zacks Consensus
Estimate for revenues was $1 million.
In the reported quarter, research and development expenses were
$4.5 million, compared with $5.4 million in the year-ago quarter.
The decrease was primarily due to the completion of a phase IIb
study on SPN-810.
In the reported quarter, selling, general and administrative
(SG&A) expenses were $13.5 million, compared with $2.7 million
in the year-ago quarter. The increase was due to costs relating to
the hiring of sales force during the quarter, the Oxtellar XR
launch and also costs associated with prelaunch activities for
In Feb 2013, Supernus announced the launch of its antiepileptic
drug, Oxtellar XR, in the US. Oxtellar XR was approved by the US
Food and Drug Administration (FDA) in Oct 2012. In Nov 2012,
Supernus received three years of marketing exclusivity from the
FDA. As of Mar 31, 2013 net deferred product revenue was $3.6
The company reported meaningful growth in the Oxtellar XR
prescriber base so far in the second quarter of 2013. In the first
two months of its launch, prescriptions totaled 579.
We note that, Trokendi XR, an epilepsy candidate has received
tentative FDA approval in Jun 2012. A request for final
approval was filed in Dec 2012. Supernus intends to launch this
candidate in the third quarter of 2013.
In Nov 2012, Supernus had announced encouraging top-line results
from a phase IIb study on SPN-810. SPN-810 is being developed for
the treatment of impulsive aggression in attention deficit
hyperactivity disorder patients. Supernus expects to meet the FDA
by year end to discuss plans for later stage clinical studies.
Cash burn for 2013 is now expected in the range $85 million to
$95 million, lower than the earlier range of $95 million to $105
million. The decline was due to the refinancing of a secured credit
Supernus carries a Zacks Rank #3 (Hold). Other companies like
Santarus, Inc. ( SNTS ) and
Catalyst Pharmaceutical Partners Inc. ( CPRX ) look more
attractive with a Zacks Rank #1 (Strong Buy). Lannett
Company, Inc. ( LCI ) carries a Zacks
Rank #2 (Buy).CATALYST PHARMA (CPRX): Free Stock Analysis
ReportLANNETT INC (LCI): Free Stock Analysis ReportSANTARUS INC (SNTS): Free Stock Analysis ReportSUPERNUS PHARMA (SUPN): Free Stock Analysis
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