) reported fourth quarter 2012 net loss per share of 2 cents, in
line with the Zacks Consensus Estimate and narrower than
the year-ago loss of 30 cents.
Fourth quarter 2012 revenues were $14.5 million compared with
$0.2 million in 2011. Revenues comprised solely of collaboration
revenues. Revenues in the final quarter of 2012 edged past the
Zacks Consensus Estimate of $14 million.
In the fourth quarter of 2012, research and development
expenses were $10.5 million, up 35.7%. The company's effort to
develop its pipeline was primarily responsible for the increase.
In the fourth quarter of 2012, general and administrative
(G&A) expenses jumped 73% to $4.95 million. The increase was
attributable to establishing commercial capability. An increase
in compensation expenses was also responsible for pushing G&A
Full year 2012 net loss per share was 48 cents compared with a
loss of $1.40 per share in 2011. The Zacks Consensus Estimate for
2012 hinted at a net loss of 47 cents per share. Revenues in 2012
were $34.7 million compared with 0.2 million in 2011. Revenues
for 2012 surpassed the Zacks Consensus Estimate of $34
In 2012, the company submitted a marketing authorization
application (MAA) for its oncology candidate, vintafolide
(MK-8109/EC145) in the EU. Endocyte is also looking for EU
approval of etarfolatide (EC20) along with vintafolide.
Etarfolatide is developed for the identification of tumors that
overexpress folate receptors and that may respond to
folate-targeted therapy. Both the candidates were granted orphan
drug status in the EU in 2012. The company expects a decision
from the European Commission on both the candidates towards the
end of 2013.
Endocyte and its partner,
Merck & Co. Inc.
), are looking to get vintafolide approved as a treatment of
patients suffering from folate-receptor positive
platinum-resistant ovarian cancer in combination with pegylated
liposomal doxorubicin (PLD). They entered into a partnership in
Under this agreement, Endocyte granted Merck an exclusive
license to develop, manufacture and commercialize the
Total expenses, net of Merck reimbursements, are expected around
$65 million in 2013.
Cash, cash equivalents and investments are expected in the range
of $145 - $160 million as on Dec 31, 2013.
Endocyte carries a Zacks Rank #3 (Hold). Currently, companies
Lannett Company, Inc.
United Therapeutics Corporation
) look more attractive with a Zacks Rank #1 (Strong Buy).
ENDOCYTE INC (ECYT): Free Stock Analysis
LANNETT INC (LCI): Free Stock Analysis Report
MERCK & CO INC (MRK): Free Stock Analysis
UTD THERAPEUTIC (UTHR): Free Stock Analysis
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