Advancis Pharmaceutical Announces Preliminary 2006 Product Sales and Year-End Cash Position
January 12 2007 - 6:00AM
PR Newswire (US)
GERMANTOWN, Md., Jan. 12 /PRNewswire-FirstCall/ -- Advancis
Pharmaceutical Corporation (NASDAQ:AVNC), a pharmaceutical company
focused on developing and commercializing novel anti-infective
products, today provided preliminary net product sales and cash
position for the fiscal year ended December 31, 2006. Total revenue
for 2006 from sales of Keflex products was approximately $5
million, lower than prior expectations of $7 million to $10
million. Net revenue from product sales in 2006 consists of a full
year of sales of Keflex 250mg and 500mg capsules, and approximately
five months of sales for the Company's new Keflex 750mg product.
Keflex revenue for the year was recognized as products were
delivered to customers, primarily wholesalers of pharmaceutical
products. During the third and fourth quarters of 2006, Advancis
implemented a retail pharmacy stocking program, delivering
significantly discounted Keflex 750 capsules to select pharmacies
in the United States in order to expand product availability beyond
the initial launch distribution. The Company believes that
approximately 25,000 pharmacies were stocked with Keflex 750
capsules at the end of 2006. Cash, cash equivalents, and marketable
securities at the end of 2006 were approximately $15 million,
including the effect of net proceeds received from the Company's
private placement of common stock completed in December 2006.
"Since its launch only five months ago, there have been
approximately 50,000 prescriptions written and filled for Keflex
750 capsules, and we believe its message of patient convenience and
potentially increased compliance has been well-received by our
target physician audience." said Dr. Edward Rudnic, Advancis
president and CEO. "While our Keflex 750 product sales have
continued to increase month-over-month, we did not experience the
rapid sales uptake in late 2006 that we previously anticipated.
However, Keflex 750 commercialization efforts have helped to build
our sales force as we plan for the anticipated launch of our first
PULSYS product, Amoxicillin PULSYS, assuming FDA approval of our
recently-filed NDA." Advancis currently expects to report complete
fourth quarter and fiscal year 2006 financial results in February
2007. About Keflex: Keflex(R) Capsules (Cephalexin, USP) is a
first-generation cephalosporin antibiotic shown to be active
against strains of both gram-positive and gram- negative aerobes in
vitro and in clinical infections. Keflex is indicated for treatment
of the following infections: respiratory tract infections, otitis
media, skin and skin structure infections, bone infections, and
genitourinary tract infections. Keflex is currently available in
250mg capsules, 500mg capsules, 750mg capsules, and powder for oral
suspension. Keflex is contraindicated in patients with known
allergy to the cephalosporin group of antibiotics. Before therapy
with cephalexin is instituted, careful inquiry should be made to
determine whether the patient has had previous hypersensitivity
reactions to cephalexin, cephalosporins, penicillins, or other
drugs. Keflex should be administered with caution in the presence
of markedly impaired renal function or a history of
gastrointestinal disease, particularly colitis. More information on
Keflex and prescribing information are available at
http://www.keflex.com/. About Advancis Pharmaceutical Corporation:
Advancis Pharmaceutical Corporation (NASDAQ:AVNC) is a
pharmaceutical company focused on the development and
commercialization of pulsatile drug products that fulfill
substantial unmet medical needs in the treatment of infectious
disease. The Company is developing anti-infective drugs based on
its novel biological finding that bacteria exposed to antibiotics
in front- loaded staccato bursts, or "pulses," are killed more
efficiently than those under standard treatment regimens. Based on
this finding, Advancis has developed a proprietary, once-a-day
pulsatile delivery technology called PULSYSTM. By examining the
resistance patterns of bacteria and applying its delivery
technologies, Advancis has the potential to redefine infectious
disease therapy and significantly improve drug efficacy, shorten
length of therapy, and reduce drug resistance versus currently
available antibacterial products. For more on Advancis, please
visit http://www.advancispharm.com/. This announcement contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements are
based on Advancis' current expectations and assumptions. These
statements are not guarantees of future performance and are subject
to a number of risks and uncertainties that would cause actual
results to differ materially from those anticipated. The words,
"believe," "expect," "intend," "anticipate," and variations of such
words, and similar expressions identify forward-looking statements,
but their absence does not mean that the statement is not forward-
looking. Statements in this announcement that are forward-looking
include, but are not limited to, statements about the Company's
future development plans, clinical trials, potential commercial
success, and any financial forecasts included in this announcement.
The actual results realized by Advancis could differ materially
from these forward-looking statements, depending in particular upon
the risks and uncertainties described in the Company's filings with
the Securities and Exchange Commission. These include, without
limitation, risks and uncertainties relating to the Company's
financial results and the ability of the Company to (1) reach
profitability, (2) prove that the preliminary findings for its
product candidates are valid, (3) receive required regulatory
approvals, (4) successfully conduct clinical trials in a timely
manner with favorable results, (5) establish its competitive
position for its products, (6) develop and commercialize products
that are superior to existing or newly developed competitor
products, (7) develop products without any defects, (8) have
sufficient capital resources to fund its operations, (9) protect
its intellectual property rights and patents, (10) implement its
sales and marketing strategy, (11) successfully attract and retain
collaborative partners, (12) successfully commercialize and gain
market acceptance for its Keflex products, and (13) retain its
senior management and other personnel. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of today's date.
Advancis undertakes no obligation to update or revise the
information in this announcement, whether as a result of new
information, future events or circumstances or otherwise.
DATASOURCE: Advancis Pharmaceutical Corporation CONTACT: Robert
Bannon, Vice President, Investor Relations & Corporate
Communications of Advancis Pharmaceutical Corp., +1-301-944-6710,
Web site: http://www.advancispharm.com/ http://www.keflex.com/
http://www.advancispharm.com/
Copyright
Advancis (NASDAQ:AVNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Advancis (NASDAQ:AVNC)
Historical Stock Chart
From Sep 2023 to Sep 2024