AMICUS THERAPEUTICS, INC. (FOLD, Financial) filed Quarterly Report for the period ended 2009-06-30.
AMICUS THERAPEUTICS is a biopharmaceutical company developing novel oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilizeproteins in cells leading to improved protein folding and trafficking and increased activity. Amicus is initially targeting lysosomal storage disorders which are severe chronic genetic diseases with unmet medical needs. Amicus has completed Phase 2 clinical trials of Amigal(TM) for the treatment of Fabry disease and is conducting Phase 2 clinical trials of Plicera(TM) for the treatment of Gaucher disease. AMICUS THERAPEUTICS, INC. has a market cap of $235.7 million; its shares were traded at around $10.41 with and P/S ratio of 15.8.
For the three and six months ended June 30, 2008, we recognized approximately $0.7 million and $1.4 million, respectively, of the license fee in Collaboration Revenue and $3.1 million and $5.6 million, respectively, of Research Revenue for reimbursed research and development costs.
Interest Income and Interest Expense. Interest income was $0.3 million for the three months ended June 30, 2009, compared to $1.3 million for the three months ended June 30, 2008. The decrease of $1.0 million or 77% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the three months ended June 30, 2009 and 2008.
Interest Income and Interest Expense. Interest income was $0.8 million for the six months ended June 30, 2009, compared to $3.0 million for the six months ended June 30, 2008. The decrease of $2.2 million or 73% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the six months ended June 30, 2009 and 2008.
As a result of our significant research and development expenditures and the lack of any approved products to generate product sales revenue, we have not been profitable and have generated operating losses since our inception in 2002. We have funded our operations principally with $148.7 million of proceeds from redeemable convertible preferred stock offerings, $75.0 million of gross proceeds from our initial public offering in June 2007 and $50.0 million from the non-refundable license fee from the Shire collaboration agreement in November 2007. The following table summarizes our significant funding sources as of June 30, 2009:
Net cash used in operations for the six months ended June 30, 2009 of $21.3 million was comprised of the net loss for the six months ended June 30, 2009 of $26.1 million and a reduction in deferred revenue of $2.3 million, partially offset by the change in other operating assets and liabilities of $2.0 million.
Read the The complete Report
AMICUS THERAPEUTICS is a biopharmaceutical company developing novel oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilizeproteins in cells leading to improved protein folding and trafficking and increased activity. Amicus is initially targeting lysosomal storage disorders which are severe chronic genetic diseases with unmet medical needs. Amicus has completed Phase 2 clinical trials of Amigal(TM) for the treatment of Fabry disease and is conducting Phase 2 clinical trials of Plicera(TM) for the treatment of Gaucher disease. AMICUS THERAPEUTICS, INC. has a market cap of $235.7 million; its shares were traded at around $10.41 with and P/S ratio of 15.8.
Highlight of Business Operations:
For the three and six months ended June 30, 2009, we recognized approximately $0.7 million and $1.4 million, respectively, of the license fee in Collaboration Revenue and $4.7 million and $8.6 million, respectively, of Research Revenue for reimbursed research and development costs.For the three and six months ended June 30, 2008, we recognized approximately $0.7 million and $1.4 million, respectively, of the license fee in Collaboration Revenue and $3.1 million and $5.6 million, respectively, of Research Revenue for reimbursed research and development costs.
Interest Income and Interest Expense. Interest income was $0.3 million for the three months ended June 30, 2009, compared to $1.3 million for the three months ended June 30, 2008. The decrease of $1.0 million or 77% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the three months ended June 30, 2009 and 2008.
Interest Income and Interest Expense. Interest income was $0.8 million for the six months ended June 30, 2009, compared to $3.0 million for the six months ended June 30, 2008. The decrease of $2.2 million or 73% was due to lower interest rates and decreased cash and cash equivalents balances. Interest expense was approximately $0.1 million for the six months ended June 30, 2009 and 2008.
As a result of our significant research and development expenditures and the lack of any approved products to generate product sales revenue, we have not been profitable and have generated operating losses since our inception in 2002. We have funded our operations principally with $148.7 million of proceeds from redeemable convertible preferred stock offerings, $75.0 million of gross proceeds from our initial public offering in June 2007 and $50.0 million from the non-refundable license fee from the Shire collaboration agreement in November 2007. The following table summarizes our significant funding sources as of June 30, 2009:
Net cash used in operations for the six months ended June 30, 2009 of $21.3 million was comprised of the net loss for the six months ended June 30, 2009 of $26.1 million and a reduction in deferred revenue of $2.3 million, partially offset by the change in other operating assets and liabilities of $2.0 million.
Read the The complete Report
