Published: March 11, 2010
BioMimetic Therapeutics Reports 2009 Fourth Quarter and Year End Earnings Results
FRANKLIN, Tenn. - (BUSINESS WIRE) - BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) today reported its
financial results as of and for the three and twelve months ended
December 31, 2009. For the three months ended December 31, 2009, the
Company reported a net income of $1.1 million, or $0.05 per diluted
share, compared to a net loss of $12.2 million, or $0.65 per diluted
share, for the same period in 2008. For the twelve months ended December
31, 2009, the Company reported a net loss of $21.2 million, or $1.03 per
diluted share, compared to a net loss of $8.0 million, or $0.43 per
diluted share, for the same period in 2008. The Company ended the year
with $75.1 million of cash and cash equivalents and investments.
Presentation of Additional Phase III Pivotal Study Data
The lead investigator for the Augment Bone Graft North American pivotal
clinical trial, Dr. Christopher DiGiovanni, professor and chief,
division of foot and ankle surgery at The Warren Albert School of
Medicine presented additional data from the pivotal human clinical study
during the American Academy of Orthopedic Surgeons (AAOS) meeting.
Highlights of the additional results have been summarized and presented
in table form below. These data are based on the "modified
intent-to-treat" (mITT) patient population, which is the pre-specified
primary study population. The results are shown for the full complement
of joints in which all treated joints within a patient must meet the
success criteria as well as on an individual joint basis in which each
treated joint is scored separately.
|
|
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Augment Bone
Graft
(N=260)
|
|
Autologous
Bone Graft
(N=137)
|
|
Non-
inferiority
test p-value
|
|
Subjects (N=397)
Individual joints [All Joints] (N=597)
|
|
(N=260)
(N=394)
|
|
(N=137)
(N=203)
|
|
|
|
CT Fusion Ratesâ€
|
|
|
|
|
|
|
|
Full Complement of Joints:
|
|
61.2%
|
|
62.0%
|
|
0.038
|
|
All Joints (assessed individually):
|
|
66.5%
|
|
62.6%
|
|
<0.001
|
|
Clinical Healing (Physician Evaluation)
|
|
|
|
|
|
|
|
Patient Level:â€
|
|
83.1%
|
|
83.9%
|
|
0.010
|
|
Full Complement of Joints:
|
|
82.3%
|
|
83.2%
|
|
0.011
|
|
All Joints (assessed individually):
|
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83.5%
|
|
83.3%
|
|
<0.001
|
|
Non-union/delayed union:â€
|
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8.8%
|
|
10.2%
|
|
0.008
|
|
|
|
|
|
|
|
|
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Plain Film Radiographic Union Rates (3 Aspects)
|
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|
|
|
|
|
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Full Complement of Joints:
|
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30.8%
|
|
32.8%
|
|
0.054
|
|
All Joints (assessed individually):
|
|
38.3%
|
|
37.9%
|
|
0.007
|
|
|
|
|
|
|
|
|
|
Plain Film Radiographic Union Rates (2 Aspects)
|
|
|
|
|
|
|
|
Full Complement of Joints:
|
|
60.8%
|
|
66.4%
|
|
0.194
|
|
All Joints (assessed individually):
|
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67.5%
|
|
70.9%
|
|
0.049
|
|
|
|
|
|
|
|
|
|
Clinical Healing (Aggregate Measures)
|
|
|
|
|
|
|
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Composite Success Rate:
|
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66.9%
|
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66.4%
|
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0.017
|
|
Clinical Success Rate:
|
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74.6%
|
|
78.1%
|
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0.071
|
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Therapeutic Failure:
|
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9.2%
|
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10.9%
|
|
<0.001
|
|
Functional/QoL
|
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SF-12 Mean PCS:
|
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39.9
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41.4
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<0.001
|
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FFI Mean Total Score:
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27.4
|
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22.3
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0.012
|
|
AOFAS Mean Total Score:
|
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73.9
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|
75.9
|
|
<0.001
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|
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|
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Pain
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Fusion Site Pain:
|
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18.9
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16.5
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0.001
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Weight-bearing Pain:
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23.5
|
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19.3
|
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0.016
|
|
Graft Harvest Site Pain:
|
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n/a
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8.1
|
|
<0.001
|
Therapeutic failures are patients who were assessed as having non-union
or delayed union at 24 weeks, or required secondary therapeutic
intervention for non-union or delayed union
Composite Success represents a pre-specified combination of
radiographic, clinical and functional measures
Clinical Success is defined as improvement in pain from baseline with no
need for revision surgery
†Indicates previously reported data
Secondary endpoints not previously reported included additional
radiographic (Plain Film Union for 2 and 3 aspects), clinical (Clinical
Healing by joint, Composite Success, Clinical Success, Therapeutic
Failure), functional (SF-12, Foot Function Index, AOFAS scores) and
patient indicated pain (Fusion Site, Weight-Bearing, Graft Harvest Site)
evaluations. Out of a total of 15 additional secondary endpoints, twelve
met the test for non-inferiority at a statistically significant level.
New data were also reported relating to the safety of Augment compared
to the autograft control. The Augment group exhibited a lower rate of
serious treatment emergent adverse events, a lower rate of overall and
surgery-related complications, a lower rate of serious complications,
fewer surgery-related complications and a lower rate of infection when
compared with the autograft group. A summary of the key safety results
for all treated patients is presented below. P-values greater than 0.05
indicate that the treatments are not statistically different.
|
|
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Augment Bone Graft (N=272)
|
|
Autologous Bone Graft (N=142)
|
|
Fisher Exact Test p-value
|
|
Pre-Treatment Signs and Symptoms
|
|
3.7%
|
|
2.8%
|
|
p=0.779
|
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Treatment Emergent Adverse Events (TEAE)
|
|
72.4%
|
|
70.4%
|
|
p=0.730
|
|
Serious Treatment Emergent Adverse Events (TEAE)
|
|
7.7%
|
|
14.1%
|
|
p=0.055
|
|
Overall complications
|
|
33.5%
|
|
38.0%
|
|
p=0.386
|
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Complications associated with surgical procedure
|
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23.5%
|
|
29.6%
|
|
p=0.193
|
|
Serious complications
|
|
4.4%
|
|
6.3%
|
|
p=0.480
|
|
Serious surgical complications
|
|
4.0%
|
|
6.3%
|
|
p=0.337
|
|
Infectionsâ€
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|
7.7%
|
|
9.9%
|
|
p=0.462
|
†Indicates previously reported data
"We have now seen the full 24 week data set and believe it demonstrates
that Augment is as effective as autograft for these fusion indications,
while having the advantage of reducing serious complications from the
procedure. Moreover, the use of Augment has the additional benefit of
sparing patients the pain and potential morbidity resulting from an
autograft harvest surgery," said Dr. Samuel Lynch, president and CEO of
BioMimetic Therapeutics. "The complete PMA is currently under review by
the FDA, and we look forward to the Orthopedic Advisory Panel meeting
later this year."
2009 and Recent Product Development and Corporate Highlights
Augment Bone Graft
-
The Company recently filed an application with the Therapeutic Goods
Administration (TGA) for approval of Augment in foot and ankle fusion
indications in Australia. BioMimetic submitted to TGA pivotal trial
data from both the Canadian and North American studies, which the
Company expects will be suitable for approval in Australia.
-
In October 2009, the Company announced positive top-line results from
its North American pivotal (Phase III) randomized, controlled trial
comparing Augment to autograft for use in hindfoot and ankle fusion
surgery(see data tables above). The study goal was to establish
non-inferiority of Augment compared to autograft, which has the
limitation that it must be obtained and transplanted from another bone
in the patient's body, often requiring a second surgical procedure.
These positive top-line results indicate that, with the use of
Augment, patients can expect a treatment outcome comparable to
autograft while being spared the pain and potential morbidity
associated with traditional autograft bone harvesting and
transplantation.
-
In February 2010, the Company submitted to the FDA the third PMA
module, which supplements the pre-clinical pharmacology/toxicology and
quality/manufacturing modules submitted in the second quarter of 2009.
This third PMA module contains the 24 week data from the North
American Augment pivotal trial, and completes our PMA seeking FDA
approval of Augment in the United States.
-
In November 2009, the Company announced that it received approval from
Health Canada to begin the marketing of its lead orthopedic product,
Augment, as an alternative to the use of autograft in foot and ankle
fusion indications in Canada. Clinical specialists were deployed in
the Canadian market, which is approximately 5% the size of the U.S.
market, to work collaboratively with the Joint Solutions team, the
exclusive distributor of the Augment product in Canada. The product
was made available to customers in Canada in January 2010. The Company
is working with distributor personnel to gain product approval at
individual institutions through review by the hospitals' new product
evaluation committees, a process that can take several months to
complete.
-
In November 2008, the Company completed enrollment in the EU clinical
study with Augment for the treatment of foot and ankle fusions with a
total enrollment of 108 patients. The Company is compiling the data
from the study and anticipates it will be available around mid-year
2010. The Company expects to submit the trial data, in conjunction
with data from the North American pivotal trial, to European
regulatory authorities in the third quarter of this year.
Augment Injectable Bone Graft
-
In the fourth quarter of 2009, the Company initiated Canadian patient
enrollment in the North American pivotal study to assess the safety
and efficacy of Augment Injectable Bone Graft as a substitute for
autograft in foot and ankle fusion procedures. This randomized,
controlled study is intended to support Augment Injectable product
registration in the United States and Canada.
-
The Company is finalizing the details of the protocol and the
statistical plan of the Augment Injectable North American pivotal
study with the FDA and will not begin patient enrollment in the United
States until the details of the protocol and the statistical plan are
complete. The Company expects to receive a final decision on its IDE
around the middle of 2010 and anticipates initiating patient
enrollment in the United States shortly thereafter.
Sports Medicine
-
At the Orthopedic Research Society meeting in March 2010, the
Company's sports medicine team presented results of two pre-clinical
studies demonstrating that rhPDGF-BB, in combination with tissue
specific matrix materials, promotes healing in Achilles and rotator
cuff injuries in sheep models. In addition, in vitro data supporting
rhPDGF-BB's ability to influence tenocytes was also presented. Based
on these positive results, the Company intends to initiate a pilot
clinical trial in sports medicine by the end of this year.
Corporate
-
In December 2009, the Company sold all of the remaining auction-rate
securities (ARS) at issue in an arbitration proceeding which the
Company filed in February 2009 with the Financial Industry Regulatory
Authority, Inc. (FINRA). In addition, following receipt of a payment
in the amount of $7.2 million from the respondent in the arbitration,
BioMimetic settled the arbitration claim and dismissed the case. With
the redemptions and sales of all remaining ARS investments during
2009, BioMimetic repaid in full the balance on its time promissory
note credit facility, under which the Company had borrowed $39.1
million in October 2008.
-
In December 2009, the Company amended and restated its manufacturing
and supply agreement with Novartis Vaccines and Diagnostics, Inc. for
the supply of bulk rhPDGF-BB to BioMimetic. The agreement strengthens
the mutual exclusivity whereby Novartis shall manufacture rhPDGF-BB
exclusively for BioMimetic for therapeutic applications covering bone,
cartilage, tendon and ligaments.
-
The Company announced in January 2010 that the European Patent Office
(EPO) intends to grant patent application No. 05803356 titled
"Platelet-Derived Growth Factor Compositions and Methods of Use
Thereof" . The allowed claims will cover compositions of platelet
derived growth factor (PDGF) combined with matrix materials having
defined characteristics, which will cover the Company's novel
recombinant protein-device combination product candidates, including
Augment and Augment Injectable, as well as GEMESIS ,
which the Company previously sold to Luitpold Pharmaceuticals, Inc.
After the new patent is formally issued, it will provide protection
against the marketing of similar or generic versions of Augment,
Augment Injectable, and GEMESIS in Europe until 2025.
"During 2009 and the beginning of 2010 we have made strong progress in
the advancement of BioMimetic as a premier company in the orthobiologics
space," continued Dr. Lynch. "We have submitted our Augment PMA to the
FDA and believe the clinical data, pre-clinical pharmacology/toxicology
and quality/manufacturing modules comprise a very strong package. We are
working toward marketing approvals for Augment in Australia and Europe.
We've also advanced our Augment Injectable product candidate into a
pivotal clinical trial and are encouraged by the pre-clinical data that
we recently reported in the sports medicine area. Lastly, we were able
to reach a satisfactory conclusion on our remaining auction-rate
securities helping to strengthen our balance sheet prior to
commercialization of Augment. We have high expectations for 2010 and
look forward to meeting our upcoming milestones and creating even more
value for our shareholders and customers."
Additional Financial Results
As of December 31, 2009, the Company had approximately $21.6 million of
cash and cash equivalents and $53.5 million of investments in U.S.
government sponsored enterprise ("GSE" ) securities and U.S. Treasury
Notes. During the twelve months ended December 31, 2009, all of the
Company's investments in auction rate securities were sold at a discount
or redeemed by the issuers at par, resulting in total cash proceeds of
$52.4 million and a $5.8 million realized gain recorded to earnings on
the Company's consolidated statement of operations as of December 31,
2009. In addition, in December 2009, the Company received a $7.2 million
payment from the settlement of an arbitration claim relating to the
investments in ARS made on its behalf. With the sales and redemptions of
all its ARS investments, the Company has repaid in full the balance on
its Time Promissory Note ("Note" ) and the original promissory note has
been returned to the Company marked "paid in full." In addition, the
issuer of the Note has released the Company from the Note, and has
terminated the Company's security and pledge agreement and securities
account control agreement and terminated any UCC filings made with
respect to the Note and security agreements.
The net loss for the twelve months ended December 31, 2009 includes a
$5.8 million realized gain on investments and a $7.2 million gain on
arbitration settlement, both of which are related to the Company's
investments in auction rate securities previously held. Comparatively,
the net loss for the twelve months ended December 31, 2008 included a
$13.4 million non-cash impairment charge on the Company's investments in
auction rate securities and a $39.3 million gain resulting from the
January 2008 sale of the Company's orofacial therapeutic business.
Excluding these items, the Company's net loss for the twelve months
ended December 31, 2009 and 2008 would have been $34.2 million, or $1.67
per diluted share, and $33.9 million, or $1.83 per diluted share,
respectively.
For the three and twelve months ended December 31, 2009, the Company
reported total revenues of $0.4 million and $1.6 million, respectively,
consisting of product sales, royalty income and sublicense fee income.
Product sales revenues of $0.1 million were recorded in December 2009
based on the Company's December 2009 shipment of Augment to Joint
Solutions in Canada. Comparatively, total revenues were $1.8 million and
$3.1 million, respectively, for the same periods in 2008, which includes
$1.6 million of royalty income recorded in December 2008 based on a
reimbursement received in 2008 for minimum royalty expenses that were
contractually paid by the Company to independent third parties. There
was no minimum royalty expense or reimbursement in 2009.
Research and development expenses totaled $5.6 million for the three
months ended December 31, 2009, compared to $5.9 million for the same
period in 2008. For the twelve months ended December 31, 2009, research
and development expenses totaled $21.1 million, compared to $24.6
million for the same period in 2008. Research and development expenses
result primarily from clinical trials of the Company's orthopedic
product candidates in the United States, Canada and the European Union,
as well as continuing expenses associated with new and ongoing
pre-clinical studies and regulatory filings. The decrease in 2009
research and development expenses was partially due to contract
manufacturing costs, which decreased by $0.1 million and $1.8 million,
respectively, for the three and twelve months ended December 31, 2009,
since certain clinical trials came to a close in 2009. In addition,
professional services costs for clinical, validation consulting,
regulatory and outside research and development, milestone expenses,
salary & benefits and recruiting and relocation costs decreased by
approximately $0.3 million and $1.7 million, respectively, for the three
and twelve months ended December 31, 2009.
General and administrative expenses totaled $4.0 million for the three
months ended December 31, 2009, compared to $4.2 million for the same
period in 2008. For the twelve months ended December 31, 2009, general
and administrative expenses totaled $11.5 million, compared to $11.3
million for the same period in 2008. The increase in 2009 general and
administrative expenses resulted primarily from increases in salaries,
wages and related benefits, professional services and legal fees, as
well as rent, utility and maintenance costs for the Company's
facilities, offset partially by a $1.8 million decrease in royalty
expense resulting from minimum royalty expenses contractually paid by
the Company in 2008 to independent third parties. There were no minimum
royalty expenses in 2009.
2010 Financial Guidance
Based on current operating plans, forecasted timing and costs of
clinical trials and other product development programs, the Company
anticipates its 2010 year-end balance of cash, cash equivalents and
investments to range from $36.0 to $43.0 million, and anticipates that
its net cash use will be between $32.0 and $39.0 million. Net loss for
the year ending December 31, 2010 is forecasted to be in the range of
$36.0 to $43.0 million.
Conference Call and Webcast
As previously announced, BioMimetic will be hosting a conference call
and webcast on Friday, March 12, 2010 at 8:30 a.m. EST to discuss the
fourth quarter and year end 2009 financial results. A live webcast of
the conference call will be available on the Investor Relations section
of BioMimetic's website at www.biomimetics.com.
The webcast will be archived on the website for at least 30 days.
The conference call may be accessed on March 12, 2010 by dialing (877)
224-4059 (passcode: 58839507) for U.S. and Canada. The international
dial in number is (706) 902-2069, and the same passcode applies.
Participants should dial in 10 minutes prior to the call.
About BioMimetic Therapeutics
BioMimetic Therapeutics is a biotechnology company utilizing purified
recombinant human platelet-derived growth factor (rhPDGF-BB) in
combination with tissue specific matrices as its primary technology
platform for promotion of tissue healing and regeneration. rhPDGF-BB is
a synthetic form of one of the body's principal agents to stimulate and
direct healing and regeneration. The mechanism of action of this
platform technology suggests it may be effective in a broad array of
musculoskeletal applications, including the repair of bone, ligament,
tendon and cartilage. Through the commercialization of this technology,
BioMimetic seeks to become the leading company in the field of
orthopedic regenerative medicine. In 2005, BioMimetic received marketing
approval from the FDA for its first product, GEM 21S, as a
grafting material for bone and periodontal regeneration. Additionally,
BioMimetic Therapeutics has completed and ongoing clinical trials with
its product candidates Augment Bone Graft and Augment Injectable in
multiple orthopedic bone healing indications including the treatment of
foot and ankle fusions and the stimulation of healing of fractures of
the wrist. In November 2009, BioMimetic received approval from Health
Canada to begin marketing Augment as an alternative to the use of
autograft in foot and ankle fusion indications in Canada. In February
2010, the Company submitted its Pre-Marketing Approval (PMA) application
to the FDA for the approval of Augment Bone Graft.
GEM 21S is a trademark of Luitpold Pharmaceuticals, Inc., who now
owns this dental related product and markets it through its Osteohealth
Company in the United States and Canada.
For further information, visit www.biomimetics.com
or contact Kearstin Patterson, corporate communications, at 615-236-4419.
Forward-looking Statements
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on the current intent and
expectations of the management of BioMimetic. These statements are not
guarantees of future performance and involve risks and uncertainties
that are difficult to predict. There are many important factors that
could cause actual results to differ materially from those indicated in
the forward-looking statements. BioMimetic's actual results and the
timing and outcome of events may differ materially from those expressed
in or implied by the forward-looking statements because of risks
associated with the marketing of BioMimetic's product and product
candidates, unproven preclinical and clinical development activities,
regulatory oversight, and other risks detailed in BioMimetic's filings
with the Securities and Exchange Commission. Except as required by law,
BioMimetic undertakes no responsibility for updating the information
contained in this press release beyond the published date, whether as a
result of new information, future events or otherwise, or for changes
made to this document by wire services or Internet services.
|
BIOMIMETIC THERAPEUTICS, INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
December 31,
|
|
|
2009
|
|
2008
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
$ 21,543,347
|
|
$ 17,534,963
|
|
Investments - short term
|
47,001,504
|
|
33,218,233
|
|
Receivables - trade
|
78,000
|
|
1,084
|
|
Receivables - other
|
612,020
|
|
11,635,778
|
|
Inventory
|
1,044,305
|
|
-
|
|
Prepaid expenses
|
647,156
|
|
503,032
|
|
Total current assets
|
70,926,332
|
|
62,893,090
|
|
Investments - long term
|
6,513,975
|
|
46,624,040
|
|
Inventory
|
-
|
|
1,261,987
|
|
Prepaid expenses - long term
|
5,418
|
|
58,673
|
|
Property and equipment, net
|
8,156,842
|
|
7,014,262
|
|
Capitalized patent license fees, net
|
2,924,614
|
|
4,983,729
|
|
Deposits
|
385,000
|
|
2,284,608
|
|
Total assets
|
$ 88,912,181
|
|
$ 125,120,389
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
$ 2,255,748
|
|
$ 4,325,907
|
|
Accrued payroll, employee benefits and payroll taxes
|
2,299,237
|
|
2,304,016
|
|
Other accrued expenses
|
135,070
|
|
2,392,236
|
|
Current portion of capital lease obligations
|
56,520
|
|
18,187
|
|
Deferred revenue
|
971,188
|
|
971,188
|
|
Total current liabilities
|
5,717,763
|
|
10,011,534
|
|
Accrued rent - related party
|
418,305
|
|
399,256
|
|
Capital lease obligations
|
174,818
|
|
34,713
|
|
Deferred revenue
|
15,549,678
|
|
16,520,866
|
|
Note payable
|
-
|
|
39,100,000
|
|
Total liabilities
|
21,860,564
|
|
66,066,369
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Preferred stock, $0.001 par value; 15,000,000 shares authorized; no
shares issued and outstanding as of December 31, 2009 and 2008
|
|
|
|
|
-
|
|
-
|
|
Common stock, $0.001 par value; 37,500,000 shares authorized;
21,825,028 shares issued and outstanding as of December 31, 2009;
18,714,067 shares issued and outstanding as of December 31, 2008
|
|
|
|
|
|
|
|
|
21,825
|
|
18,714
|
|
Additional paid-in capital
|
160,532,625
|
|
131,262,570
|
|
Accumulated other comprehensive income
|
17,387
|
|
135,542
|
|
Accumulated deficit
|
(93,520,220)
|
|
(72,362,806)
|
|
Total stockholders' equity
|
67,051,617
|
|
59,054,020
|
|
Total liabilities and stockholders' equity
|
$ 88,912,181
|
|
$ 125,120,389
|
|
BIOMIMETIC THERAPEUTICS, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Product sales
|
$ 78,000
|
|
$ -
|
|
$ 78,000
|
|
$ -
|
|
Royalty income
|
121,927
|
|
1,539,222
|
|
522,038
|
|
2,144,234
|
|
Sublicense fee income
|
244,792
|
|
244,793
|
|
971,188
|
|
973,849
|
|
Other revenue
|
-
|
|
-
|
|
-
|
|
30,301
|
|
Total revenues
|
444,719
|
|
1,784,015
|
|
1,571,226
|
|
3,148,384
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of sales (exclusive of depreciation and amortization shown
separately below)
|
|
|
|
|
|
|
5,666
|
|
-
|
|
5,666
|
|
-
|
|
Research and development
|
5,557,345
|
|
5,929,895
|
|
21,095,429
|
|
24,560,975
|
|
General and administrative
|
3,977,296
|
|
4,196,231
|
|
11,511,619
|
|
11,252,445
|
|
Depreciation and capital lease amortization
|
317,457
|
|
356,132
|
|
1,332,881
|
|
1,423,341
|
|
Patent license fee amortization
|
550,715
|
|
765,031
|
|
2,569,159
|
|
2,663,299
|
|
Total costs and expenses
|
10,408,479
|
|
11,247,289
|
|
36,514,754
|
|
39,900,060
|
|
Loss from operations
|
(9,963,760)
|
|
(9,463,274)
|
|
(34,943,528)
|
|
(36,751,676)
|
|
Interest (expense) income, net
|
(43,828)
|
|
(180,592)
|
|
(308,127)
|
|
247,134
|
|
Investment income (loss), net
|
3,872,180
|
|
(2,646,140)
|
|
6,863,834
|
|
(10,796,893)
|
|
Gain on disposal of equipment and other
|
11,137
|
|
-
|
|
11,137
|
|
5,025
|
|
Gain on arbitration settlement
|
7,219,270
|
|
-
|
|
7,219,270
|
|
-
|
|
Gain on disposal of orofacial therapeutic business
|
-
|
|
99
|
|
-
|
|
39,291,413
|
|
Income (loss) before income taxes
|
1,094,999
|
|
(12,289,907)
|
|
(21,157,414)
|
|
(8,004,997)
|
|
Income taxes
|
-
|
|
(122,500)
|
|
-
|
|
-
|
|
Net income (loss)
|
$ 1,094,999
|
|
$(12,167,407)
|
|
$(21,157,414)
|
|
$ (8,004,997)
|
|
Net income (loss) per common share:
|
|
|
|
|
|
|
|
|
Basic
|
$ 0.05
|
|
$ (0.65)
|
|
$ (1.03)
|
|
$ (0.43)
|
|
Diluted
|
$ 0.05
|
|
$ (0.65)
|
|
$ (1.03)
|
|
$ (0.43)
|
|
Weighted average shares used to compute net income (loss) per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
21,794,645
|
|
18,671,073
|
|
20,510,132
|
|
18,529,068
|
|
Diluted
|
22,532,128
|
|
18,671,073
|
|
20,510,132
|
|
18,529,068
|
BioMimetic Therapeutics, Inc.
Kearstin Patterson
Director,
Corporate Communications
615-236-4419 (office)
or
615-517-6112
(mobile)
kpatterson@biomimetics.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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