Boston, MA 08/14/2014 (wallstreetpr) – Concert Pharmaceuticals Inc (NYSE:JMPC) posted financial results for the second-quarter. The revenues came at $1.2 million as compared to $17.4 million in 2Q2013. It was a sharp drop of $16.2 million. It recognized license revenue of $17.0 million in the second-quarter. It was under the Concert’s collaboration agreement with Celgene.
The financial figures
Concert Pharmaceuticals Inc (NYSE:JMPC) reported the net loss of $8 million in second-quarter results. The cash and cash equivalents came at $98.3 million. The company reported the rise in R&D expenses. The R&D expenses came at $6.2 million as compared to $5.8 million in 2Q2013. The development expenses incurred in the CTP-354, treatment for spasticity resulted in higher R&D expenses. G&A expenses came at $2.7 million as compared to $2.3 million in 2Q2013. It came higher due to the expenses related with operating as a public company.
The management view
President and CEO, Roger Tung, Ph.D. said that Concert Pharmaceuticals Inc (NYSE:JMPC) has achieved clinical and regulatory success in the recent months. The development is significant leading Concert to step into the later stage clinical trials. The proprietary drug candidates like CTP-354 which is treatment for spasticity can achieve further success in the second half of the year.
CTP-354
It is the wholly owned clinical program of the company. And therefore, the clinical advancement matters a lot of Concert Pharmaceuticals. FDA lifted the partial clinical hold on CTP-354 in July 14. The hold was regarding the repeated doses of drug in excess of 6 mg per day. Concert will now look out for the higher dose of 12 mg per day in the trial.
He disclosed that Concert has plans to start the Phase 2 clinical trial for spasticity. The new trial will be related with spinal cord injury. Apart from it, Concert Pharmaceuticals Inc (NYSE:JMPC) has received the clinical advancements in the other two drug candidates. The two drugs are being developed with collaborators.
