Coronado Biosciences Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2011
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Coronado Biosciences, Inc. (Nasdaq:CNDO), a biopharmaceutical company focused on the development of novel immunotherapy agents for the treatment of autoimmune diseases and cancer, today announced its financial results for the fourth quarter and year ended December 31, 2011.
Coronado reported a net loss of $6.7 million, or $0.52 per share, for the fourth quarter of 2011 compared to a net loss of $1.6 million, or $0.34 per share, for the fourth quarter of 2010. For the year ended December 31, 2011, Coronado reported a net loss, before the common stock dividend to the Series A Preferred Stockholders, of $36.4 million, or $4.74 per share, compared to a net loss of $10.0 million, or $2.24 per share, for 2010. Included in the net loss for 2011 was in-process research and development expense of $20.7 million in connection with the acquisition of the TSO (Trichuris suis ova or CNDO-201) related assets.
Research and development expenses were $8.6 million for the year ended December 31, 2011, compared to $8.3 million for 2010. General and administrative expenses totaled $5.8 million for the year ended December 31, 2011, compared to $0.9 million for 2010. In 2011, R&D included expenses related to the TSO clinical program and G&A included expenses related to the company's infrastructure growth, increased business activity and becoming a publicly-traded entity. At December 31, 2011, Coronado's cash and cash equivalents totaled $23.2 million.
"2011 was a very important year for Coronado, where we made tremendous progress in building the company and advancing our clinical stage programs," said Dr. Bobby W. Sandage, Jr., President and Chief Executive Officer. "We successfully consolidated two exciting clinical stage programs into the company, transitioned from a private company to a NASDAQ-listed company, built an outstanding management team, and most importantly advanced our first-in-class programs for autoimmune diseases and cancer into further clinical development."
"We are committed to continuing our momentum throughout 2012 and beyond as we initiate our Phase 2b clinical trial of TSO in Crohn's disease in the second quarter of this year, in addition to looking forward to the progress of the Phase 2 trial being conducted in Europe by our development partner, Dr. Falk Pharma GmbH (Falk)," Dr. Sandage continued. "We believe additional successful studies for TSO will further validate our approach of using this novel biologic to treat a number of other autoimmune diseases. For our CNDO-109 program, we plan to initiate our Phase 1/2 trial in mid-2012, leveraging the successful Phase 1 data generated in patients with Acute Myeloid Leukemia (AML) which was presented late last year at the American Society of Hematology conference."