The Medicines Co misses by $0.17, misses on revs; finalizing plans to significantly restructure company
- Reports Q3 (Sep) loss of $1.19 per share, excluding non-recurring items, $0.17 worse than the Capital IQ Consensus of ($1.02); revenues fell 55.1% year/year to $16.87 mln vs the $26.06 mln Capital IQ Consensus.
- "We aggressively advanced start-up work for the inclisiran Phase III clinical program, preparing investigational sites--which began screening patients in September--and manufacturing double-blind-packaged drug supply, and are pleased to announce that dosing of patients in the Phase III LDL-C lowering program will commence next week. We remain confident that all trials comprising the inclisiran LDL-C lowering program will commence before year-end. Turning to our process to monetize our Infectious Disease Business (ID Business), we continue to expect to announce a transaction to divest the business before the end of the year. In the meantime, independent of that transaction, we are finalizing plans to significantly restructure the remainder of The Medicines Company. We anticipate that the restructuring, which we intend to substantially implement within the next 45 days, will reduce headcount to less than 60 people at The Medicines Company (excluding the ID Business), significantly reducing go-forward annual operating expenses. As indicated in our strategic plans previously disclosed, we believe that the restructuring, when taken together with the anticipated disposition of our ID Business, will provide the Company with a strong financial position from which to aggressively advance the inclisiran development program to anticipated readout of final data from the Phase III LDL-C lowering trials in the second half of 2019. We expect to provide further information regarding the restructuring plan and its implementation in our third quarter Form 10-Q."
- At September 30, 2017, the Company had a total of $208.9 million in cash and cash equivalents and available for sale securities.
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