Veloxis Pharmaceuticals Announces Financial Results for the First Nine Months of 2018 Highlights

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Veloxis Pharmaceuticals

Nov 14, 2018, 15:37 ET

COPENHAGEN, Denmark, Nov. 14, 2018 /PRNewswire/ --

Highlights

Product revenue for first nine months of 2018 was USD 27.8 million, an increase of 101% compared to the same period last year.

U.S. revenue increased 118% to USD 23.8 million
EU revenue increased 38% to USD 3.9 million

91% of U.S. transplant centers have utilized Envarsus XR® since launch.
Cash balance, $30.6 million on September 30.
Veloxis reported a net loss of USD 4.1 million for the first nine months of 2018 compared to a net loss of USD 8.4 million for the same period in 2017. The prior year included up-front revenues of USD 8.3 million with zero comparable revenue for the first nine months of 2018.

In connection with the financial report, Veloxis's CEO, Craig Collard said:

"We are very excited about the wide-spread use of Envarsus among transplant centers. Veloxis has strong momentum as we move into the final quarter of 2018."

Outlook for 2018

Veloxis maintains its 2018 outlook of revenues to be in the range of USD 36 – 42 million, and operating loss before accounting for stock compensation in the range of USD 2 – 6 million.

Conference Call

A conference call will be held tomorrow, 15 November 2018 at 4:00 PM CET (Denmark); 10:00 AM EST (New York).

To access the conference call, please dial one of the following numbers:

Confirmation Code: 3860316

U.S.: +1 929 477 0324
UK: +44 (0) 330 336 9411
DK: +45 35 15 81 21

Following the conference call, a recording will be available on the Company's website: http://www.veloxis.com.

About Envarsus XR

Envarsus (tacrolimus prolonged-release tablets) has received marketing authorization in the EU for prophylaxis of organ rejection in kidney and liver transplant recipients and in the U.S., branded as Envarsus XR (tacrolimus extended-release tablets) for prophylaxis of organ rejection in kidney transplant patients converted from tacrolimus immediate release formulations in combination with other immunosuppressants. Envarsus XR has received orphan drug designation in the U.S. Veloxis launched Envarsus XR in the U.S. through its own sales force and in the EU through its partnership with Chiesi Farmaceutici S.p.A.

About Veloxis Pharmaceuticals

Veloxis Pharmaceuticals A/S is a commercial-stage specialty pharmaceutical company committed to improving the lives of transplant patients. A Danish company, Veloxis Pharmaceuticals A/S operates in the U.S. through Veloxis Pharmaceuticals, Inc., a wholly-owned subsidiary headquartered in Cary, North Carolina, U.S.A. Veloxis has successfully developed Envarsus XR (tacrolimus extended-release tablets) based upon the Company's unique and patented delivery technology, MeltDose®, which is designed to enhance the absorption and bioavailability of select orally administered drugs. The Company is focused on the direct commercialization of Envarsus XR in the U.S., expansion of partnerships for markets around the world, and acquisition of assets utilized in transplant patients and by adjacent medical specialties. Veloxis is listed on the NASDAQ OMX Copenhagen under the trading symbol OMX: VELO.

For further information, please visit: www.veloxis.com.

SOURCE Veloxis Pharmaceuticals