Veloxis Pharmaceuticals Announces Financial Results for the First Six Months of 2017

COPENHAGEN, Denmark, Aug. 16, 2017 /PRNewswire/ --

Highlights

• Revenue reached tUSD 16,168 in the first half of 2017 representing an increase of 394% compared to the same period last year.

• U.S. revenue increased 168% to tUSD 6,418
• EU revenue increased 69% to tUSD 1,470
• RoW upfront revenues were tUSD 8,250

• Signed outlicensing agreements for Envarsus XR with:

• Endo Ventures Limited for the Canadian market (to be registered and commercialized by Paladin Labs, Inc.)
• Chiesi Farmaceutici S.p.A. for China
• Taiba Healthcare for Middle East and North Africa region (MENA)

• 69% of U.S. transplant centers have utilized Envarsus XR since launch.

• Veloxis (OMX: VELO) reported a net loss of tUSD 4,247 for the first half of 2017 compared to a net loss of tUSD 16,407 for the same period in 2016.  The reported operating net loss is in line with expectations.

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

"I am very pleased with the continued strong sales growth of Envarsus and the execution of our RoW licensing efforts.  We will continue to execute our commercial strategy in the second half of 2017."

Outlook for 2017

Veloxis narrows its 2017 outlook of operating loss before the recognition of income from license agreements and before accounting for stock compensation from USD 5 – 15 million to be in the range of USD 10 – 15 million. 

Conference Call                                       

A conference call will be held tomorrow, 17 August, 2017 at 3:00 PM CEST (Denmark); 1:00 PM GMT (London), 9:00 AM EST (New York).

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

Confirmation Code: 1870839

UK: +44(0)20 3427 0503

U.S.: +1 212 444 0412

DK: +4532 71 16 59

A complete copy of Veloxis's Interim Report for the First Six Months of 2017 can be accessed in the Download Center on the Company's website:  http://www.veloxis.com/downloadCenter.cfm.

SOURCE Veloxis Pharmaceuticals

Related Links

http://www.veloxis.com