Veloxis Pharmaceuticals Announces Financial Results for the First Three Months of 2018

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Veloxis Pharmaceuticals

May 16, 2018, 06:13 ET

COPENHAGEN, Denmark, May 15, 2018 /PRNewswire/ --

Highlights

Product revenue for Q1 2018 was tUSD 7,265 an increase of 142% compared to the same period last year.

U.S. revenue increased 150% to tUSD 6,418
EU revenue increased 96% to tUSD 841

Over 79% of U.S. transplant centers have utilized Envarsus XR® since launch.

Veloxis obtained USD 60 million of capital from funds managed by Athyrium Capital Management, LP, a leading healthcare-focused investment firm.

Veloxis submitted a supplemental New Drug Application to the U.S. FDA seeking a new indication for Envarsus XR (tacrolimus extended-release tablets) for the prophylaxis of organ rejection in kidney transplant patients in combination with other immunosuppressants.

Morten Marott joined Veloxis as Chief Financial Officer.

Veloxis reported a net loss of tUSD 4,030 for the first quarter of 2018 compared to a net loss of tUSD 5,891 for the same period in 2017. The reported operating net loss is in line with expectations.

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

"2018 is off to a fantastic start with the filing of our sNDA for the de novo indication, the closing of our financing with Athyrium, the hiring of our new CFO, Morten Marott, and, most importantly, the continued growth of Envarsus."

Outlook for 2018

Veloxis maintains its 2018 outlook of revenues to be in the range of USD 32 – 40 million and operating loss before accounting for stock compensation in the range of USD 6 – 12 million.

Conference Call

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

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

Confirmation Code: 8366822

U.S.: +1 929 477 0275

DK: +45 35 15 80 50

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

A complete copy of Veloxis's Interim Report for the First Three Months of 2018 can be accessed in the Download Center on the Company's website: http://www.veloxis.com/downloadCenter.cfm.

SOURCE Veloxis Pharmaceuticals