Veloxis Pharmaceuticals Announces Financial Results for the First Three Months of 2019

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May 06, 2019, 12:41 ET

COPENHAGEN, Denmark, May 6, 2019 /PRNewswire/ -- Veloxis Pharmaceuticals A/S (OMX: VELO) today published its Interim Report for the first three months of 2019. This Company Release should be read in conjunction with Veloxis's full Interim Report for the first three months of 2019, which is attached to this release and also available on Veloxis's website at: http://www.veloxis.com.

Highlights

Product revenue for Q1 2019 was tUSD 14,261, an increase of 96% compared with the same period last year.

US revenue increased 91% to tUSD 12,285
EU revenue increased 133% to tUSD 1,961

Over 91% of US transplant centers have utilized Envarsus® since its launch.
Cash balance, tUSD 28,394 on March 31.
Veloxis reported a net income of tUSD 111 for the first quarter of 2019 compared to a net loss of tUSD 4,030 for the same period in 2018.

In connection with the Interim Report, Veloxis's CEO, Craig Collard said:

"Veloxis is off to a terrific start in 2019 as sales of Envarsus^® continue to accelerate through the first quarter. We are seeing increased interest from the transplant community driven largely by the approval of the de novo indication in December 2018. We are very excited about what this means for the Envarsus franchise long-term and look forward to a successful year."

Outlook for 2019

Veloxis maintains its 2019 outlook of revenues to be in the range of USD 58 – 68 million and operating income before accounting for stock compensation in the range of USD 4 – 10 million.

Conference Call

A conference call will be held tomorrow, May 7, 2019 at 4:00 p.m. CET (Denmark); 3:00 p.m. GST (London); and 10:00 a.m. EST (New York).

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

DK: +45 32 72 75 18

UK: +44 (0) 203 009 5710

US: +1 917 720 0178

Confirmation Code: 7877813

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

About Envarsus

Envarsus® is a novel formulation of tacrolimus designed using advance technology which allows for increased bioavailability and controlled, smooth delivery, resulting in in once daily dosing, a lower total daily dose requirement, and lower peak concentrations with less fluctuation.

In addition to the prophylaxis of organ rejection in kidney transplant patients converted from tacrolimus, Envarsus is now FDA-approved for use in de novo kidney transplant patients as of December 2018. That means more patients, including hard-to-treat patients such as rapid metabolizers, can benefit from once-daily controlled-release Envarsus. Envarsus is marketed as Envarsus XR® in the Unites States.

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 US through Veloxis Pharmaceuticals, Inc., a wholly-owned subsidiary headquartered in Cary, North Carolina. Veloxis has successfully developed Envarsus 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 in the United States, 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