Tag Archives: Fourth Quarter Results

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SL Industries Announces 2012 Full Year and Fourth Quarter Results

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SL Industries Announces 2012 Full Year and Fourth Quarter Results

MT. LAUREL, N.J.–(BUSINESS WIRE)– SL INDUSTRIES, INC. (NYSE MKT: SLI); (“SLI” or the “Company”) operating results for the fourth quarter and year ended December 31, 2012 are summarized in the following paragraphs. Please read the Company’s Form 10-K, which can be found at www.slindustries.com, for a full discussion of the operating results.


Fourth Quarter Results

Net sales for the quarter ended December 31, 2012, were $51.5 million, compared with net sales for the quarter ended December 31, 2011 of $51.4 million.

Income from continuing operations for the quarter ended December 31, 2012 was $3.6 million, or $0.87 per diluted share, compared to income from continuing operations of $3.1 million, or $0.67 per diluted share, for the quarter ended December 31, 2011. Included in income from continuing operations during the fourth quarter of 2011 was $0.3 million of restructuring costs.

Net income for the quarter ended December 31, 2012 was $3.0 million, or $0.71 per diluted share, compared to a net loss of $1.7 million, or $0.37 per diluted share, for the quarter ended December 31, 2011. Net income for the quarter ended December 31, 2012 included a net loss from discontinued operations of $0.7 million, or $0.16 per diluted share, compared to a net loss from discontinued operations of $4.8 million, or $1.04 per diluted share, for the fourth quarter 2011. The loss from discontinued operations in 2012 relates to environmental remediation costs, consulting fees, legal charges and possible claims associated with the past operations of the Company’s five environmental sites. In 2011, the majority of the loss in discontinued operations was related to a $5.2 million, after-tax charge, recorded in the fourth quarter, for environmental obligations related to the Company’s Pennsauken site. The net loss from discontinued operations in 2011 was partially offset by a change in the estimated effective state tax rates. The change increased the benefit on losses incurred in discontinued operations.

The Company generated Adjusted EBITDA from continuing operations of $5.3 million for the fourth quarter of 2012, as compared to $5.4 million for the same period in 2011, a decrease of $0.1 million, or 3%. See “Note Regarding Use of Non-GAAP Financial Measurements” below for the definition of Adjusted EBITDA.

…read more
Source: FULL ARTICLE at DailyFinance

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Interleukin Genetics Reports Fourth Quarter and Year End 2012 Financial Results

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Interleukin Genetics Reports Fourth Quarter and Year End 2012 Financial Results

WALTHAM, Mass.–(BUSINESS WIRE)– Interleukin Genetics, Inc. (OTCQB: ILIU) today issued financial and operational results for its fiscal fourth quarter and full fiscal year ended December 31, 2012.

“In 2012, with the successful completion of the University of Michigan study showing the value of our periodontal disease test, PST®, in guiding preventive dental care, Interleukin Genetics achieved a key milestone on the path to what we believe will be growth in commercialization of our proprietary molecular diagnostic technology,” reported Dr. Ken Kornman, Chief Executive Officer of Interleukin Genetics. “We are now focused on preparing to make PST widely available to guide more effective and efficient preventive care in dentistry. In addition, we continue to work with our weight management test partner, Amway, to integrate more directly with their new weight loss programs that launch in 2013. We are optimistic that our advances in 2012 will help to make Interleukin one of the leading commercial providers of molecular diagnostics as personalized healthcare becomes a reality.”

2012 Financial Highlights

The Company reported revenues of $2.2 million and a loss from continuing operations of $5.1 million, or $(0.14) per basic and diluted common share, for the year ended December 31, 2012, compared to revenues in 2011 of $2.9 million and a loss from continuing operations of $5.2 million, or $(0.14) per basic and diluted common share. The revenue decrease is primarily attributable to decreased sales of the Company’s Inherent Health® brand of genetic tests through the Amway Global sales channel.

Research and development expenses were $1.3 million for the year ended December 31, 2012, compared to $1.4 million for the year ended December 31, 2011. The decrease is primarily attributable to decreased consulting costs partially offset by increased compensation expenses as compared to the year ended December 31, 2011.

Selling, general and administrative expenses were $4.2 million for the year ended December 31, 2012, compared to $4.7 million for the year ended December 31, 2011. The decrease is primarily attributable to decreases in sales commissions paid to Amway Global as part of our Merchant Channel and Partner Store Agreement, compensation expenses and depreciation, partially offset by increased professional fees and employee separation costs attributable to the resignation of the Company’s former Chief Executive Officer on August 23, 2012.

Fourth Quarter Results

…read more
Source: FULL ARTICLE at DailyFinance

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GameStop Reports Sales and Earnings for Fiscal 2012 and Provides 2013 Outlook

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GameStop Reports Sales and Earnings for Fiscal 2012 and Provides 2013 Outlook

Full year adjusted EPS exceeds First Call consensus

Company reports highest ever annual gross margin rate

Company generates record free cash flow of $481 million

GRAPEVINE, Texas–(BUSINESS WIRE)– GameStop Corp. (NYS: GME) , the world’s largest multichannel video game retailer, today reported sales and earnings for the fourth quarter and fiscal year ended Feb. 2, 2013. The fourth quarter and fiscal year 2012 results include an extra week compared to fiscal 2011.

Paul Raines, chief executive officer, stated, “While 2012 was a challenging year for console gaming, we focused on factors within our control. We expanded our market leadership position, maintained our financial strength and controlled our spending. Perhaps most importantly, we invested in our mobile and digital businesses to position the company for future success. These channels delivered as planned and significantly contributed to our highest ever gross margin and profitability.”


Fourth Quarter Results

Total global sales for the fourth quarter of 2012 were $3.56 billion compared to $3.58 billion in the prior year quarter. Consolidated comparable store sales decreased 4.6% compared to the prior year quarter. Fourth quarter sales were essentially flat to the prior year quarter, which included 60.3% growth in digital receipts and $100.0 million of mobile sales offsetting weakness in the core business.

In the fourth quarter, the company recorded asset impairment charges of $1.9 million ($1.2 million, net of tax benefits), or $0.01 per share, as a result of impairment tests of property, equipment and other assets. A reconciliation of non-GAAP adjusted net income to GAAP net income is included with this release (Schedule III).

Excluding the impairment charges, GameStop’s adjusted net earnings for the fourth quarter increased 9.5% to $262.3 million compared to adjusted net earnings of $239.5 million in the prior year quarter. The increase in earnings was primarily due to the positive impact of the 53rd week in 2012 and a 100 basis …read more
Source: FULL ARTICLE at DailyFinance

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PVH Corp. Reports 2012 Fourth Quarter and Full Year Results

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PVH Corp. Reports 2012 Fourth Quarter and Full Year Results

  • Fourth Quarter Results Driven by Increased Earnings across All Businesses
  • Full Year Non-GAAP EPS Was $6.58, Which Includes a $0.15 Favorable Impact Related to Change in Method of Accounting for Retirement Plans, and $6.43 Absent the Change
  • Full Year GAAP EPS Was $5.87, Which Includes a $0.09 Unfavorable Impact Related to Change in Method of Accounting for Retirement Plans
  • Company Provides Preliminary 2013 Non-GAAP EPS Guidance of $7.00

NEW YORK–(BUSINESS WIRE)– PVH Corp. [NYSE: PVH] reported 2012 fourth quarter and full year results.

Non-GAAP Amounts:

The discussions of historical results in this release that refer to non-GAAP amounts exclude the items which are described in this release under the heading “Non-GAAP Exclusions.” Reconciliations of GAAP to non-GAAP amounts are presented later in this release and identify and quantify all excluded items.

Overview of Fourth Quarter Results:

  • Earnings per share was $1.60 on a non-GAAP basis, which includes a favorable impact related to the change in the Company’s method of accounting for retirement plans and represents a 34% increase over the prior year period’s non-GAAP earnings per share of $1.19 (as adjusted for the change). Absent the change in accounting method, non-GAAP earnings per share would have been $1.54 for the fourth quarter, which exceeds the top end of the Company’s previous guidance by $0.05, and compares to $1.18 for the fourth quarter of 2011.
  • GAAP earnings per share was $1.09, which includes a negative impact related to …read more
    Source: FULL ARTICLE at DailyFinance
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Mannatech Reports Fourth Quarter and Year End Results

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Mannatech Reports Fourth Quarter and Year End Results

COPPELL, Texas–(BUSINESS WIRE)– Mannatech, Incorporated(NASDAQ: MTEX), a leading developer and provider of nutritional supplements and skin care products based on Real Food Technology® solutions, today announced financial results for its fourth quarter and year end 2012.


Fourth Quarter Results

Fourth quarter net sales for 2012 were $42.3 million, a decrease of 11.7% compared to $47.9 million in the fourth quarter of 2011. Net sales for United States and Canada declined 14.4% to $20.2 million compared to $23.6 million in the fourth quarter of 2011. International net sales of $22.1 million decreased 9.1% compared to $24.3 million in the fourth quarter of 2011.

Net income was $0.3 million, or $0.10 per diluted share, for the fourth quarter of 2012, compared to net loss of ($7.0 million), or ($2.63) per diluted share, for the fourth quarter of 2011.

Dr. Robert Sinnott, CEO & Chief Science Officer, commented, “Mannatech has achieved profitability in the last half of 2012. This is an important milestone in our financial recovery. We believe our strategies for 2013 will continue to increase our cash flow and improve the current sales trends.”


Year End Results

Annual net sales for 2012 were $173.4 million, down 13.6% from $200.7 million for 2011. The company reported a net loss for 2012 of $1.4 million, compared to a net loss of $20.7 million in 2011. The loss per share was $0.52 in 2012, compared to the loss per share of $7.80 in 2011.

The total number of independent associates and members based on a 12-month trailing period was approximately 229,000 as of each of December 31, 2012 and 2011. The number of new independent associates and members for 2012 was 97,000, compared to 77,000 in 2011, which was an increase of 20,000 over the previous year.

Dr. Robert Sinnott further commented, “We are pleased our consumers and independent business builders have accepted our newest product, NutriVerus, which was launched globally during 2012. We believe this product acceptance, as well as the increase in …read more
Source: FULL ARTICLE at DailyFinance

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International Wire Announces Fourth Quarter and Record Full Year 2012 Results

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International Wire Announces Fourth Quarter and Record Full Year 2012 Results

CAMDEN, N.Y.–(BUSINESS WIRE)– International Wire Group Holdings, Inc. (“the Company”) (Pink Sheets: ITWG) today announced its results for the fourth quarter and full year ended December 31, 2012. Fourth quarter operating results were strong despite lower sales. Full year 2012 operating income was at a record level.

“Our strong full year operating results were driven by increased customer demand in our bare wire business, primarily from the automotive/specialty vehicles market. Demand was flat to down in our other major markets. Greater plant utilization and on-going cost reduction initiatives in our high performance conductors and European businesses as well as the favorable LIFO effects resulting from lower inventory levels also contributed to our results. We are also pleased with our debt refinancing in October of 2012 and the success of our stock tender offer,” said Rodney D. Kent, Chief Executive Officer of International Wire Group Holdings, Inc.


Fourth Quarter Results

Net sales for the quarter ended December 31, 2012 were $161.7 million, a decrease of $29.3 million, or 15.3%, compared to $191.0 million for the same period in 2011. This decrease was primarily due to a higher proportion of tolled copper (customer-owned copper, the value of which is not included in net sales and cost of sales) shipped in the 2012 period compared to the 2011 period, lower sales volume, and unfavorable currency exchange rates in Europe. These factors were partially offset by a slightly higher selling price of copper and higher customer pricing/mix. Excluding the effects of higher copper prices and a higher proportion of tolled copper, net sales decreased $9.7 million, or 5.7%, versus the 2011 period. Contributing to this decrease were lower sales volume of $11.4 million and $0.6 million from unfavorable currency rates in Europe, partially offset by $2.3 million from higher customer pricing/mix. Total pounds of product sold in the fourth quarter of 2012 decreased by 3.6% compared to the fourth quarter of 2011.

Operating income for the quarter ended December 31, 2012 was $12.6 million compared to $11.5 million for the quarter ended December 31, 2011, an increase of $1.1 million, or 9.6%, due in part to the LIFO liquidation of $2.9 million in the 2012 period resulting from lower inventory levels at year-end which was partially offset by lower sales volume.

Net …read more
Source: FULL ARTICLE at DailyFinance

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Station Casinos Announces 2012 Full Year and Fourth Quarter Results

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Station Casinos Announces 2012 Full Year and Fourth Quarter Results

LAS VEGAS–(BUSINESS WIRE)– Station Casinos LLC (“Station” or the “Company”) today announced the results of its operations for the fourth quarter and fiscal year ended December 31, 2012.

“Station Casinos had a noteworthy 2012,” said Marc Falcone, Executive Vice President, Chief Financial Officer and Treasurer. “We accomplished our stated goals related to our operating performance, balance sheet, Native American managed properties and online gaming. We believe we are well positioned for 2013 to continue to focus on efficiently operating our core business, successfully opening the Graton Resort and Casino in the fourth quarter of 2013, advancing the development of the North Fork Rancheria project and expanding our presence in the interactive gaming market while continuing to delever and strengthen our balance sheet,” said Falcone.

Highlights for the year include:

  • Strong year-over-year operating performance with Consolidated Adjusted EBITDAM up approximately 11%
  • Increased year-over-year customer visitation and spend per visit
  • Reduced long-term debt balance by $216.6 million during the year (excluding LandCo)
  • Refinanced debt on behalf of the Gun Lake Tribe, which reduced interest cost and positively impacted Station management fees
  • Completed an $850 million new construction financing for the Graton Resort and Casino
  • Reached important milestones with the North Fork Rancheria with the execution of a Tribal-State gaming compact and the acceptance of land into trust by the Department of Interior
  • Purchased 50.1% of Fertitta Interactive (“FI”), which provides Station with control of one of the few established online poker platforms in the world and the programming expertise to continually adapt and improve the product
  • Completed a $2.475 billion refinancing, including a $350 million revolver, in March 2013 of the Company’s outstanding debt other than its land loan

Consolidated Results of Operations

The Company’s consolidated net revenues for the fourth quarter ended December 31, 2012 were approximately $303.2 million, relatively flat compared to the prior year. Consolidated Adjusted EBITDAM for the fourth quarter was $85.4 million, an increase of 3.0% compared to the prior year. The Company’s operating …read more
Source: FULL ARTICLE at DailyFinance

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Hibbett Reports Fourth Quarter and Fiscal 2013 Results

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Hibbett Reports Fourth Quarter and Fiscal 2013 Results

BIRMINGHAM, Ala.–(BUSINESS WIRE)– Hibbett Sports, Inc. (NASDAQ/GS: HIBB):


  • Achieves 13th Consecutive Quarter of Comparable Store Sales Increase

  • Fourth Quarter Earnings Per Diluted Share Increases 24%

  • Fiscal Year Earnings Per Diluted Share Increases 27%

  • Issues Fiscal 2014 Guidance

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the fourth quarter and fiscal year ended February 2, 2013.


Fourth Quarter Results

Net sales for the 14-week period ended February 2, 2013, increased 14.0% to $217.4 million compared with $190.7 million for the 13-week period ended January 28, 2012. Comparable store sales increased 4.9% on a 13-week to 13-week period.

Gross profit improved to 36.1% of net sales for the 14-week period ended February 2, 2013, compared with 35.8% for the 13-week period ended January 28, 2012.

Store operating, selling and administrative expenses improved to 20.3% of net sales for the 14-week period ended February 2, 2013, compared with 20.9% of net sales for the 13-week period ended January 28, 2012.

Net income for the 14-week period ended February 2, 2013, increased 22.3% to …read more
Source: FULL ARTICLE at DailyFinance

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ArQule Reports Fiscal 2012 Year End and Fourth Quarter Results

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ArQule Reports Fiscal 2012 Year End and Fourth Quarter Results

Conference call scheduled today at 9:00 a.m. eastern time

WOBURN, Mass.–(BUSINESS WIRE)– ArQule, Inc. (NAS: ARQL) today announced its financial results for the year and for the fourth quarter ended December 31, 2012.

The Company reported a net loss of $10,872,000 or $0.18 per share, for the year ended December 31, 2012, compared with a net loss of $10,762,000, or $0.20 per share, for the year ended December 31, 2011. For the quarter ended December 31, 2012, the Company reported a net loss of $5,296,000 or $0.09 per share, compared with net income of $3,768,000, or $0.07 per share, for the quarter ended December 31, 2011.

At December 31, 2012, the Company had a total of approximately $130,599,000 in cash and marketable securities.

Operational Milestones

Tivantinib (ARQ 197)

  • Presentation of data at the 2012 Annual Meeting of the American Society of Clinical Oncology (ASCO) from a randomized, double-blind, controlled Phase 2 trial of tivantinib in second-line hepatocellular carcinoma (HCC) that met the primary endpoint of time to progression, with pronounced improvements observed in median overall survival and progression free survival in MET-high patients;
  • Dosing of the first patient in the pivotal Phase 3 METIV-HCC trial of tivantinib as a single agent in second-line HCC MET-high patients in January 2013;
  • Agreement with the U.S. Food and Drug Administration (FDA) on a Special Protocol Assessment (SPA) for the design of the METIV-HCC trial;
  • Discontinuation of the Phase 3 MARQUEE trial of tivantinib and erlotinib in non-squamous non-small cell lung cancer (NSCLC), conducted by our partner Daiichi Sankyo Co., Ltd., following an interim analysis, with patients already on treatment and re-consented continuing to receive treatment;
  • Permanent suspension of enrollment in the Phase 3 ATTENTION trial of tivantinib and erlotinib in non-squamous NSCLC in Asia conducted by our partner, Kyowa Hakko Kirin Co., Ltd., with patients already enrolled and re-consented continuing to receive treatment;
  • Announcement of top-line …read more
    Source: FULL ARTICLE at DailyFinance
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Kopin Corporation Announces Wearable Computing Strategy and Reports Financial Results for the Fourth

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Kopin Corporation Announces Wearable Computing Strategy and Reports Financial Results for the Fourth Quarter and Fiscal Year Ended December 29, 2012

WESTBOROUGH, Mass.–(BUSINESS WIRE)– Kopin Corporation (NAS: KOPN) today announced financial results for the fourth quarter and fiscal year ended December 29, 2012. Kopin President and Chief Executive Officer Dr. John C.C. Fan also outlined the Company’s strategy to be a leader in providing critical components and licensing reference systems to partners who develop branded wearable computing products.

“Cloud-based, hands-free, voice-activated mobile computing systems will usher in a productivity revolution and change the way employees work and friends communicate,” said Dr. Fan. “In the technology industry, the question is always ‘What’s next?’ The answer is that the future is wearable computing. We have been anticipating the wearable computing wave for 25 years. Our experience and portfolio of patents enables us to work with partner companies to help them achieve their goals.”

In October, Kopin celebrated a milestone event several years in the making—the commercial introduction of the world’s first hands-free computer headset, the Motorola Solutions HC1, based on Kopin’s wireless hands-free technology platform, Golden-i. The Motorola Solutions partnership exemplifies Kopin’s business model to partner with major companies to develop wearable computing products.

“In order to enter the wearable computing market, a company needs six core competencies: software, speech enhancement, display technology, low power circuits, optics, and ergonomics. We believe we have the strongest IP portfolio in this market that covers all six of these areas. We filed the first patent in this market in 1993, and now have more than 200 patents, with several new patents filed every month. We have also strategically acquired and partnered with companies to further develop our core competencies in each of these six areas. This allows Kopin to work with the world’s leading technology companies to help them develop wearable computing products faster and more effectively.”

Dr. Fan will discuss this strategy in more detail during a conference call at 9:00 a.m. ET today.

Fourth Quarter Results

In this news release, revenue is reported in accordance with United States Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. Non-GAAP results include the results of the Company’s III-V product line, including its investment in Kopin Taiwan Corporation, as discontinued operations in the consolidated statement of operations, and are reconciled to the corresponding GAAP measures at the end of the release.

…read more
Source: FULL ARTICLE at DailyFinance

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Polypore Earnings Trickle To A Halt

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By Zacks.com

Polypore International, Inc. (PPO) reported its third consecutive earnings miss on February 20, driven by a 6% decline in sales. This prompted analysts to revise their estimates for both 2013 and 2014 significantly lower, sending the stock to a ZacksRank #5 (Strong Sell).
Despite the negative earnings momentum, shares still trade at a premium on a forward price-to-earnings and price-to-book basis. This doesn’t bode well for shares over the next several weeks.
Company Description
Polypore International is a high technology filtration company that develops, manufactures and markets specialized polymer-based microporous membranes used in separation and filtration processes. Its products are used in two primary segments: energy storage (75% of total sales) and separations media (25%).
The company is headquartered in Charlotte, North Carolina and has a market cap of $1.8 billion.
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Fourth Quarter Results
Polypore reported fourth quarter results on February 20. Adjusted earnings per share came in at 33 cents, falling well short of the Zacks Consensus Estimate of 46 cents. It was the company’s third consecutive earnings miss.
Sales declined 6% to $180.2 million, falling well short of the consensus of $191.0 million. The ‘Electronics and Electric Drive Vehicles (EDVs)’ division within the energy storage segment was particularly soft due to weak end-market demand.
Estimates Falling
Following the Q4 earnings miss, analysts revised their estimates significantly lower for both 2013 and 2014. This sent the stock to a Zacks Rank #5 (Strong Sell). The 2013 Zacks Consensus Estimate is now $1.69, down from $2.08 just 30 days ago. And the 2014 consensus is now $2.21, down from $2.73. You can see this sharp decline in the company’s ‘Price & Consensus’ chart: …read more
Source: FULL ARTICLE at Forbes Markets

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Steel Excel Inc. Reports Fourth Quarter and Year End 2012 Financial Results and Outlook for 2013

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Steel Excel Inc. Reports Fourth Quarter and Year End 2012 Financial Results and Outlook for 2013

SAN RAMON, Calif.–(BUSINESS WIRE)– Steel Excel Inc. (Other OTC: SXCL) (“Steel Excel“, “SXCL” or the “Company”), which operates in two reportable segments, Steel Energy and Steel Sports, today announced operating results for the fourth quarter and year ended December 31, 2012. They are summarized in the following paragraphs. For a full discussion of the results, please see the Company’s Form 10-K, which can be found at www.steelexcel.com.

Fourth Quarter Results

Steel Excel reported aggregate revenues of $26.9 million for the quarter, as compared to $1.8 million for the same period of 2011. The loss from continuing operations before tax was $0.3 million in the fourth quarter of 2012, as compared to a loss of $1.3 million in the 2011 period. The net loss for the fourth quarter of 2012 was $0.1 million, or $0.01 per diluted common share, as compared to a net loss of $1.7 million, or $0.15 per diluted common share for the same period in 2011. For the quarter, Steel Energy net revenues were $26.4 million, compared to $1.4 million in 2011, while Steel Sports had net revenues of $0.5 million, versus $0.4 million in 2011.

Twelve Month Results

For the year, Steel Excel reported net revenues of $100.1 million, as compared to $2.5 million in 2011. Income from continuing operations before tax was $6.5 million, versus a loss of $0.2 million in 2011. Net income for the year was $20.7 million or $1.71 per diluted common share, which included a net loss from discontinued operations of $1.9 million, or $0.16 per share, as compared to net income of $6.8 million, or $0.62 per diluted common share in 2011, which included net income from discontinued operations of $6.6 million, or $0.61 per share.

Steel Energy reported net revenues for the year of $97.2 million, as compared to $1.4 million the prior year. Steel Sports reported revenues of $2.9 million compared to $1.1 million in 2011.

The principal reason for the increase in revenue and net income for both the fourth quarter and full year was related to the acquisitions completed in 2012 for Steel Energy and the release of $15.1 million of a deferred tax valuation allowance as a result of acquired deferred tax liabilities.

…read more
Source: FULL ARTICLE at DailyFinance

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Idera Pharmaceuticals Reports Fourth Quarter and Full Year 2012 Financial Results and Provides Updat

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Idera Pharmaceuticals Reports Fourth Quarter and Full Year 2012 Financial Results and Provides Update on Autoimmune Disease Program

CAMBRIDGE, Mass.–(BUSINESS WIRE)– Idera Pharmaceuticals, Inc. (NAS: IDRA) today reported its financial and operational results for the fourth quarter and year ended December 31, 2012.

“During the past year, Idera has demonstrated promising clinical activity for the use of Toll-like Receptor antagonists as a novel approach for the potential treatment of autoimmune diseases,” said Sudhir Agrawal, D.Phil., Chairman and Chief Executive Officer. “We recently completed dosing in the escalating single-dose portion of our Phase 1 study of IMO-8400, an antagonist of TLRs 7, 8 and 9. In this portion of the trial, IMO-8400 was well-tolerated and showed TLR target engagement at three dose levels in healthy subjects. These results build on the results of our Phase 2 clinical trial of IMO-3100, an antagonist of TLRs 7 and 9, in patients with plaque psoriasis, which we believe provided clinical proof of concept of our approach of targeting specific TLRs for the treatment of psoriasis and other autoimmune and inflammatory diseases.”

Dr. Agrawal continued, “Our next step is to conduct a Phase 2 clinical trial in patients with psoriasis with an extended treatment period of up to 12 weeks. Based on our evaluation of the comparative profiles of IMO-3100 and IMO-8400, including the engagement of TLR8 by IMO-8400, Idera has determined to conduct this Phase 2 trial with IMO-8400. Subject to successful completion of our ongoing multiple dose Phase 1 trial of IMO-8400 and to obtaining the necessary financing to conduct this trial, we expect to initiate this Phase 2 clinical trial in the second quarter of 2013.”

“Our 2012 year-end cash and cash equivalents totaled $10.1 million. We are exploring financial alternatives to obtain the additional capital to continue progress with our autoimmune disease program,” said Mr. Lou Arcudi, Senior Vice President of Operations and Chief Financial Officer.

Financial Results

As of December 31, 2012, cash and cash equivalents totaled $10.1 million compared to $24.6 million at December 31, 2011.


Fourth Quarter Results

Net loss applicable to common stockholders for the three months ended December 31, 2012 was $6.5 million, or $0.24 …read more
Source: FULL ARTICLE at DailyFinance