Anthera Pharmaceuticals Inc has a market cap of $41.4 million; its shares were traded at around $0.93 .
Highlight of Business Operations:To date, we have funded our operations primarily through placements of preferred and common stock, convertible and nonconvertible debt and our IPO. As of June 30, 2012 we have received net proceeds of approximately $224.5 million from the sale of equity securities, comprised of approximately $173.4 million from the sale of equity securities, approximately $26.2 million from the issuance of convertible promissory notes, and approximately $24.7 million from the issuance of notes payable. Further, in July 2012, net proceeds of approximately $35.5 million were raised through the sale of 37,950,000 shares of common stock pursuant to the shelf registration. Total net proceeds raised to date totaled approximately $260 million.
Net cash used in operating activities was approximately $44.4 million for the six months ended June 30, 2012. The net loss is lower than cash used in operating activities by $5.9 million. The primary drivers for the difference are changes in operating assets and liabilities of $7.2 million which is based upon our estimated clinical trial performance to date, offset by adjustments for non-cash charges including depreciation, stock-based compensation, amortization of discount and deferred interest on notes payable as well as debt issuance costs, totaling $1.3 million.
Net cash used in operating activities was approximately $28.8 million for the six months ended June 30, 2011. The net loss is higher than cash used in operating activities by $12.9 million. The primary drivers for the difference are adjustments for non-cash charges of $7.0 million in clinical trial accruals which is based upon our estimated clinical trial performance to date, increase in other operating assets and liabilities of $4.3 million, and adjustments for non-cash charges such as stock-based compensation of approximately $1.4 million.
Net cash used in investing activities was approximately $0.8 million for the six months ended June 30, 2012, and was driven by purchases of short-term investments of $3.9 million offset by proceeds received from maturities of short-term investments of approximately $3.3 million.
On March 25, 2011, the Company entered into a Loan Agreement with Hercules. Under the terms of the Loan Agreement, the Company borrowed $25.0 million at an interest rate of the higher of (i) 10.55% or (ii) 7.30% plus the prime rate as reported in the Wall Street Journal, and issued to Hercules a secured term promissory note evidencing the loan. The loan is secured by the Companys assets, excluding intellectual property. The Company made interest only payments for the initial 15 months. Thereafter, the loan will be repaid in 30 equal monthly installments of approximately $1.0 million, at the initial interest rate. The Company will also be obligated to pay an end of the term charge of $0.9 million, which is being expensed over the term of the Loan Agreement using the effective interest rate method.
Read the The complete Report