BioMimetic Therapeutics Inc. (BMTI, Financial) filed Quarterly Report for the period ended 2012-09-30.
Biomimetic Therapeutics, Inc. has a market cap of $103.8 million; its shares were traded at around $3.81 with and P/S ratio of 60.2.
Various milestone and royalty payments were required under our agreements with Luitpold, Kensey Nash Corporation (“Kensey Nash”), Novartis Vaccines and Diagnostics, Inc. (“Novartis”), and Collagen Matrix, Inc. (“CMI”) as well as our intellectual property license agreements with ZymoGenetics, Inc. (“ZymoGenetics”) and Harvard University (“Harvard”). Luitpold may be required to make certain milestone payments to us, and we may be required to make certain milestone payments to Kensey Nash and CMI based on the occurrence of certain events. The milestone payments to Kensey Nash relate to the achievement of certain clinical developments, regulatory filings, approvals and sales levels for Augment Injectable. The milestone payments to CMI are either time-based or based on certain cumulative sales thresholds of Augmatrix, and with the exception of a $50,000 milestone payment to CMI upon the February 2012 execution of the agreement with CMI and an additional $50,000 time-based milestone payment to CMI triggered six months after the execution of the agreement, the remaining milestone payments that we are required to pay to CMI remain contingent and have not yet occurred. The $50,000 time-based milestone payment to CMI is recorded as a liability on our condensed consolidated balance sheet as of September 30, 2012.
Net loss for the three months ended September 30, 2012 was $4.6 million, or $0.16 per diluted share, compared to net loss of $7.1 million, or $0.25 per diluted share, for the same period in 2011. We anticipate that our operating losses, which are only partially offset by product sales, royalty income, sublicense fee income and investment income, may continue in the near term as we continue to fund our research and development activities and clinical trials and as we implement our sales and marketing efforts to represent our products.
Selling, general and administrative expenses for the three months ended September 30, 2012 were $3.0 million, compared to $3.6 million for the same period in 2011. Driven by our efforts to carefully manage expenses and conserve resources given the uncertainty surrounding the FDA review of our PMA application for Augment, offset partially by our sales, marketing and customer service efforts, particularly in connection with our commercial activities for Augment and Augmatrix, the $0.6 million decrease resulted from:
Net loss for the nine months ended September 30, 2012 was $17.1 million, or $0.61 per diluted share, compared to net loss of $23.3 million, or $0.83 per diluted share, for the same period in 2011. We anticipate that our operating losses, which are only partially offset by sales, revenues from royalty income, sublicense fee income and investment income, may continue in the near term as we continue to fund our research and development activities and clinical trials and as we prepare for a future sales network to represent our products.
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Biomimetic Therapeutics, Inc. has a market cap of $103.8 million; its shares were traded at around $3.81 with and P/S ratio of 60.2.
Highlight of Business Operations:
Various milestone payments may be required under the Company’s agreements with Kensey Nash Corporation (“Kensey Nash”) and CMI. The Company may be required to make milestone payments to Kensey Nash in connection with the initiation of certain clinical trials, regulatory filings, product approvals, and/or commercial launch of Augment Injectable. In addition, there are certain time-based milestone payments, triggered by such events, payable to Kensey Nash. Also, the agreement with CMI includes certain time-based milestone payments that the Company is obligated to pay to CMI based on the execution date of the agreement, and the Company may be required to make additional milestone payments to CMI if certain Augmatrix sales targets are achieved. With the exception of a $50,000 milestone payment to CMI upon the February 2012 execution of the agreement with CMI and an additional $50,000 time-based milestone payment to CMI triggered six months after the execution of the agreement with CMI, the remaining milestone payments that the Company is required to pay to Kensey Nash and CMI remain contingent and have not yet occurred. The $50,000 time-based milestone payment to CMI is recorded as a liability in other accrued expenses (see Note 13) on the Company’s condensed consolidated balance sheet as of September 30, 2012. Because of the uncertainty regarding the potential sales growth for Augmatrix and uncertainty regarding the timing associated with the Augment Injectable development program in view of the Company’s recent voluntary suspension of additional screening and enrollment of patients in the pivotal clinical study, the Company is unable to estimate the amount and timing of our remaining long-term (beyond 2013) milestone obligations.Various milestone and royalty payments were required under our agreements with Luitpold, Kensey Nash Corporation (“Kensey Nash”), Novartis Vaccines and Diagnostics, Inc. (“Novartis”), and Collagen Matrix, Inc. (“CMI”) as well as our intellectual property license agreements with ZymoGenetics, Inc. (“ZymoGenetics”) and Harvard University (“Harvard”). Luitpold may be required to make certain milestone payments to us, and we may be required to make certain milestone payments to Kensey Nash and CMI based on the occurrence of certain events. The milestone payments to Kensey Nash relate to the achievement of certain clinical developments, regulatory filings, approvals and sales levels for Augment Injectable. The milestone payments to CMI are either time-based or based on certain cumulative sales thresholds of Augmatrix, and with the exception of a $50,000 milestone payment to CMI upon the February 2012 execution of the agreement with CMI and an additional $50,000 time-based milestone payment to CMI triggered six months after the execution of the agreement, the remaining milestone payments that we are required to pay to CMI remain contingent and have not yet occurred. The $50,000 time-based milestone payment to CMI is recorded as a liability on our condensed consolidated balance sheet as of September 30, 2012.
Net loss for the three months ended September 30, 2012 was $4.6 million, or $0.16 per diluted share, compared to net loss of $7.1 million, or $0.25 per diluted share, for the same period in 2011. We anticipate that our operating losses, which are only partially offset by product sales, royalty income, sublicense fee income and investment income, may continue in the near term as we continue to fund our research and development activities and clinical trials and as we implement our sales and marketing efforts to represent our products.
Selling, general and administrative expenses for the three months ended September 30, 2012 were $3.0 million, compared to $3.6 million for the same period in 2011. Driven by our efforts to carefully manage expenses and conserve resources given the uncertainty surrounding the FDA review of our PMA application for Augment, offset partially by our sales, marketing and customer service efforts, particularly in connection with our commercial activities for Augment and Augmatrix, the $0.6 million decrease resulted from:
Net loss for the nine months ended September 30, 2012 was $17.1 million, or $0.61 per diluted share, compared to net loss of $23.3 million, or $0.83 per diluted share, for the same period in 2011. We anticipate that our operating losses, which are only partially offset by sales, revenues from royalty income, sublicense fee income and investment income, may continue in the near term as we continue to fund our research and development activities and clinical trials and as we prepare for a future sales network to represent our products.
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