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XenoPort Inc. Reports Operating Results (10-Q)

August 06, 2009 | About:

XenoPort Inc. (XNPT) filed Quarterly Report for the period ended 2009-06-30.

XenoPort Inc. is a biopharmaceutical company focused on developing a portfolio of internally discovered product candidates that utilize the body\'s natural nutrient transporter mechanisms to improve the therapeutic benefits of existing drugs. XenoPort Inc. has a market cap of $594.5 million; its shares were traded at around $21.77 with and P/S ratio of 14.2.

Highlight of Business Operations:

In July 2009, we completed an underwritten public offering of 2,875,000 shares of our common stock at a price to the public of $19.00 per share, including 375,000 shares representing the exercise in full of the over-allotment option granted to the underwriters. Net cash proceeds from the public offering were approximately $51.1 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

The decrease in collaboration revenue for the six months ended June 30, 2009 compared to the same period in 2008 was the result of a $5.5 million decrease in revenue recognized from up-front license and milestone payments under our Xanodyne agreement, partially offset by a $3.0 million increase in revenue recognized from a milestone payment related to the FDAs acceptance for review of the NDA for XP13512 under our Astellas agreement.

The decrease in net revenue from unconsolidated joint operating activities for the three months ended June 30, 2009 compared to the same period in 2008 was the result of an $8.4 million decrease in revenue recognized from up-front license and milestone payments under our GSK agreement and the recognition of $0.3 million representing our share of pre-launch operating losses of XP13512 as a result of our election of the co-promotion option.

The increase in net revenue from unconsolidated joint operating activities for the six months ended June 30, 2009 compared to the same period in 2008 was the result of a $4.4 million increase in revenue recognized from up-front license and milestone payments under our GSK agreement, partially offset by the recognition of $0.3 million representing our share of pre-launch operating losses of XP13512 as a result of our election of the co-promotion option.

The increase in selling, general and administrative expenses in the six months ended June 30, 2009 compared to the same period in 2008 was primarily due to increased personnel costs of $2.8 million resulting from increased headcount and increased non-cash stock-based compensation of $1.1 million.

Read the The complete ReportXNPT is in the portfolios of Lee Ainslie of Maverick Capital.

Rating: 3.6/5 (5 votes)

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