Business
Minerva Neurosciences Reports 2023 Second Quarter Financial Results and Business Updates
BURLINGTON, Mass., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (Nasdaq: NERV), a clinical-stage biopharmaceutical company focused on the
About this update from Minerva Neurosciences, Inc
[{"type":"text","content":"BURLINGTON, Mass., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (Nasdaq: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system disorders, today reported business updates and financial results for the second quarter ended June 30, 2023. “In the second quarter, we completed an equity financing of $20.0 million, further strengthening our cash position. This investment from Boehringer Ingelheim and Federated Hermes Kaufman Funds comes as we continue to interact with the FDA in support of their review of our New Drug Application (NDA) for roluperidone for the treatment of negative symptoms of schizophrenia.” “We remain committed to bringing roluperidone to patients and physicians, as we believe it has the potential to improve patients’ quality of life and expand the treatment options physicians can offer their patients. Roluperidone, if approved, would be the first medication for negative symptoms of schizophrenia, a recognized unmet clinical need,” said Dr. Remy Luthringer, Executive Chairman and Chief Executive Officer of Minerva. Q2 2023 Business Highlights On June 30, 2023, the Company completed a private investment in public equity financing of $20 million in gross proceeds from Boehringer Ingelheim, a global biopharmaceutical company with a growing mental health pipeline that includes schizophrenia, and Federated Hermes Kaufmann Funds.On May 8, 2023, the FDA confirmed that they had assigned a Prescription Drug User Fee Act (PDUFA) goal date of February 26, 2024.On April 27, 2023, the FDA confirmed the filing of Minerva’s NDA for roluperidone for the treatment of negative symptoms in patients with schizophrenia. Second Quarter 2023 Financial Results Research and development (“R&D”) expense: R&D expense was $1.9 million and $4.5 million for the three and six months ended June 30, 2023, respectively, as compared to $4.1 million and $9.1 million for the three and six months ended June 30, 2022, respectively. The decrease of $2.2 million and $4.6 million in R&D expense for the three and six months ended June 30, 2023 versus the prior year periods was primarily due to lower non-cash stock compensation costs and lower consultant fees related to the preparation of the Company’s NDA for roluperidone, which was submitted during 2022, partially offset by ...