Business
Phathom Pharmaceuticals Reports Fourth Quarter and Full Year 2020 Financial Results and Highlights Pipeline and Business Progress
FLORHAM PARK, N.J., March 30, 2021 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a late clinical-stage biopharmaceutical company focused
About this update from Phathom Pharmaceuticals, Inc.
[{"type":"text","content":"FLORHAM PARK, N.J., March 30, 2021 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a late clinical-stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases, today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided highlights of pipeline and business progress. “During 2020 our teams made significant progress advancing the clinical development of vonoprazan and building the foundation to become a leader in the gastrointestinal space,” said Terrie Curran, President and Chief Executive Officer of Phathom. “Our accomplishments position Phathom for a catalyst-rich year in 2021, when we expect to share results from our pivotal Phase 3 trials in H. pylori infection and erosive esophagitis and expand our vonoprazan development program into non-erosive reflux disease (NERD). Building on our momentum from 2020, we are well-positioned financially and operationally to continue our efforts in bringing vonoprazan to the millions of underserved patients with acid-related disorders.” Fourth Quarter 2020 and Recent Business Highlights: Completed patient enrollment in pivotal Phase 3 trial for vonoprazan in erosive esophagitis (PHALCON-EE).Completed patient enrollment in pivotal Phase 3 trial for vonoprazan in H. pylori infection (PHALCON-HP).Announced the planned expansion of vonoprazan development program into NERD.Completed a successful public offering of common stock with net proceeds of approximately $89 million to fund the clinical development of vonoprazan and for working capital and general corporate purposes, including pre-commercial activities. 2021 Expected Milestones: Topline results for PHALCON-HP in the second quarter of 2021.Initiation of Phase 2 non-erosive reflux disease (NERD) trial in the second quarter of 2021.NDA submission for H. pylori in the second half of 2021.Topline results for PHALCON-EE in the second half of 2021.Enrollment completion of Phase 2 NERD trial in the second half of 2021. Fourth Quarter and Full Year 2020 Financial Results: Fourth quarter net loss for 2020 was $53.7 million, compared to $98.0 million for fourth quarter 2019.Fourth quarter net loss for 2020 was driven by a net loss from operations of $52.4 million, which included a non-cash charge related to stock-based compensa...