Business
Travere Therapeutics Reports First Quarter 2023 Financial Results
FILSPARI™(sparsentan) granted accelerated approval by FDA for the reduction of proteinuria in IgA nephropathy (IgAN) on February 17th, 2023; commercial launch
About this update from Travere Therapeutics, Inc.
[{"type":"text","content":"FILSPARI™(sparsentan) granted accelerated approval by FDA for the reduction of proteinuria in IgA nephropathy (IgAN) on February 17th, 2023; commercial launch underway Total net product sales of $50.3 million for the first quarter of 2023, including $3.0 million for FILSPARI SAN DIEGO, May 04, 2023 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today reported its first quarter 2023 financial results and provided a corporate update. On February 17, 2023, the U.S. Food and Drug Administration (FDA) granted accelerated approval to FILSPARI™ (sparsentan) to reduce proteinuria in adults with primary IgAN at risk of rapid disease progression, generally a urine protein-to-creatinine ratio (UPCR) ≥1.5 g/gReview decision by the European Medicines Agency (EMA) on the potential approval of the Conditional Marketing Authorization (CMA) application for sparsentan for the treatment of IgAN in Europe expected in second half 2023Net product sales of FILSPARI totaled $3.0 million for the first quarter of 2023Total revenue for the first quarter of 2023 was $57.0 million, consisting of $50.3 million in net product sales and $6.7 million in licensing and collaboration revenueCash, cash equivalents, and marketable securities, as of March 31, 2023, totaled $561.5 million, including net proceeds of $216.0 million from a common stock offering completed in the first quarter, as well as the Company’s payment of a $23 million milestone related to the approval of FILSPARI “We began the new year with the first FDA approval from our rare disease pipeline. The accelerated approval of FILSPARI marks the first and only non-immunosuppressive treatment indicated for the reduction of proteinuria in patients with IgAN and we are very pleased with the progress in the first quarter, which represents the first six weeks of the commercial launch,” said Eric Dube, Ph.D., president and chief executive officer of Travere Therapeutics. “Our field team started to engage with nephrologists on the next business day following the approval, and within the first two weeks, FILSPARI was available and had been shipped to the first patient. We continue to receive positive feedback from the IgAN community that further supports our confidence in the potential for FILSPARI to ultimately become the future foundational treatment for patients with IgAN. As we look ahead, w...