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Travere Therapeutics Reports Second Quarter 2022 Financial Results
SAN DIEGO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today reported its second quarter 2022 financial results and provided a
About this update from Travere Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today reported its second quarter 2022 financial results and provided a corporate update. New Drug Application (NDA) for accelerated approval of sparsentan in IgA nephropathy (IgAN) accepted by the U.S. Food and Drug Administration (FDA) and granted Priority Review; Prescription Drug User Fee Act (PDUFA) target action date set for November 17, 2022Total revenue for the second quarter 2022 was $54.2 million, consisting of $51.0 million in net product sales and $3.2 million in licensing and collaboration revenueCash, cash equivalents and marketable securities, as of June 30, 2022, totaled $553.2 million “In the second quarter, the FDA accepted for review our NDA for sparsentan for the treatment of IgA nephropathy and granted priority review; this positions us for the first potential approval of sparsentan in November and keeps us on course to achieve our goal of making sparsentan a new treatment standard for rare kidney disorders” said Eric Dube, Ph.D., president and chief executive officer of Travere Therapeutics. “Our organization is making great progress in building upon our existing commercial capabilities to prepare for a potential launch that will provide broad access to sparsentan, if approved. In addition, we continue to advance our pipeline with the vision of strengthening our leadership position in the rare disease community. The DUPLEX Study of sparsentan in FSGS continues to progress and we look forward to reporting two-year results in the first half of next year. We are also very pleased to receive Breakthrough Therapy Designation for our pegtibatinase program in HCU. We look forward to continuing to work with regulators this year to align on the design of a pivotal program that can enable pegtibatinase to potentially become the first disease modifying therapy for the HCU community.” Quarter Ended June 30, 2022 Net product sales for the second quarter of 2022 were $51.0 million, compared to $54.6 million for the same period in 2021. For the six months ended June 30, 2022, net product sales were $97.4 million, compared to $102.0 million for the same period in 2021. The difference is largely attributable to a decrease in Thiola sales partially offset by an increase in sales for the Company’s bile acid products. Research and developmen...