Business
Veru Reports Second Quarter Fiscal 2022 Results and Progress of Sabizabulin for COVID-19 Toward a Request for Emergency Use Authorization
--FDA States that Veru Should Submit Request for Emergency Use Authorization (EUA) Application Based on Positive Efficacy and Safety Data from the Phase 3
About this update from Veru Inc.
[{"type":"text","content":"--FDA States that Veru Should Submit Request for Emergency Use Authorization (EUA) Application Based on Positive Efficacy and Safety Data from the Phase 3 Clinical Study of Sabizabulin in Hospitalized COVID-19 Patients-- --IDMC Unanimously Votes to Halt the Ongoing Phase 3 Trial of Sabizabulin for Hospitalized COVID-19 Patients at High Risk of ARDS Due to Overwhelming Efficacy and Safety with 55.2% Reduction in Death-- --EUA Application Submission for Sabizabulin COVID-19 Treatment Expected by Calendar Q2 2022-- -- Phase 3 ENABLAR-2 Clinical Trial of Enobosarm and Abemaciclib Combination Therapy in Metastatic Breast Cancer is Enrolling -- -- Company to Host Investor Conference Call Today at 8 AM ET-- MIAMI, May 12, 2022 (GLOBE NEWSWIRE) -- Veru Inc. (NASDAQ: VERU), a biopharmaceutical company focused on developing novel medicines for COVID-19 and other viral and ARDS-related diseases and for the management of breast and prostate cancers, today announced financial results for its fiscal 2022 second quarter ended March 31, 2022. Second Quarter Financial Summary: Fiscal 2022 vs Fiscal 2021 Total net revenues decreased 2% to $13.0 million from $13.3 millionUS FC2 prescription net revenues climbed 12% to $11.6 million from $10.3 millionGross profit rose 2% to $11.2 million from $10.9 millionGross margin increased to 86% of net revenues from 82% of net revenues, a record high compared to any prior quarterOperating loss was $11.8 million versus $1.5 millionNet loss was $14.2 million, or $0.18 per share, compared $2.8 million, or $0.04 per share Year-to-Date Financial Summary: Fiscal 2022 vs Fiscal 2021 Total net revenues decreased 3% to $27.2 million from $28.0 millionUS FC2 prescription net revenues climbed 19% to $23.2 million from $19.4 millionGross profit rose 6% to $23.0 million from $21.7 millionGross margin increased to 85% of net revenues from 78% of net revenuesOperating loss was $16.7 million compared with operating income of $17.7 million, which included an $18.4 million gain on the December 2020 sale of the PREBOOST® businessNet loss was $20.6 million or $0.26 per diluted share compared with net income, which included the gain on the sale of the PREBOOST business, of $14.4 million or $0.18 per diluted share Balance Sheet Information Cash and cash equivalents were $112.0 million as of March 31, 2022 versus $122.4 million at ...