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Vertex Pharmaceuticals Reports First Quarter 2006 Financial Results
Vertex Pharmaceuticals Reports First Quarter 2006 Financial Results.
About this update from Vortex Energy Corp.
[{"type":"text","content":"\n\n\n\n\n-- Company on Track to Achieve Clinical, Research and Corporate Objectives --\n\nCAMBRIDGE, Mass., April 25 /CNW/ -- Vertex\nPharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated\nfinancial results for the quarter ended March 31, 2006.\n\"Vertex is achieving key clinical objectives that have the potential to\nbuild significant value for shareholders,\" said Joshua Boger, Ph.D., Chairman,\nPresident and CEO of Vertex Pharmaceuticals. \"We continue to be on track to\ngain important clinical data in 2006 on key product candidates that we are\nevaluating for the treatment of hepatitis C virus (HCV), rheumatoid arthritis\n(RA) and cystic fibrosis (CF). With VX-950, we are expanding our global Phase\nII program in HCV patients. We expect that this program will position us to\nunderstand whether a sustained viral response (SVR) can be achieved with\nshorter treatment duration than the current standard of care. Based on the\nresults from the Phase II VeRA study with VX-702, we expect to begin in the\nsecond half of 2006 a major Phase II study of VX-702 on a background of\nmethotrexate in patients with RA. We also are on track to begin, in the\nsecond quarter, the first Phase I clinical study of VX-770, our novel\npotentiator compound for CF, with the goal of initiating our first study in\npatients with CF in the second half of the year.\"\n\nFirst Quarter Results\nThe non-GAAP loss, before charges for stock-based compensation,\nrestructuring, and a cumulative benefit of adopting FAS 123(R), for the\nquarter ended March 31, 2006 was $42.2 million, or $0.39 per share, compared\nto a non-GAAP loss, before charges, of $41.8 million, or $0.53 per share for\nthe quarter ended March 31, 2005. The Company's first quarter 2006 non-GAAP\nloss reflected continued revenue growth, which offset increased development\ninvestment as the Company continued to advance its proprietary drug\ncandidates.\nFor the quarter ended March 31, 2006, the Company's net loss on a GAAP\nbasis was $50.1 million, or $0.47 per share. This included stock-based\ncompensation expense of approximately $8.1 million, a cumulative benefit\nrelated to the adoption of FAS 123(R) of $1.0 million, and restructuring\nexpense of approximately $0.8 million. The net loss on a GAAP basis for the\nquarter ended March 31, 2005 was $44.7 million, or $0.56 per sha...