Esperion Therapeutics, Inc.
Nov 5, 2015

Esperion Therapeutics Provides ETC-1002 Development Program Update; Reports Third Quarter 2015 Financial Results

ANN ARBOR, MI -- (Marketwired) -- 11/05/15 -- Esperion Therapeutics, Inc. (NASDAQ: ESPR), a pharmaceutical company focused on developing and commercializing first-in-class, oral, low-density lipoprotein cholesterol (LDL-C) lowering therapies for the treatment of patients with hypercholesterolemia, today provided ETC-1002 (bempedoic acid) development program updates and financial results for the third quarter ended September 30, 2015.

"Our team remains focused and eager to advance the ETC-1002 development program into Phase 3 before year-end with the launch of our long-term safety study," said Tim M. Mayleben, president and chief executive officer of Esperion. "We look forward to providing an update on our full Phase 3 plans in the first half of 2016 as we continue to work with major global regulatory authorities and key opinion leaders on the potential worldwide approval of ETC-1002 for patients with hypercholesterolemia (elevated LDL-C levels), especially those patients with a history of statin intolerance."

Development Program and Company Highlights

Upcoming Milestones

2015 Third Quarter Financial Results

As of September 30, 2015, cash and cash equivalents and investment securities available-for-sale totaled $302.4 million compared with $141.6 million at December 31, 2014.

Research and development expenses were $7.2 million for the third quarter of 2015 and $21.8 million for the nine months ended September 30, 2015, compared to $7.2 million and $19.1 million for the comparable periods in 2014. The increase in research and development expenses was primarily related to the further clinical development of ETC-1002.

General and administrative expenses were $5.7 million for the third quarter of 2015 and $15.0 million for the nine months ended September 30, 2015, compared to $2.5 million and $7.7 million for the comparable periods in 2014. The increase in general and administrative expenses was primarily attributable to costs to support public company operations, increases in headcount, which includes increased stock-based compensation expense, and other costs to support Esperion's growth.

Esperion had a net loss of $12.8 million for the third quarter of 2015 and $36.7 million for the nine months ended September 30, 2015, compared to $9.8 million and $26.9 million for the comparable periods in 2014.

Esperion had approximately 22.5 million shares of common stock outstanding, with an additional 2.9 million shares issuable upon exercise of stock options and warrants and vesting of restricted stock, and $4.7 million of debt outstanding as of September 30, 2015.

2015 Financial Outlook

Esperion expects that the net cash used to fund operating activities in 2015 will be approximately $42 million and that its cash and cash equivalents and investment securities available-for-sale will total approximately $290 million at December 31, 2015. The Company estimates that current cash resources are sufficient to fund the Company through at least the end of 2018 and the potential approval of ETC-1002.

Conference Call and Webcast Information

Esperion's management team will not host a conference call to review financial results from the third quarter ended September 30, 2015. Esperion will hold a live webcast briefing on Tuesday, November 10, 2015 at 7:45 a.m. Eastern Time to provide full clinical results of the Phase 2b ETC-1002-009 study and new data on ATP Citrate Lyase inhibition, the mechanism of action for LDL-C lowering for ETC-1002. Please visit www.esperion.com for webcast access and dial-in details.

Esperion's Commitment to Cardiometabolic Disease

Esperion is committed to improving the lives of patients with hypercholesterolemia by developing therapies to lower LDL-C. Esperion scientists discovered ETC-1002 and the LDL-C lowering therapy is in late stage development. Esperion plans to develop both ETC-1002 and a fixed dose combination of ETC-1002 and ezetimibe with a particular focus on patients with hypercholesterolemia who are considered intolerant of statin therapy. It is estimated that approximately 10% of patients who are prescribed statins, 3.5 million patients in the U.S., are considered statin intolerant.

About Esperion Therapeutics

Esperion Therapeutics, Inc. is a pharmaceutical company focused on developing and commercializing first-in-class, oral, LDL-C lowering therapies for the treatment of patients with hypercholesterolemia. ETC-1002 (bempedoic acid), the Company's lead product candidate, is an inhibitor of ATP Citrate Lyase, a well-characterized enzyme on the cholesterol biosynthesis pathway. ETC-1002 inhibits cholesterol synthesis, decreases intracellular cholesterol, up-regulates LDL-receptors, and causes increased LDL-C clearance and reduced plasma levels of LDL-C. For more information, please visit www.esperion.com and follow us on Twitter at https://twitter.com/EsperionInc.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the therapeutic potential of, and clinical development plan for, ETC-1002 and the fixed-dose combination of ETC-1002 and ezetimibe. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause Esperion's actual results to differ significantly from those projected, including, without limitation, the risk that FDA may require additional studies or data, including prior to approval that might cause approval to be delayed, that Esperion may need to change the design of its Phase 3 program, including upon feedback from regulatory authorities, that positive results from a clinical study of ETC-1002 and the fixed-dose combination of ETC-1002 and ezetimibe may not necessarily be predictive of the results of future clinical studies, particularly in different or larger patient populations, or in all statin doses, including high doses, or the risk that other unanticipated developments or data could interfere with the scope of development and commercialization of ETC-1002 and the fixed-dose combination of ETC-1002 and ezetimibe, as well as other risks detailed in Esperion's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Esperion disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by law.

   
   
Esperion Therapeutics, Inc.  
             
Balance Sheet Data  
(In thousands)  
(Unaudited)  
             
September 30,     December 31,  
2015     2014  
Cash and cash equivalents   $ 80,824     $ 85,038  
Working capital     212,017       101,208  
Investments     221,543       56,544  
Total assets     306,394       143,276  
Total long-term debt     3,084       4,231  
Common stock     23       20  
Accumulated deficit     (141,100 )     (104,438 )
Total stockholders' equity     296,482       133,554  
                 
                 
Esperion Therapeutics, Inc.  
                   
Statement of Operations  
(In thousands, except share and per share data)  
(Unaudited)  
           
    Three Months Ended September 30,   Nine Months Ended September 30,  
    2015   2014   2015   2014  
Operating expenses:                          
  Research and development   $ 7,247   $ 7,174   $ 21,846   $ 19,102  
  General and administrative     5,672     2,526     14,960     7,742  
Total operating expenses     12,919     9,700     36,806     26,844  
Loss from operations     (12,919 )   (9,700 )   (36,806 )   (26,844 )
                           
Interest expense     (130 )   (135 )   (399 )   (136 )
Other income, net     248     29     543     62  
Net loss   $ (12,801 ) $ (9,806 ) $ (36,662 ) $ (26,918 )
Net loss per common share (basic and diluted)   $ (0.57 ) $ (0.64 ) $ (1.68 ) $ (1.75 )
Weighted average shares outstanding (basic and diluted)     22,494,075     15,432,641     21,854,685     15,397,745  

Media Contact:
Elliot Fox
W2O Group
212.257.6724
efox@w2ogroup.com

Investor Contact:
Mindy Lowe
Esperion Therapeutics, Inc.
734.887.3903
mlowe@esperion.com

Source: Esperion Therapeutics, Inc.

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