ST. PAUL, MN -- (Marketwired) -- 10/31/13 --
EnteroMedics Inc. (NASDAQ: ETRM), the developer of medical devices using neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders, today announced financial results for the three and nine months ended September 30, 2013.
For the three months ended September 30, 2013, the Company reported a net loss of $6.3 million, or $0.11 per share. Research and development expenses were $2.8 million, and general and administrative expenses were $3.2 million. For the nine months ended September 30, 2013, the Company reported a net loss of $19.2 million, or $0.36 per share. Operating expenses were primarily associated with the cost of supporting multiple ongoing clinical trials, including the ReCharge Study, the Company's Premarket Approval (PMA) application for FDA approval of VBLOC® vagal blocking therapy in obesity, and the continued development of VBLOC Therapy delivered through the Company's Maestro® Rechargeable System. On September 30, 2013, the Company's cash, cash equivalents, restricted cash and short-term investments totaled $21.3 million, which includes approximately $3.6 million raised through the Company's "at-the-market" (ATM) equity facility. As of October 28, 2013 the Company has raised a total of $6.3 million under its $20.0 million ATM equity facility.
"EnteroMedics achieved several key milestones during the third quarter, including strengthening our balance sheet, acceptance of our premarket approval application (PMA) in July, and receiving a timely, formal response from the FDA," said Greg S. Lea, Senior Vice President, Chief Financial Officer and Chief Operating Officer. "We continue to prepare, in consultation with experts in both process and content, for an anticipated Advisory Committee panel meeting, which remains on-track for the first quarter of 2014. Panel approval could then be followed by an FDA approval decision in the first half of 2014."
Conference Call Details
The third quarter conference call may be accessed by dialing (877) 280-7473 (U.S. and Canada) or (707) 287-9370 (international), and entering passcode 86494901. A replay of the call will be available from October 31, 2013 at 2:00 PM Eastern Time through January 21, 2014 at 11:59 PM Eastern Time by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (international) and entering passcode 86494901.
To access the live webcast, visit the events page of the investor relations section of EnteroMedics' website at www.enteromedics.com. A replay of the webcast will be available immediately after the conference call.
About EnteroMedics Inc.