By a News Reporter-Staff News Editor at Clinical Trials Week -- Adamas Pharmaceuticals, Inc. (Nasdaq: ADMS) reported financial results for the quarter ended March 31, 2014 (see also Adamas Pharmaceuticals, Inc.).
"During the first quarter we continued to develop our lead wholly-owned product candidate, ADS-5102, for the treatment of levodopa-induced dyskinesia in patients with Parkinson's disease, and we are now poised to commence our next Phase 3 trial," said Gregory T. Went, PhD., Chairman and Chief Executive Officer of Adamas. "We also completed our initial public offering further increasing our financial resources and providing the funds to advance ADS-5102 across multiple additional indications."
For the quarters ended March 31, 2014, and March 31, 2013, Adamas reported total revenues of $176,000 and $30.6 million, respectively. Revenues recognized were from upfront and development milestone payments from the Adamas' collaboration with Forest Laboratories, Inc. and government grants and contracts.
Research and development expenses for the quarter ended March 31, 2014, were $2.8 million, including $0.4 million in stock-based compensation expense, compared to $2.1 million for the quarter ended March 31, 2013, including $49,000 in stock-based compensation expense. The increase was primarily related to investments in the ADS-5102 clinical program.
General and administrative expenses for the quarter ended March 31, 2014, were $3.1 million, including $0.6 million in stock-based compensation expense, compared to $1.1 million for the quarter ended March 31, 2013, including $71,000 in stock-based compensation expense. The increase was due primarily to headcount-related costs, including stock-based compensation, and consulting costs in anticipation of Adamas' initial public offering.
Adamas reported a net loss attributable to common stockholders of $6.4 million, or $0.67 per share on a fully diluted basis, for the quarter ended March 31, 2014. In the same period last year, the company reported net income attributable to common stockholders of $18.4 million, or $1.70 per share on a fully diluted basis. The difference between the two periods was primarily the result of the recognition of revenue associated with the collaboration with Forest.
Adamas had $79.8 million in cash and cash equivalents as of March 31, 2014, compared to $85.6 million at December 31, 2013. Subsequently, on April 15, 2014, Adamas completed its initial public offering of 3,000,000 shares of its common stock at a public offering price of $16.00 per share. The shares began trading under the ticker symbol "ADMS" on April 10, 2014. Adamas also issued an additional 81,371 shares on May 6, 2014, pursuant to the over-allotment option granted to the underwriters. Net proceeds from the offering were approximately $42.7 million after deducting underwriting discounts and commissions and estimated offering expenses.
Keywords for this news article include: Adamas Pharmaceuticals Inc., Investment and Finance, Clinical Trials and Studies.
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