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Viking Therapeutics Reports Second Quarter 2018 Financial Results and Provides Corporate Update | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: PR Newswire Association LLC. - 09 Aug 2018 | Back to overview list |
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SAN DIEGO, Aug. 9, 2018 /PRNewswire/ -- Viking Therapeutics, Inc. (Viking) (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced its financial results for the second quarter ended June 30, 2018, and provided an update on its clinical pipeline and other corporate developments. Highlights from, and Subsequent to, the Quarter Ended June 30, 2018 "Viking continued to make excellent progress with multiple programs in the second quarter," stated Brian Lian, Ph.D., chief executive officer of Viking Therapeutics. "With respect to VK5211, our novel selective androgen receptor modulator (SARM), we are honored to have an opportunity to present the results of our Phase 2 study in hip fracture patients at the plenary session of the upcoming conference of the American Society for Bone and Mineral Research. We are also very pleased to have completed enrollment in the Phase 2 trial of our novel thyroid receptor beta agonist VK2809 in patients with non-alcoholic fatty liver disease (NAFLD) and elevated LDL cholesterol. We look forward to reporting the results from this study in the fall. Finally, both of our rare disease programs continued to advance toward clinical development. With respect to our glycogen storage disease (GSD) Ia program, we expect to initiate dosing with VK2809 in a proof-of-concept study later this quarter. And, with respect to our VK0214 program in X-linked adrenoleukodystrophy (X-ALD), we are conducting the pre-IND work that should allow us to initiate a proof-of-concept trial in 2019." Pipeline and Corporate Highlights
Financial Highlights Second Quarter Ended June 30, 2018 and 2017 Research and development expenses for the three months ended June 30, 2018 were $5.2 million compared to $3.7 million for the same period in 2017. The increase was primarily due to increased expenses related to certain pre-clinical study efforts, use of third party consultants and stock-based compensation, partially offset by decreased manufacturing activities for certain of our drug candidates. General and administrative expenses for the three months ended June 30, 2018 were $1.7 million compared to $1.3 million for the same period in 2017. The increase was primarily due to increased expenses related to stock-based compensation, salaries and benefits, and franchise taxes. For the three months ended June 30, 2018, Viking reported a net loss of $6.7 million, or $0.13 per share, compared to a net loss of $5.2 million, or $0.21 per share, in the corresponding period in 2017. The increase in net loss for the three months ended June 30, 2018 was primarily due to the increase in research and development expenses noted previously. Six Months Ended June 30, 2018 and 2017 Research and development expenses for the six months ended June 30, 2018 were $8.3 million compared to $7.2 million for the same period in 2017. The increase was primarily due to increased expenses related to certain pre-clinical study efforts, use of third party consultants and stock-based compensation, partially offset by a decrease in manufacturing of certain drug candidates and clinical trial activities related to our VK5211 program. General and administrative expenses for the six months ended June 30, 2018 were $3.5 million compared to $2.7 million for the same period in 2017. The increase was primarily due to increased expenses related to stock-based compensation, salaries and benefits, legal, and franchise taxes. For the six months ended June 30, 2018, Viking reported a net loss of $10.2 million, or $0.21 per share, compared to a net loss of $10.4 million, or $0.45 per share, in the corresponding period in 2017. The net loss for the six months ended June 30, 2018 was consistent with the net loss in the corresponding period in 2017 primarily due to the increase in research and development expenses noted previously offset by an increase in other income related to the decrease in the fair value of the debt conversion feature liability. Balance Sheet as of June 30, 2018 At June 30, 2018, Viking held cash, cash equivalents and short-term investments totaling $142.2 million. As of July 31, 2018, Viking had 60,657,794 shares of common stock outstanding. Conference Call Management will host a conference call to discuss the company's second quarter financial results today at 4:30 pm Eastern time. To participate on the conference call, please dial (844) 850-0543 from the U.S. or (412) 317-5199 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until August 16, 2018 by dialing (877) 344-7529 from the U.S. or (412) 317-0088 from outside the U.S. and entering conference ID # 10122508. Those interested in listening to the conference call live via the internet may do so by visiting the Investor Relations section of Viking's website at www.vikingtherapeutics.com. An archive of the webcast will be available for 30 days on the company's website at www.vikingtherapeutics.com. About Viking Therapeutics, Inc. Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. The company's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. The company's clinical programs include VK5211, an orally available, non-steroidal selective androgen receptor modulator. In a Phase 2 trial in patients recovering from hip fracture, patients who received VK5211 experienced significant improvements in measures of lean body mass compared to patients who received placebo. The company's second clinical program is evaluating VK2809, a small molecule thyroid beta agonist in a Phase 2 trial for the treatment of non-alcoholic fatty liver disease and hypercholesterolemia. The company is also developing VK0612, a first-in-class, orally available drug candidate in Phase 2 development for type 2 diabetes. Additional programs include novel and selective agonists of the thyroid beta receptor for GSD Ia and X-linked adrenoleukodystrophy, as well as two earlier-stage programs targeting metabolic diseases and anemia. Viking holds exclusive worldwide rights to a portfolio of five therapeutic programs in clinical trials or preclinical studies, including those noted above, which are based on small molecules licensed from Ligand Pharmaceuticals Incorporated. Follow Viking on Twitter @Viking_VKTX. Forward-Looking Statements This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its development activities, timelines and milestones, as well as the company's goals and plans regarding VK5211, VK2809 and VK0214 and their respective prospects. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: risks associated with the success, cost and timing of Viking's product candidate development activities and clinical trials, including those for VK5211 and VK2809; risks that prior clinical and preclinical results may not be replicated; risks regarding regulatory requirements; and other risks that are described in Viking's most recent periodic reports filed with the Securities and Exchange Commission, including Viking's Annual Report on Form 10-K for the year ended December 31, 2017, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. These forward-looking statements speak only as of the date hereof. Viking disclaims any obligation to update these forward-looking statements except as required by law.
View original content:http://www.prnewswire.com/news-releases/viking-therapeutics-reports-second-quarter-2018-financial-results-and-provides-corporate-update-300695053.html SOURCE Viking Therapeutics, Inc. |
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