Esperion Therapeutics, Inc. Announces Results For the First Quarter Ended March 31, 2001

Apr 24, 2001, 01:00 ET from Esperion Therapeutics, Inc.

    ANN ARBOR, Mich., April 24 /PRNewswire Interactive News Release/ --
 Esperion Therapeutics, Inc., (Nasdaq:   ESPR), a biopharmaceutical company
 focused on discovering and developing HDL-targeted therapies for the treatment
 of cardiovascular and metabolic diseases, today reported financial results for
 the first quarter ended March 31, 2001.
     For the first quarter ended March 31, 2001, Esperion reported a net loss
 of $6.0 million, or $0.23 per share, compared to a net loss of $4.7 million,
 or $13.91 per share, for the first quarter of 2000.  The pro forma net loss
 per share for the first quarter of 2000 was $1.64 per share.  Pro forma net
 loss per share gives effect to the conversion of all outstanding shares of
 convertible preferred stock from the date of issuance.  Total operating
 expenses for the first quarter of 2001 were $7.2 million, compared to
 $5.1 million for the first quarter of 2000, reflecting a 41% increase.  This
 increase was due primarily to higher spending on the research and development
 of our product candidates, including new product candidates discovered or
 in-licensed over the past year.  The net loss attributable to common
 stockholders of $27.6 million for the three months ended March 31, 2001
 includes a one-time charge related to the beneficial conversion feature of
 preferred stock.
     "During this quarter, the Company continued to make significant strides in
 the development of our product candidates," stated Dr. Roger Newton, President
 and CEO, Esperion Therapeutics, Inc.  "We achieved a key milestone in the
 reporting of positive data from the Phase I trial for ApoA-1 Milano (AIM), or
 ETC-216, and have continued enrollment in our Phase II trial on our LUV (large
 unilamellar vesicles) product, or ETC-588.  In addition, we are preparing to
 file IND's for both AIM and our RLT Peptide during the middle of 2001 in order
 to initiate trials in patients for both of these products in the second half
 of the year."
     As of March 31, 2001, Esperion had $64.7 million in cash and cash
 equivalents, compared with $70.2 million at December 31, 2000.  Net cash used
 in operations during the first three months of 2001 was $5.6 million compared
 to $4.4 million in the first three months of 2000.  Esperion has not reported
 any revenue since its inception.
 
     Esperion Therapeutics, Inc. discovers and develops pharmaceutical products
 for the treatment of cardiovascular and metabolic diseases.  Esperion intends
 to commercialize a novel class of drugs that focuses on a new treatment
 approach called "HDL Therapy," which is based on the Company's understanding
 of high density lipoprotein, or HDL, function.  HDL is the primary facilitator
 of the reverse lipid transport, or RLT, pathway.  The RLT pathway is
 responsible for removing excess cholesterol from arteries and other tissues
 and for its transport to the liver for elimination from the body.  Esperion's
 goal is to develop drugs that exploit the beneficial functions of HDL within
 the RLT pathway.  Esperion currently has five product candidates under
 development for the treatment of cardiovascular and metabolic diseases.
 Esperion successfully completed an initial public offering on August 9, 2000,
 and is listed on the Nasdaq National Market under the symbol "ESPR". For more
 information visit: http://www.esperion.com.
 
     Safe Harbor Statement
     Statements included in this press release that are not historical in
 nature are "forward-looking statements" within the meaning of the Private
 Securities Litigation Reform Act of 1995. These statements often are
 identified by words such as "hope," "intend," "plan," "expects" and similar
 expressions.  We caution readers that our forward-looking statements, which
 speak only as of the date of this press release, are based on management's
 current expectations and involve certain factors, such as risks and
 uncertainties, which may cause our actual results to vary materially from
 results expressed or implied in these forward-looking statements.  These
 factors include, but are not limited to, risks associated with: the progress
 and cost of the development of our products, the extent and timing of market
 acceptance of our products, our dependence on third-parties to conduct
 clinical trials for our products, the extent and timing of regulatory
 approval, as desired or required, for our products, our dependence on
 licensing arrangements and strategic relationships with third parties for the
 research, development, manufacturing and commercialization of our products,
 our dependence on patents and proprietary rights, the Company's procurement,
 maintenance, enforcement and defense of its patents and proprietary rights and
 manufacturing.  More detailed information about these and other factors is set
 forth in the Company's filings with the U.S. Securities and Exchange
 Commission.  The Company undertakes no obligation to publicly update or revise
 any forward-looking statements to reflect new information or future events or
 circumstances.
 
                  ESPERION THERAPEUTICS, INC. AND SUBSIDIARIES
                      (A Company in the Development Stage)
 
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
 
                                       Three Months Ended          Inception to
                                             March 31,               March 31,
 
     in thousands except share
      and per share data               2001            2000           2001
     Operating expenses:
      Research and development        $5,604          $3,856       $37,800
      General and administrative       1,100             951         6,752
      Deferred stock amortization        254             262         1,547
      Goodwill amortization              210               0           460
      Purchased in-process R&D             0               0         4,000
       Total operating expenses        7,168           5,069        50,559
     Operating loss                  (7,168)         (5,069)      (50,559)
     Other income, net                 1,187             376         4,189
     Loss before income taxes        (5,981)         (4,693)      (46,370)
 
     Provision for income taxes            0               0             0
     Net loss                        (5,981)         (4,693)      (46,370)
     Beneficial conversion
      feature on stock                     0        (22,870)      (22,870)
     Net loss attributable
      to common stockholders        ($5,981)       ($27,563)     ($69,240)
 
     Basic and diluted net
      loss per common share          ($0.23)        ($13.91)
     Weighted average
      common shares               25,898,639       1,980,933
 
     Pro forma basic and
      diluted net loss per share                     ($1.64)
     Pro forma weighted
      average common shares                       16,836,802
 
                  ESPERION THERAPEUTICS, INC. AND SUBSIDIARIES
                      (A Company in the Development Stage)
 
                     CONDENSED CONSOLIDATED BALANCE SHEETS
 
                                                     March 31,     December 31,
     in thousands                                      2001           2000
     Assets:                                       (Unaudited)
     Current assets:
      Cash and cash equivalents                       $64,661        $70,228
      Prepaid expenses and other                          826          1,112
       Total current assets                            65,487         71,340
     Furniture and equipment, net                       2,620          2,503
     Goodwill, net                                      3,737          3,500
     Deposits and other assets                            552            534
     Total assets                                     $72,396        $77,877
 
     Liabilities and Stockholders' Equity:
     Current liabilities:
      Current portion of long-term debt                  $697           $697
      Accounts payable                                  2,525          3,936
      Accrued liabilities                               3,443          2,526
       Total current liabilities                        6,665          7,159
     Long-term debt, less current portion               3,307          3,027
     Stockholders' equity:
      Preferred stock                                       0              0
      Common stock                                         26             26
      Additional paid-in capital                      111,164        110,650
      Notes receivable                                   (46)           (67)
      Accumulated deficit during
       the development stage                         (46,370)       (40,389)
      Deferred stock compensation                     (2,520)        (2,774)
      Accumulated other
       comprehensive income (loss)                        170            245
       Total stockholders' equity                      62,424         67,691
     Total liabilities and stockholders' equity       $72,396        $77,877
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X86562238
 
 

SOURCE Esperion Therapeutics, Inc.
    ANN ARBOR, Mich., April 24 /PRNewswire Interactive News Release/ --
 Esperion Therapeutics, Inc., (Nasdaq:   ESPR), a biopharmaceutical company
 focused on discovering and developing HDL-targeted therapies for the treatment
 of cardiovascular and metabolic diseases, today reported financial results for
 the first quarter ended March 31, 2001.
     For the first quarter ended March 31, 2001, Esperion reported a net loss
 of $6.0 million, or $0.23 per share, compared to a net loss of $4.7 million,
 or $13.91 per share, for the first quarter of 2000.  The pro forma net loss
 per share for the first quarter of 2000 was $1.64 per share.  Pro forma net
 loss per share gives effect to the conversion of all outstanding shares of
 convertible preferred stock from the date of issuance.  Total operating
 expenses for the first quarter of 2001 were $7.2 million, compared to
 $5.1 million for the first quarter of 2000, reflecting a 41% increase.  This
 increase was due primarily to higher spending on the research and development
 of our product candidates, including new product candidates discovered or
 in-licensed over the past year.  The net loss attributable to common
 stockholders of $27.6 million for the three months ended March 31, 2001
 includes a one-time charge related to the beneficial conversion feature of
 preferred stock.
     "During this quarter, the Company continued to make significant strides in
 the development of our product candidates," stated Dr. Roger Newton, President
 and CEO, Esperion Therapeutics, Inc.  "We achieved a key milestone in the
 reporting of positive data from the Phase I trial for ApoA-1 Milano (AIM), or
 ETC-216, and have continued enrollment in our Phase II trial on our LUV (large
 unilamellar vesicles) product, or ETC-588.  In addition, we are preparing to
 file IND's for both AIM and our RLT Peptide during the middle of 2001 in order
 to initiate trials in patients for both of these products in the second half
 of the year."
     As of March 31, 2001, Esperion had $64.7 million in cash and cash
 equivalents, compared with $70.2 million at December 31, 2000.  Net cash used
 in operations during the first three months of 2001 was $5.6 million compared
 to $4.4 million in the first three months of 2000.  Esperion has not reported
 any revenue since its inception.
 
     Esperion Therapeutics, Inc. discovers and develops pharmaceutical products
 for the treatment of cardiovascular and metabolic diseases.  Esperion intends
 to commercialize a novel class of drugs that focuses on a new treatment
 approach called "HDL Therapy," which is based on the Company's understanding
 of high density lipoprotein, or HDL, function.  HDL is the primary facilitator
 of the reverse lipid transport, or RLT, pathway.  The RLT pathway is
 responsible for removing excess cholesterol from arteries and other tissues
 and for its transport to the liver for elimination from the body.  Esperion's
 goal is to develop drugs that exploit the beneficial functions of HDL within
 the RLT pathway.  Esperion currently has five product candidates under
 development for the treatment of cardiovascular and metabolic diseases.
 Esperion successfully completed an initial public offering on August 9, 2000,
 and is listed on the Nasdaq National Market under the symbol "ESPR". For more
 information visit: http://www.esperion.com.
 
     Safe Harbor Statement
     Statements included in this press release that are not historical in
 nature are "forward-looking statements" within the meaning of the Private
 Securities Litigation Reform Act of 1995. These statements often are
 identified by words such as "hope," "intend," "plan," "expects" and similar
 expressions.  We caution readers that our forward-looking statements, which
 speak only as of the date of this press release, are based on management's
 current expectations and involve certain factors, such as risks and
 uncertainties, which may cause our actual results to vary materially from
 results expressed or implied in these forward-looking statements.  These
 factors include, but are not limited to, risks associated with: the progress
 and cost of the development of our products, the extent and timing of market
 acceptance of our products, our dependence on third-parties to conduct
 clinical trials for our products, the extent and timing of regulatory
 approval, as desired or required, for our products, our dependence on
 licensing arrangements and strategic relationships with third parties for the
 research, development, manufacturing and commercialization of our products,
 our dependence on patents and proprietary rights, the Company's procurement,
 maintenance, enforcement and defense of its patents and proprietary rights and
 manufacturing.  More detailed information about these and other factors is set
 forth in the Company's filings with the U.S. Securities and Exchange
 Commission.  The Company undertakes no obligation to publicly update or revise
 any forward-looking statements to reflect new information or future events or
 circumstances.
 
                  ESPERION THERAPEUTICS, INC. AND SUBSIDIARIES
                      (A Company in the Development Stage)
 
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
 
                                       Three Months Ended          Inception to
                                             March 31,               March 31,
 
     in thousands except share
      and per share data               2001            2000           2001
     Operating expenses:
      Research and development        $5,604          $3,856       $37,800
      General and administrative       1,100             951         6,752
      Deferred stock amortization        254             262         1,547
      Goodwill amortization              210               0           460
      Purchased in-process R&D             0               0         4,000
       Total operating expenses        7,168           5,069        50,559
     Operating loss                  (7,168)         (5,069)      (50,559)
     Other income, net                 1,187             376         4,189
     Loss before income taxes        (5,981)         (4,693)      (46,370)
 
     Provision for income taxes            0               0             0
     Net loss                        (5,981)         (4,693)      (46,370)
     Beneficial conversion
      feature on stock                     0        (22,870)      (22,870)
     Net loss attributable
      to common stockholders        ($5,981)       ($27,563)     ($69,240)
 
     Basic and diluted net
      loss per common share          ($0.23)        ($13.91)
     Weighted average
      common shares               25,898,639       1,980,933
 
     Pro forma basic and
      diluted net loss per share                     ($1.64)
     Pro forma weighted
      average common shares                       16,836,802
 
                  ESPERION THERAPEUTICS, INC. AND SUBSIDIARIES
                      (A Company in the Development Stage)
 
                     CONDENSED CONSOLIDATED BALANCE SHEETS
 
                                                     March 31,     December 31,
     in thousands                                      2001           2000
     Assets:                                       (Unaudited)
     Current assets:
      Cash and cash equivalents                       $64,661        $70,228
      Prepaid expenses and other                          826          1,112
       Total current assets                            65,487         71,340
     Furniture and equipment, net                       2,620          2,503
     Goodwill, net                                      3,737          3,500
     Deposits and other assets                            552            534
     Total assets                                     $72,396        $77,877
 
     Liabilities and Stockholders' Equity:
     Current liabilities:
      Current portion of long-term debt                  $697           $697
      Accounts payable                                  2,525          3,936
      Accrued liabilities                               3,443          2,526
       Total current liabilities                        6,665          7,159
     Long-term debt, less current portion               3,307          3,027
     Stockholders' equity:
      Preferred stock                                       0              0
      Common stock                                         26             26
      Additional paid-in capital                      111,164        110,650
      Notes receivable                                   (46)           (67)
      Accumulated deficit during
       the development stage                         (46,370)       (40,389)
      Deferred stock compensation                     (2,520)        (2,774)
      Accumulated other
       comprehensive income (loss)                        170            245
       Total stockholders' equity                      62,424         67,691
     Total liabilities and stockholders' equity       $72,396        $77,877
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X86562238
 
 SOURCE  Esperion Therapeutics, Inc.