Veloxis Pharmaceuticals Announces Financial Results for the First Nine Months of 2017

COPENHAGEN, Denmark, Nov. 14, 2017 /PRNewswire/ --

Highlights

• Record product revenue of tUSD 5,924 achieved in Q3 2017.
   
• Revenue reached tUSD 22,092 in the first nine months of 2017 representing an increase of 301% compared to the same period last year.
     
• U.S. revenue increased 173% to tUSD 10,943
• EU revenue increased 89% to tUSD 2,839
• RoW upfront revenues were tUSD 8,250
   
• 71% of U.S. transplant centers have utilized Envarsus XR since launch.
   
• Ulf Meier-Kriesche, MD joined the management team as Chief Scientific Officer, bringing substantial clinical transplant experience and senior industry medical affairs experience within transplantation and immunology.
   
• Veloxis (OMX: VELO) reported a net loss of tUSD 8,421 for the first nine months of 2017 compared to a net loss of tUSD 23,961 for the same period in 2016.  The reported operating net loss is in line with expectations.

In connection with the financial report, Veloxis's CEO Craig Collard said:

"I am very pleased to see the steady momentum with our lead product Envarsus and believe we will continue to see significant growth.  The addition of Ulf Meier-Kriesche has expanded our capabilities in development and he should be instrumental in our business development efforts in the future as we search for both commercial and development opportunities that will compliment Envarsus and add shareholder value."

Outlook for 2017

Veloxis maintains its 2017 outlook of operating loss before the recognition of income from license agreements and before accounting for stock compensation in the range of USD 10 – 15 million, as noted in the Interim Report for the period 1 January to 30 June 2017.

Conference Call                                       

A conference call will be held tomorrow, 15 November, 2017 at 4:00 PM CET (Denmark); 3:00 PM GMT (London), 10:00 AM EST (New York).

To access the live conference call, please dial one of the following numbers:

Confirmation Code: 4943899

UK: +44(0)20 3427 1907

U.S.: +1 646 254 3362

DK: +4532 71 16 59

Following the conference call, a recording will be available on the Company's website: http://www.veloxis.com.

A complete copy of Veloxis's Interim Report for the First Nine Months of 2017 can be accessed in the Download Center on the Company's website:  http://www.veloxis.com/downloadCenter.cfm.

SOURCE Veloxis Pharmaceuticals