Delaware
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000-50513
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13-3831168
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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420 Saw Mill River Road, Ardsley, NY
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10502
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (914) 347-4300
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Exhibit No.
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Description
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99.1
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Press Release dated July 31, 2014
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Acorda Therapeutics, Inc.
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July 31, 2014
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By:
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/s/ Michael Rogers
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Name: Michael Rogers
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Title: Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release dated July 31, 2014
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·
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AMPYRA® (dalfampridine) Second Quarter Net Revenue of $87.4 Million
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·
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Reiterating Full Year 2014 Guidance for AMPYRA Net Revenue of $328-$335 Million
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·
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Cash, cash equivalents and investments of $727.7 million as of June 30, 2014
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·
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The Company has received eight Paragraph IV Certification Notice Letters advising that companies have submitted Abbreviated New Drug Applications (ANDA) to the U.S. Food and Drug Administration (FDA) requesting permission to manufacture and market a generic version of AMPYRA.
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·
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The Company has filed patent infringement suits against all ANDA filers to date, triggering a 30-month statutory stay period that restricts FDA from approving an ANDA until July 2017 at the earliest, unless a district court issues a decision adverse to all of Acorda’s asserted Orange Book patents prior to that date. The 30-month stay starts from January 22, 2015, which is the end of the new chemical entity (NCE) exclusivity period. AMPYRA is currently protected by five Orange Book-listed patents, four of which extend into 2025, 2026 and 2027, respectively. Acorda will vigorously defend its intellectual property rights.
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·
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In June, the Company announced it expects to initiate a Phase 3 clinical trial by the end of this year studying the use of dalfampridine administered twice-daily (BID) to improve walking in people who have experienced a stroke. The Company is working with external partners to develop a new once-daily (QD) formulation that could be included in future post-stroke studies.
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·
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Enrollment in the second portion of the Phase 1b clinical trial of rHIgM22 for remyelination in MS was completed. The study is evaluating safety, tolerability and efficacy endpoints at the two highest doses achieved in the dose escalation portion of the trial. The Company expects that data from this trial will be available in early 2015.
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In June, Acorda co-sponsored a conference on remyelination at the New York Academy of Science (NYAS). The program featured leading experts discussing research in this area, including Acorda’s clinical development program for rHIgM22.
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In June, the Company completed a public offering of $345 million principal amount of convertible senior notes, including exercise of the underwriter’s over-allotment option.
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In May, the Company appointed Andrew Hindman as Chief Business Development Officer and Soon Lee as Vice President of Business Development.
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For the fourth consecutive year, the Company was named one of the Best Places to Work in New York based on an independent survey by Best Companies Group. Acorda was ranked third among large employers, defined as employing more than 250 people. The rankings are determined by feedback from employees about company culture, benefits and overall job satisfaction.
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have ever had a seizure,
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have certain types of kidney problems, or
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are allergic to dalfampridine (4-aminopyridine), the active ingredient in AMPYRA.
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have kidney problems or any other medical conditions;
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are taking compounded 4-aminopyridine;
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are pregnant or plan to become pregnant. It is not known if AMPYRA will harm your unborn baby;
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are breast-feeding or plan to breast-feed. It is not known if AMPYRA passes into your breast milk. You and your doctor should decide if you will take AMPYRA or breast-feed. You should not do both;
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are taking any other medicines.
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severe allergic reactions. Stop taking AMPYRA and call your doctor right away or get emergency medical help if you have shortness of breath or trouble breathing, swelling of your throat or tongue, or hives;
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kidney or bladder infections.
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June 30,
2014
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December 31,
2013
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Assets
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Cash, cash equivalents, short-term and long-term investments
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$ | 727,708 | $ | 367,227 | ||||
Trade receivable, net
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27,027 | 30,784 | ||||||
Other current assets
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18,396 | 17,135 | ||||||
Finished goods inventory
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31,401 | 26,172 | ||||||
Property and equipment, net
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15,823 | 16,525 | ||||||
Deferred tax asset
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95,337 | 127,299 | ||||||
Intangible assets, net
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17,281 | 17,459 | ||||||
Other assets
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10,344 | 4,526 | ||||||
Total assets
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$ | 943,317 | $ | 607,127 | ||||
Liabilities and stockholders' equity
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Accounts payable, accrued expenses and other liabilities
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$ | 54,724 | $ | 53,491 | ||||
Deferred product revenue
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29,462 | 32,090 | ||||||
Current portion of deferred license revenue
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9,057 | 9,057 | ||||||
Current portion of notes payable
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1,144 | 1,144 | ||||||
Current portion of revenue interest liability
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225 | 861 | ||||||
Convertible senior notes
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283,948 | - | ||||||
Other long-term liabilities
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8,854 | 9,863 | ||||||
Non-current portion of revenue interest liability
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425 | 640 | ||||||
Non-current portion of deferred license revenue
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55,099 | 59,628 | ||||||
Stockholders' equity
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500,379 | 440,353 | ||||||
Total liabilities and stockholders' equity
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$ | 943,317 | $ | 607,127 |
Three Months Ended
June 30,
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Six Months Ended
June 30,
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2014
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2013
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2014
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2013
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Revenues:
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Net product revenues
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$ | 89,719 | $ | 80,125 | $ | 164,182 | $ | 144,209 | ||||||||
Royalty revenues
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5,146 | 4,664 | 8,937 | 10,180 | ||||||||||||
License revenue
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2,264 | 2,264 | 4,529 | 4,529 | ||||||||||||
Total revenues
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97,129 | 87,053 | 177,648 | 158,918 | ||||||||||||
Costs and expenses:
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Cost of sales
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18,899 | 16,935 | 34,428 | 30,418 | ||||||||||||
Cost of license revenue
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159 | 159 | 317 | 317 | ||||||||||||
Research and development
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16,448 | 13,216 | 30,970 | 25,736 | ||||||||||||
Selling, general and administrative
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50,644 | 48,003 | 97,537 | 96,202 | ||||||||||||
Total operating expenses
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86,150 | 78,313 | 163,252 | 152,673 | ||||||||||||
Operating income
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$ | 10,979 | $ | 8,740 | $ | 14,396 | $ | 6,245 | ||||||||
Other expense, net
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(261 | ) | (583 | ) | (181 | ) | (1,001 | ) | ||||||||
Income before income taxes
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10,718 | 8,157 | 14,215 | 5,244 | ||||||||||||
Provision for income taxes
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(6,033 | ) | (4,247 | ) | (8,825 | ) | (2,472 | ) | ||||||||
Net income
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$ | 4,685 | $ | 3,910 | $ | 5,390 | $ | 2,772 | ||||||||
Net income per common share - basic
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$ | 0.11 | $ | 0.10 | $ | 0.13 | $ | 0.07 | ||||||||
Net income per common share - diluted
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$ | 0.11 | $ | 0.09 | $ | 0.13 | $ | 0.07 | ||||||||
Weighted average per common share - basic
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41,032 | 39,960 | 40,985 | 39,896 | ||||||||||||
Weighted average per common share - diluted
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42,432 | 41,583 | 42,336 | 41,311 |
Three Months Ended
June 30,
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Six Months Ended
June 30,
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2014
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2013
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2014
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2013
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GAAP net income
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$ | 4,685 | $ | 3,910 | $ | 5,390 | $ | 2,772 | ||||||||
Pro forma adjustments:
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Non-cash interest expense (1)
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157 | - | 157 | - | ||||||||||||
Non-cash taxes (2)
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5,279 | 3,641 | 7,611 | 1,135 | ||||||||||||
Share-based compensation expenses included in R&D
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1,562 | 1,544 | 2,666 | 2,695 | ||||||||||||
Share-based compensation expenses included in SG&A
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6,054 | 4,995 | 10,707 | 8,776 | ||||||||||||
Total share-based compensation expenses
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7,616 | 6,539 | 13,373 | 11,471 | ||||||||||||
Total pro forma adjustments
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13,052 | 10,180 | 21,141 | 12,606 | ||||||||||||
Non-GAAP net income
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$ | 17,737 | $ | 14,090 | $ | 26,531 | $ | 15,378 | ||||||||
Net income per common share - basic
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$ | 0.43 | $ | 0.35 | $ | 0.65 | $ | 0.39 | ||||||||
Net income per common share - diluted
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$ | 0.42 | $ | 0.34 | $ | 0.63 | $ | 0.37 | ||||||||
Weighted average per common share - basic
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41,032 | 39,960 | 40,985 | 39,896 | ||||||||||||
Weighted average per common share - diluted
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42,432 | 41,583 | 42,336 | 41,311 | ||||||||||||
(1) Non-cash interest expense related to convertible senior notes.
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(2) $0.8 million and $0.6 million paid in cash taxes in the three months ended 2014 and 2013, respectively, and $1.2 million and $1.3 million paid in cash taxes in the six months ended 2014 and 2013, respectively. 2013 revised to include non-cash tax adjustments to conform with current year presentation.
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