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Anthera Pharmaceuticals Reports 2011 Second Quarter Financial Results and Operational Update

Fri, 07/29/2011 - 5:34am
Bio-Medicine.Org

HAYWARD, Calif., July 29, 2011 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH), today announced financial results and business highlights for the quarter ended June 30, 2011.

Financial Results:

Total operating expenses for the second quarter ended June 30, 2011 were $22.7 million, as compared to $7.9 million for the same period in 2010. For the six months ended June 30, 2011, total operating expenses were $41.3 million, as compared to $14.4 million for the same period in 2010. Increased operating expenses in the second quarter of 2011 can be attributed to accelerating enrollment of our Phase 3 VISTA-16 cardiovascular study (Vascular Inflammation Suppression to Treat Acute Coronary Syndrome - 16 Weeks) following the recent completion of the interim biomarker analysis. VISTA-16 is an event driven study in Acute Coronary Syndrome (ACS) patients studying the benefit of varespladib anti-inflammatory treatment in high risk patients. Additionally, enrollment of Anthera's Phase 2b Lupus study, PEARL-SC (A Randomized, Double-Blind Phase 2b Study to Evaluate the Efficacy, Safety, and Tolerability of A623 AdministRation in Subjects with Systemic Lupus Erythematosus) has exceeded expectations. During the second quarter we accelerated manufacturing activity related to the development of blisibimod (A-623), our large molecule inhibitor of BAFF being dosed in the PEARL-SC clinical study, which also contributed to incremental expenses.

Anthera ended the second quarter of 2011 with approximately $112.1 million in cash and cash equivalents and short-term investments, which includes approximately $54.0 million of net proceeds received from a public offering, which closed on June 8, 2011. This is compared to $78.5 million in cash and cash equivalents and short-term investments for the first quarter

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