Anacor Pharmaceuticals Shares Rise Despite Q1 Loss

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Anacor Pharmaceuticals Inc. (NASDAQ: ANAC) reported its first-quarter financial results before the markets opened on Tuesday. The company posted a net loss of $0.36 per share on $17.5 million in revenue. That compares to consensus estimates of a net loss of $0.36 per share on revenue of $18.67 million. In the same period of last year, the company reported a net loss of $0.30 per share and $15.26 million in revenue.

Distribution and commercialization agreement revenue for the first quarter was $14.7 million, compared to $12.1 million last year.

Research contracts revenue for the first quarter of 2016 was $2.8 million, compared to $3.2 million for the first quarter of 2015. The decrease from the first quarter of 2015 was primarily due to the expiration of our research agreement with the U. S. Department of Defense.

During this quarter, the company announced that the U.S. Food and Drug Administration (FDA) accepted for review Anacor’s New Drug Application (NDA) seeking approval of crisaborole topical ointment. The Prescription Drug User Fee Act (PDUFA) goal date is January 7, 2017, for the completion of the FDA’s review.

On the books, cash, cash equivalents and investments totaled $137.86 million at the end of the quarter, compared to $144.44 million at the end of 2015.

Paul L. Berns, chairman and CEO of Anacor, commented:

This is an exciting time for Anacor. In January 2016, we submitted our NDA for crisaborole topical ointment, 2%, to the FDA ahead of schedule. The FDA has accepted the crisaborole NDA for review with a PDUFA goal date of January 7, 2017. We believe there is a significant unmet medical need for a novel non-steroidal topical anti-inflammatory treatment option for patients suffering with mild-to-moderate atopic dermatitis, and we look forward to working with the FDA during the regulatory review process. We believe that we are well positioned to execute our commercial strategy in support of the launch of crisaborole, if approved, in the U.S.

Shares of Anacor traded up 9% to $68.31 Tuesday morning, with a consensus analyst price target of $130.25 and a 52-week trading range of $52.00 to $156.93.