Concert Pharmaceuticals
Nov 8, 2016

Concert Pharmaceuticals Reports Third Quarter 2016 Financial Results and Provides Company Update

Conference Call Scheduled Today at 8:30 a.m. EST

LEXINGTON, Mass.--(BUSINESS WIRE)-- Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today reported financial results for the third quarter of 2016.

"As we approach the end of the year, our team continues to make progress in advancing the drug candidates in our proprietary pipeline. Concert is well positioned to achieve our goal of having two efficacy studies underway with our proprietary compounds in 2017," said Roger Tung, PhD, Chief Executive Officer of Concert Pharmaceuticals. "We are excited by the emerging profile of CTP-656, which may provide significant advantages over the current standard of care. We believe these advantages may enable CTP-656 to provide a therapeutic benefit in cystic fibrosis patients with gating mutations. We are also excited to be advancing CTP-543, which has the potential to be the first FDA-approved oral medicine for the treatment of alopecia areata, a significant unmet need."

Recent Business Highlights and Upcoming Milestones

Third Quarter 2016 Financial Results

Conference Call and Webcast

The Company will host a conference call and webcast today at 8:30 a.m. EST to provide an update on the company and discuss third quarter financial results. To access the conference call, please dial (855) 354-1855 (U.S. and Canada) or (484) 365-2865 (International) five minutes prior to the start time.

A live webcast of Concert's presentation may be accessed in the Investors section of the Company's website at www.concertpharma.com. Please log on to the Concert website approximately 15 minutes prior to the scheduled webcast to ensure adequate time for any software downloads that may be required. A replay of the webcast will be available on Concert's website for three months.

- Financial Tables to Follow -

 
Concert Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
 
   

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

2016   2015 2016   2015
Revenue:
License and research and development revenue $ 26 $ 1,709 $ 153 $ 6,269
Other revenue       50,155  
Total revenue 26   1,709   153   56,424  
Operating expenses:
Research and development 8,054 7,135 28,323 22,499
General and administrative 3,440   3,268   10,845   9,800  
Total operating expenses 11,494   10,403   39,168   32,299  
(Loss) Income from operations (11,468 ) (8,694 ) (39,015 ) 24,125
Interest and other income (expense), net 112   (21 ) 338   (229 )
(Loss) Income before income taxes (11,356 ) (8,715 ) (38,677 ) 23,896
(Benefit) Provision for income taxes (161 ) 406
Net (loss) income $ (11,356 ) $ (8,554 ) $ (38,677 ) $ 23,490  
Net (loss) income per share applicable to common stockholders - basic $ (0.51 ) $ (0.39 ) $ (1.74 ) $ 1.13  
Net (loss) income per share applicable to common stockholders - diluted $ (0.51 ) $ (0.39 ) $ (1.74 ) $ 1.07  
Weighted-average number of common shares used in net (loss) income per share applicable to common stockholders - basic 22,229   21,949   22,215   20,824  
Weighted-average number of common shares used in net (loss) income per share applicable to common stockholders - diluted 22,229   21,949   22,215   21,918  
 
 
Concert Pharmaceuticals, Inc.
Summary Balance Sheet Data
(in thousands)
   

September 30,
2016

 

December 31,
2015

Cash and cash equivalents $ 29,803 $ 92,510
Investments, available for sale 78,189 49,680
Working capital 102,870 137,481
Total assets 112,362 146,932
Deferred revenue 10,067 10,170
Total stockholders' equity $ 96,140 $ 130,635
 

About Concert

Concert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to address unmet patient needs. The Company's approach starts with approved drugs in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert has a broad pipeline of innovative medicines targeting pulmonary diseases, including cystic fibrosis, central nervous systems (CNS) disorders, as well as autoimmune and inflammatory diseases. For more information please visit www.concertpharma.com.

Cautionary Note on Forward Looking Statements

Any statements in this press release about our future expectations, plans and prospects, including statements about our expectations on the progress of clinical development of our therapeutic candidates, including CTP-656 and CTP-543, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation of future clinical trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission and in other filings that we make with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update any forward-looking statements included in this press release.

Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.

For Investors:
Concert Pharmaceuticals, Inc.
Justine Koenigsberg, 781-674-5284
ir@concertpharma.com
or
For Media:
The Yates Network
Kathryn Morris, 845-635-9828

Source: Concert Pharmaceuticals, Inc.

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