Intec Pharma Posts Q4 Net Loss Of $6.6M, Down By Nearly Half Year-Over-Year

Intec Pharma Ltd. NTEC posted fourth-quarter and full-year 2019 results Friday, showing a quarterly net loss of around $6.6 million or 19 cents per share versus a loss of $12.6 million or 38 cents per share in the same period of 2018.

For the full year, the New York-based company reported a net loss of $47.6 million and $1.41 per share versus a loss of $43.5 million and $1.40 per share in 2018.

Intec said its R&D expenses fell from $10.3 million in the fourth quarter of 2018 to $1.8 million in the fourth quarter of 2019, while fourth-quarter general expenses fell from $1.8 million to $2.1 million year-over-year. 

At the end of the year, the company had cash and cash equivalents and marketable securities of around $10.1 million, down from $40.6 million at the end of 2018.

In January, Intec Pharma conducted an underwritten public offering of 16.25  million ordinary shares and warrants to buy up to 16.25 million ordinary shares, raising $6.5 million.

The company highlighted some important milestones achieved recently or during the fourth quarter, such as the termination of the feasibility and option agreement with

Novartis AG NVS, which resulted in a payment of $1.5 million from Novartis to Intec Pharma; creating an Accordion Pill for a Merck & Co., Inc. MRK proprietary compound; and securing $10 million in financing from Aspire Capital.

"Importantly, we strengthened our balance sheet believing that a stronger financial position enhances our ability to negotiate with partners and provides us with a longer runway to achieve key objectives.  We believe our cash will now take us into the second quarter of 2021, without tapping into our Aspire commitment," Jeffrey Meckler, Intec's CEO and vice chairman, said in a statement.

Intec Pharma shares were trading 7.55% higher to 22 cents at the time of publication Friday. 

Photo courtesy of Intec Pharma.