Corcept Therapeutics Reports Q2, First Half Collaboration Revenue
Expects continued progress in all development programs of the company
Corcept Therapeutics, a pharmaceutical company engaged in the development of drugs for the treatment of severe metabolic and psychiatric disorders, has reported financial results for the second quarter ended June 30, 2009. For this period, Corcept reported a net loss of $4.9m or $0.10 per share, as compared to a net loss of $4.4m or $0.09 per share for the second quarter of 2008.
The company has generated revenue of $0.6m from collaborations for the second quarter. For the six month ended period, the collaboration revenue was $3m.
Joseph Belanoff, chief executive officer of Corcept, said: During the second quarter, we continued to make progress in all of our development programs. We enrolled patients in our phase 3 trial of CORLUX in Cushing's Syndrome, a disease with a significant unmet medical need. We anticipate completion of enrollment in the study this year and announcement of pivotal data in mid-2010. We enrolled patients in our phase 3 trial in psychotic depression, another serious illness for which there is no FDA-approved treatment. We made progress toward an Investigational New Drug (IND) application for our lead next-generation GR-II antagonist, which we have been evaluating for the mitigation of weight gain and metabolic disturbances associated with the use of antipsychotic medications.
We believe these programs demonstrate the broad potential for our GR-II antagonist platform across a wide range of important metabolic and psychiatric diseases and our strategy to bring these products efficiently to the market, he added.
Corcept Therapeutics expects continued progress in the development of CORLUX and series of selective GR-II antagonists during the remainder of 2009. The company believes that the Cushing's program has provided with a near-term value creation opportunity for the shareholders.
The company will continue to enroll patients in phase 3 trial in psychotic depression. Due to current financial constraints, the company has scaled back planned rate of spending, reduced the number of clinical sites to eight, and extended the timeline for completion of this trial. It also plans to submit an IND for CORT 108297 by year-end.
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