Investor Relations (IR) Questions: InterMune Inc $ITMN
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Answers compiled: May 2013
-a- BACKGROUND INFO: The Company's lead product/candidate is Esbriet® (pirfenidone). It is already approved and registered in the European Union and Canada for the treatment of Idiopathic Pulmonary Fibrosis, “a disease characterized by progressive scarring, or fibrosis, of the lungs.” Esbriet is currently in Phase 3 clinical studies in the United States. It affects about 100,000 people in the United States. An additional 30,000 cases are diagnosed annually.
-1- When is the last time ITMN raised cash through an offering (diluted)?
-b- On January 16, 2013 the Company announced it would sell an aggregate of $105,000,000 of it's 2.5% convertible senior notes due 2017. On the same day the company also priced the sale of 13.5 million shares of common stock at $9.90 per share. Underwriters were given a 30 day option to purchase up to an additional $15,750,000 “aggregate principal amount of convertible senior notes and up to an additional 2,025,000 shares of common stock in connection with the offerings.” Excluding underwriter options, the Company estimated net proceeds from the two offerings at $228.1 million.
-2- How much cash (not cash equivalents) does ITMN have?
-c- “As of March 31, 2013, InterMune had cash, cash equivalents and available-for-sale securities of approximately $441.9 million.”
-3- What and approximately when is the next known catalyst?
-c- In the United States, the Company expects results from it's Phase 3 (Esbriet) pirfenidone study, ASCEND in 2Q 2014.
-c- The Company anticipates launching Esbriet in Italy following formal approval of the agreed upon reimbursement conditions with the Pricing Commission by the Italian Drug Agency's Board. The company expects the approval to be formalized mid-June 2013.
-c- The Company anticipates launching Esbriet in England by or before mid-August 2013. The approximate cost of Esbriet in England will be the equivalent of $39,770 per patient for one year of treatment.
-c- The Company expects to launch Esbriet in Ireland 3Q 2013.
-c- Updates on launching Esbriet in Spain and the Netherlands are expected 4Q 2013.
-4- What is ITMN's quarterly cash burn?
-c- Selling, general and administrative, and research and development expenses for the first quarter of 2013 were $55.9 million compared to $49.5 million for the same quarter in 2012.
-d- Total Costs and Expenses:
2012..................$220,782,000
2011..................$165,842,000
2010..................$123,794,000
-5- Does ITMN have an existing line of credit and if so how much can they draw against it?
In reviewing the Company's public filings and press releases, I did not find any reference to an existing credit line. However, the company does carry long term liabilities, most of which are from convertible notes.
A complete archive of this and additional #IRQ research and IR responses can be found at http://www.biotechduediligence.com/ir-questions.html.
RESOURCES
-a- ITMN Website: http://www.intermune.com/idiopathic_pulmonary_fibrosis
-b- ITMN PR 01/16/2013 http://phx.corporate-ir.net/phoenix.zhtml?c=100067&p=irol-newsArticle&ID=1774943&highlight=
-c- ITMN PR 04/24/2013 http://phx.corporate-ir.net/phoenix.zhtml?c=100067&p=irol-newsArticle&ID=1810661&highlight=
-d- Page 70, ITMN Form 10-K for the fiscal year ended December 31, 2012.
-a- BACKGROUND INFO: The Company's lead product/candidate is Esbriet® (pirfenidone). It is already approved and registered in the European Union and Canada for the treatment of Idiopathic Pulmonary Fibrosis, “a disease characterized by progressive scarring, or fibrosis, of the lungs.” Esbriet is currently in Phase 3 clinical studies in the United States. It affects about 100,000 people in the United States. An additional 30,000 cases are diagnosed annually.
-1- When is the last time ITMN raised cash through an offering (diluted)?
-b- On January 16, 2013 the Company announced it would sell an aggregate of $105,000,000 of it's 2.5% convertible senior notes due 2017. On the same day the company also priced the sale of 13.5 million shares of common stock at $9.90 per share. Underwriters were given a 30 day option to purchase up to an additional $15,750,000 “aggregate principal amount of convertible senior notes and up to an additional 2,025,000 shares of common stock in connection with the offerings.” Excluding underwriter options, the Company estimated net proceeds from the two offerings at $228.1 million.
-2- How much cash (not cash equivalents) does ITMN have?
-c- “As of March 31, 2013, InterMune had cash, cash equivalents and available-for-sale securities of approximately $441.9 million.”
-3- What and approximately when is the next known catalyst?
-c- In the United States, the Company expects results from it's Phase 3 (Esbriet) pirfenidone study, ASCEND in 2Q 2014.
-c- The Company anticipates launching Esbriet in Italy following formal approval of the agreed upon reimbursement conditions with the Pricing Commission by the Italian Drug Agency's Board. The company expects the approval to be formalized mid-June 2013.
-c- The Company anticipates launching Esbriet in England by or before mid-August 2013. The approximate cost of Esbriet in England will be the equivalent of $39,770 per patient for one year of treatment.
-c- The Company expects to launch Esbriet in Ireland 3Q 2013.
-c- Updates on launching Esbriet in Spain and the Netherlands are expected 4Q 2013.
-4- What is ITMN's quarterly cash burn?
-c- Selling, general and administrative, and research and development expenses for the first quarter of 2013 were $55.9 million compared to $49.5 million for the same quarter in 2012.
-d- Total Costs and Expenses:
2012..................$220,782,000
2011..................$165,842,000
2010..................$123,794,000
-5- Does ITMN have an existing line of credit and if so how much can they draw against it?
In reviewing the Company's public filings and press releases, I did not find any reference to an existing credit line. However, the company does carry long term liabilities, most of which are from convertible notes.
A complete archive of this and additional #IRQ research and IR responses can be found at http://www.biotechduediligence.com/ir-questions.html.
RESOURCES
-a- ITMN Website: http://www.intermune.com/idiopathic_pulmonary_fibrosis
-b- ITMN PR 01/16/2013 http://phx.corporate-ir.net/phoenix.zhtml?c=100067&p=irol-newsArticle&ID=1774943&highlight=
-c- ITMN PR 04/24/2013 http://phx.corporate-ir.net/phoenix.zhtml?c=100067&p=irol-newsArticle&ID=1810661&highlight=
-d- Page 70, ITMN Form 10-K for the fiscal year ended December 31, 2012.