World News: 12:00 GMT Friday 9th November 2018. [Neos Therapeutics, Inc. via Globe Newswire via SPi World News]
DALLAS and FORT WORTH, Texas, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Neos Therapeutics, Inc. (Nasdaq: NEOS), a fully-integrated pharmaceutical company focused on developing, manufacturing, and commercializing innovative modified-release products using its proprietary microparticle, drug delivery technology, today reported financial results for the third quarter ended September 30, 2018 and provided a business update.
“Our ADHD business grew 9% in prescription volume in the third quarter compared to the previous quarter of 2018 and we reported that the net revenue per pack for both Adzenys XR-ODT and Cotempla XR-ODT was $108. This compares to $95 and $89 respectively for the prior quarter. This improvement in net revenue per pack resulted in part from the programs that we are just beginning to implement to accelerate our path to profitability,” said Jerry McLaughlin, Chief Executive Officer of Neos Therapeutics. “With our ADHD products providing a solid and growing base of business, and the additional financial flexibility from our recently completed financing and debt restructuring, we look forward to advancing our whole business and expanding our development pipeline and commercial portfolio. We were pleased to have recently announced the licensing of a pipeline candidate for the treatment of sialorrhea and plan to continue this momentum into 2019.”
Neos’ three commercial ADHD) products are Adzenys XR-ODT, Cotempla and ™. Continued growth in prescription trends for Adzenys XR-ODT and Cotempla XR-ODT builds momentum for the Neos ADHD franchise.
* As reported by IQVIA
On November 8, 2018, the Company closed an underwritten public offering of 19,999,999 shares of its common stock at a public offering price of $2.30 per share, which includes the exercise in full by the underwriters of their option to purchase up to an additional 2,608,695 shares of common stock. The net proceeds to the company from this offering, after deducting underwriting discounts and commissions and offering expenses payable by the company and taking into account of certain reimbursement by the underwriters, were approximately $43.4 million.
Simultaneous with this financing, the company amended its $60.0 million term loan from Deerfield Management. The company agreed to pay $7.5 million of principal under the Facility otherwise due in May 2019 upon completion of the financing. The Second Amendment provides an option for the $15.0 million principal on the Facility due in May 2020 to be paid in either May 2021 or May 2022 upon the achievement of certain revenue milestones as described in the Second Amendment. Also, pursuant to the Second Amendment, the Company amended and restated its outstanding notes under the Facility in the form of senior secured convertible notes. The Company has the right to pay principal and future interest in shares of Common Stock not to exceed 2,135,625 shares in the aggregate. Additionally, Deerfield has the right to convert the remaining principal under the Facility into shares of Common Stock not to exceed 3,796,668 shares in the aggregate at a conversion price of 95% of the greater of (A) the average of the volume weighted average price per share of the Common Stock for the three trading day period immediately preceding such conversion and (B) $10.00.
Richard EisenstadtChief Financial OfficerNeos Therapeutics(972) 408-1389
Sarah McCabeStern Investor Relations, Inc.(212) 362-1200
Globe Newswire: 12:00 GMT Friday 9th November 2018
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