Last $3.07 USD
Change Today +0.05 / 1.66%
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As of 8:10 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

biota pharmaceuticals inc (BOTA) Key Developments

Biota Pharmaceuticals, Inc. Announces Restructuring Plan

Biota Pharmaceuticals, Inc. announced that following the completion of an operational review of the company, its Board of Directors has adopted a plan to restructure the company's operations. The adoption of the plan was the result of a recent decision by the Department of Health and Human Services Office of Assistant Secretary for Preparedness and Response (ASPR) Biomedical Advanced Research and Development Authority (BARDA) to terminate its contract with the company for the convenience of the U.S. Government. This contract was supporting the development of laninamivir octanoate, a long-acting neuraminidase inhibitor (LANI), for the treatment of uncomplicated influenza A and B. Immediate actions resulting from the adoption of this plan will involve a re-alignment of the company's operations and resources. Specifically, the company plans to reduce its workforce by approximately two-thirds over the next six to nine months and close its Melbourne, Australia facility by June 30, 2015. The company anticipates recording an estimated total charge of approximately $5.0 - $5.5 million over this and the next several quarters in association with this restructuring plan. Upon expected completion of the plan in the first half of 2015, the company estimates its annual, ongoing research and development and general and administrative overhead costs will be reduced by approximately $8.0 - $10.0 million from current annualized levels. In the near-term the company intends to focus its efforts on its late-stage clinical assets, namely LANI and vapendavir, as well as preclinical compounds being developed for the treatment of respiratory syncytial infections (RSV). The company anticipates data that will inform on the possible next steps in the development of each of these respective programs will be available in the third quarter. Further, the company anticipates exploring alternative business development and/or financing arrangements that could facilitate the continued development of LANI in later-stage clinical trials.

Biota Pharmaceuticals, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014

Biota Pharmaceuticals, Inc. reported earnings results for the third quarter and nine months ended March 31, 2014. Net income for the third quarter was $3.2 million, or $0.09 per share, compared to $200,000, or $0.01 per share, for the same quarter ended March 31, 2013. Total revenue for the third quarter ended March 31, 2014 was $29.5 million, compared to $12.5 million for the same quarter ended March 31, 2013. Net loss for the nine months ended March 31, 2014 was $800,000, or $0.03 loss per share, compared to a net loss of $2.4 million, or $0.09 loss per share, for the same period ended March 31, 2013. Total revenue for the nine months ended March 31, 2014 was $60.3 million, compared to $24.3 million for the same period ended March 31, 2013.

Biota Pharmaceuticals, Inc. Presents at Jefferies 2014 Global Healthcare Conference, Jun-02-2014 08:00 AM

Biota Pharmaceuticals, Inc. Presents at Jefferies 2014 Global Healthcare Conference, Jun-02-2014 08:00 AM. Venue: Grand Hyatt, New York, New York, United States. Speakers: Joseph M. Patti, Executive Vice President of Corporate Development & Strategy and Assistant Secretary.

Biota Pharmaceuticals, Inc. Provides Update on BARDA Contract for Laninamivir Octanoate

Biota Pharmaceuticals, Inc. announced that last night it received notice from the Department of Health and Human Services Office of Assistant Secretary for Preparedness and Response (ASPR) Biomedical Advanced Research and Development Authority (BARDA), advising the Company of its decision to terminate its contract, which was supporting the development of laninamivir octanoate, for the convenience of the Government. The decision is a result of a recently concluded In-Process Review. No reasons for the termination for convenience were provided to the Company. The Company intends to immediately begin negotiating a final termination settlement with ASPR/BARDA with respect to the termination of the contract.

Biota Pharmaceuticals, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014

Biota Pharmaceuticals, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported total revenue of $29.5 million against $12.5 million a year ago. Income from operations was $3.2 million against $0.00 a year ago. Income before tax was $3.2 million against $0.2 million a year ago. Net income was $3.2 million or $0.09 per basic and diluted share against $0.2 million or $0.01 per basic and diluted share a year ago. For the nine months, the company reported total revenue of $60.3 million against $24.3 million a year ago. Loss from operations was $1.0 million against $15.7 million a year ago. Loss before tax was $0.9 million against $2.5 million a year ago. Net loss was $0.8 million or $0.03 per basic and diluted share against $2.4 million or $0.09 per basic and diluted share a year ago.

 

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