endocyte inc (ECYT) Key Developments
Brower Piven Announces Class Action Lawsuit on Behalf of Purchasers of Endocyte
Jul 30 14
Brower Piven announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of Indiana on behalf of purchasers of Endocyte, Inc. common stock during the period between March 21, 2014 and May 2, 2014, inclusive, and informs investors who wish to become proactively involved in the litigation that they have until August 25, 2014 to seek appointment as lead plaintiff. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If wish to choose counsel to represent and the Class, must apply to be appointed lead plaintiff no later than August 25, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the large loss from investment in Company units during the Class Period.
Endocyte, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Revenue Guidance for the Third Quarter and Fourth Quarter of Fiscal 2014 and Provides Capital Expenditure Guidance for Fiscal 2014
Jul 29 14
Endocyte, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. Endocyte reported net income of $22.4 million, or $0.54 per basic share and $0.52 per diluted share, for the second quarter of 2014, compared to a net loss of $8.2 million, or $0.23 per basic and diluted share, for the same period in 2013. Revenue was $49.2 million for the second quarter of 2014 associated with the collaboration with Merck against $16.5 million for the same period of last year. As a result of the termination of the PROCEED trial and collaboration agreement with Merck, Endocyte accelerated recognition of the previously deferred collaboration revenue. Net cash outflow from operations for the second quarter of 2014 was $14.2 million compared to $17.4 million in the first quarter of 2014 and $16.1 million in the second quarter of 2013. Income from operations was $22.2 million against loss of $8.3 million for the same period of last year.
For the six months, the company reported net income of $19.2 million, or $0.47 per diluted share, for the second quarter of 2014, compared to a net loss of $12.1 million, or $0.34 per diluted share, for the same period in 2013. Revenue was $66.44 million against $31 million for the same period of last year. Income from operations was $18.99 million against loss of $12.3 million for the same period of last year.
The company expects third quarter revenue will wind down to the $3 million to $5 million range, and then being near 0 in the fourth quarter. That $3 million to $5 million estimate includes PROCEED and TARGET trial activities during the period, first; and second, the reimbursement of past expenses, which will go beyond the original agreement with Merck, which it had not recognized as revenue yet; and all the future trial expenses that Merck will reimburse.
With the June ending cash balance of $219 million, the company revised cash balance at the end of 2014 in excess of $200 million represents a significant reduction in the roughly $15 million to $16 million quarterly cash burn rate it had experienced recently. This will result from both a reduction in expense, as the second half expenses will be down from last year by about 1/3, and also the timing of reimbursements from Merck, as they'll be paying for in the quarter those expenses that were recognized in prior periods and actually paying for expenses that, from a cash standpoint, will actually occur in future periods.
Endocyte, Inc. Presents at Wedbush 2014 Life Sciences Management Access Conference, Aug-12-2014 12:45 PM
Jul 24 14
Endocyte, Inc. Presents at Wedbush 2014 Life Sciences Management Access Conference, Aug-12-2014 12:45 PM. Venue: Le Parker Meridien, New York, New York, United States.
Endocyte, Inc., Q2 2014 Earnings Call, Jul 29, 2014
Jul 22 14
Endocyte, Inc., Q2 2014 Earnings Call, Jul 29, 2014
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Endocyte, Inc
Jun 24 14
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Southern District of Indiana on behalf of a comprising all purchasers of the common stock of Endocyte, Inc. between March 21, 2014 and May 2, 2014. On May 2, 2014, Endocyte disclosed that VYNFINIT was found ineffective in the treatment of platinum-resistant ovarian cancer, based on certain testing methods known as response evaluation criteria in solid tumors, or 'RECIST'. Following this news, on May 2, 2014, the price of Endocyte stock dropped approximately 61% from the previous day's closing price, to close at $6.62 per share on May 2, 2014, on unusually heavy trading volume. The company subsequently announced that it would withdraw its application to market VYNFINIT in Europe.