By Joseph Harvey
August 5, 2016
Aratana Therapeutics has posted a healthy net income for the second quarter of 2016, following a recent collaboration with Elanco.
The firm's net income came to $21.2 million for Q2. This included $38m from the license, development and commercialization agreement with Elanco for the animal health rights to Aratana's Galliprant. Aratana's bottom line this time last year showed a net loss of $8m.
The firm recorded revenues of $47,000 during Q2, which came from its Blontress and Tactress canine cancer treatments. R&D costs for the quarter came to $5.3m, compared to $6.1m in the corresponding quarter last year.
As of June 30, 2016, Aratana had $109.9m of cash, cash equivalents, restricted cash and short-term investments. This is a significant increase compared to the end of 2015, when the firm had around $23m in the bank. This upturn is largely due to the Elanco deal.
In the first half of 2016, Aratana's net income reached $3m. This was a significant improvement on the $16.8m loss the firm made in the first half of 2015. The H1 performance takes into account the greater net loss during the first quarter of the year.
The company's president and chief executive Steven St. Peter said: "Our vision is to become a fully-integrated company. As our team celebrates significant development and regulatory milestones, we are pivoting to build our sales organization to support the launches of our approved therapeutics. At the same time, we continue to strive to access and advance additional innovative product candidates."
Aratana's transformation into a fully-integrated entity was signified by its recent hiring of a new chief operating officer.
In June, Aratana submitted its third administrative new animal drug application in the US. It was for Nocita(bupivacaine liposome injectable suspension), which is intended to be used as a local post-operative analgesia for cranial cruciate ligament surgery in dogs.
Reprinted with permission of Animal Pharm News