Aeterna Zentaris reports Q2 EPS (18c), consensus (38c)
Reports Q2 revenue $243,000, consensus $220,000. Commenting on recent key developments, Michael V. Ward, Chief Executive Officer of the Company, stated, "On June 30, 2017, we reported that we re-submitted an NDA for Macrilen, which was ahead of our previously announced goal. On July 18, 2017 we were notified by the FDA of a PDUFA date of December 30, 2017. If the product is approved, it will be the only FDA-approved drug for assessing AGHD and we believe it is likely to rapidly become the new method for confirming AGHD." Addressing the Company's future plans, Mr. Ward stated, "We are continuing our commercial organization and infrastructure preparation for the earliest possible launch of Macrilen in the United States. Our goal is to be prepared to launch the product in the first quarter of 2018. We are also reviewing our resources and making adjustments consistent with our focus on commercializing Macrilen. In this regard, we continue to concentrate our selling efforts on the territories that will be key to the successful commercialization of Macrilen. As a result, we eliminated one sales manager position and three sales territories at the end of the quarter. Furthermore, we decided to effect a substantial reduction in our Frankfurt organization because of the discontinuance of our work on Zoptrex and related development programs. With the implementation of the restructuring plan, we expect to have approximately 10 employees in Frankfurt by the end of 2018, as compared to our current roster of 35 employees there. The total cost of the Restructuring Program is expected to be approximately $2.0 million and should lead to annual savings of approximately $2.5 million following complete implementation expected to be at the end of 2018. The majority of the restructuring costs are expected to be paid in the financial year ending December 31, 2018. Overall, we are focused on progressing Macrilen through regulatory approval and commercialization, while continuing to ensure that we optimize the use of our resources and capital. Finally, following the cost savings measure and the latest ATM share issuances, we improved our financial condition in order to have a stronger balance sheet at the end of 2017."