Momenta Pharmaceuticals Reports Financial Results for the Third Quarter of 2009

November 5, 2009 8:30 AM EST

CAMBRIDGE, Mass., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the third quarter ended September 30, 2009.

For the third quarter of 2009, the Company reported a net loss of $14.6 million, compared with a net loss of $16.0 million for the same period last year. At September 30, 2009, the Company had cash, cash equivalents, and marketable securities of $107.3 million, compared with $108.5 million at December 31, 2008.

"In September we strengthened our balance sheet with the completion of a $46.8 million stock offering," said Craig A. Wheeler, President and Chief Executive Officer. "We were particularly pleased to secure the financing in light of the challenging economic environment and view it as a strong validation of the value of Momenta's pipeline."

"Another highlight of the third quarter was the presentation of the key efficacy and safety data from our Phase 2a M118 EMINENCE trial at the 21st Annual Transcatheter Cardiovascular Therapeutics (TCT) scientific symposium. The data showed that the EMINENCE trial met its primary goal of supporting the feasibility and tolerability of M118's use as a procedural anticoagulant in the coronary catheterization laboratory. We believe that the results to date provide strong support for continuing the evaluation of M118 in patients diagnosed with acute coronary syndromes," he concluded.

Third Quarter 2009 Financial Results

Revenue for the third quarter of 2009 was $4.0 million, compared to the $3.9 million revenue for the same period last year. The increase in revenue was due to increased reimbursable expenditures on our collaborative programs partnered with Sandoz. Research and development expenses for the third quarter of 2009 were $12.9 million, compared to $14.1 million for the same period last year. The decrease in research and development expenses principally resulted from a decrease in clinical development costs associated with the Phase 2a clinical trial for our M118 program due to the completion of the clinical trial in June 2009.

General and administrative expenses for the third quarter of 2009 totaled $5.6 million, compared with $6.3 million for the same period last year. The decrease in general and administrative expenses was primarily due to decreased professional fees.

Conference Call Information

Management will host a conference call on Thursday, November 5, 2009 at 10:00 am EDT to discuss these results and provide an update on the Company. To access the call, please dial (866) 814-8448 (domestic) or (703) 639-1367 (international) prior to the scheduled conference call time and provide the access code 3455786. A replay of the call will be available approximately two hours after the call and will be accessible through November 19, 2009. To access the replay, please dial (888) 266-2081 (domestic) or (703) 925-2533 (international) and provide the access code 3455786.

A live audio webcast of the call will be available on the "Investors" section of the Company's website, www.momentapharma.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Momenta website approximately two hours after the call and will be available through November 5, 2010.

About Momenta

Momenta Pharmaceuticals is a biotechnology company, headquartered in Cambridge, MA, specializing in the detailed structural analysis of complex mixture drugs. Momenta is applying its technology to the development of generic versions of complex drug products, as well as to the discovery and development of novel drugs.

To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release.

Forward Looking Statements

Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including our beliefs regarding the future potential for the development of our M118 product candidate, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "hope," "target," "project," "goals," "potential," "predict," "might," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors referred to in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Momenta from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Momenta is providing the information in this press release as of this date and assumes no obligation to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Our logo, trade names and service marks are the property of Momenta Pharmaceuticals, Inc. Other trademarks or service marks appearing in this press release are the property of their respective owners and are not the property of Momenta Pharmaceuticals, Inc. or its subsidiaries.

                    MOMENTA PHARMACEUTICALS, INC.
         Unaudited Condensed Consolidated Balance Sheets
                          (in thousands)

                                            September 30, December 31,
                                                 2009         2008
                                            ------------  ------------
       Assets

 Cash and marketable securities             $    107,288  $    108,531
 Restricted cash                                   1,778         1,778
 Other assets                                     20,396        21,892
                                            ------------  ------------
  Total assets                              $    129,462  $    132,201
                                            ============  ============
   Liabilities and Stockholders' Equity

 Current liabilities                        $     13,469  $     19,092
 Other liabilities                                 9,621        13,604
 Stockholders' equity                            106,372        99,505
                                            ------------  ------------
  Total liabilities and stockholders'
   equity                                   $    129,462  $    132,201
                                            ============  ============


                     MOMENTA PHARMACEUTICALS, INC.
      Unaudited Condensed Consolidated Statement of Operations
                (in thousands, except per share amounts)


                            For the Three Months   For the Nine Months
                             Ended September 30,   Ended September 30,
                            --------------------  --------------------
                               2009      2008        2009      2008
                            ---------  ---------  ---------  ---------
 Collaboration revenue      $   4,008  $   3,914  $  14,603  $  11,628
 Operating expenses:
  Research and
   development*                12,912     14,073     46,380     39,924
  General and
   administrative*              5,633      6,284     17,743     18,391
                            ---------  ---------  ---------  ---------
  Total operating
   expenses                    18,545     20,357     64,123     58,315
                            ---------  ---------  ---------  ---------

 Loss from operations         (14,537)   (16,443)   (49,520)   (46,687)

 Other income (expense):
  Interest income                 131        675        748      3,041
  Interest expense               (136)      (191)      (447)      (622)
  Other expense                  (104)        --       (104)        --
                            ---------  ---------  ---------  ---------

 Net loss                   $ (14,646) $ (15,959) $ (49,323) $ (44,268)
                            =========  =========  =========  =========

 Basic and diluted net
  loss per share            $   (0.38) $   (0.45) $   (1.27) $   (1.24)
                            =========  =========  =========  =========

 Shares used in computing
  basic and diluted net
  loss per share               39,014     35,849     38,855     35,787
                            =========  =========  =========  =========


 *Includes the following
  stock-based
  compensation expense:

 Research and development   $   1,117  $   1,064  $   3,305  $   2,742

 General and administrative $   1,568  $   1,552  $   4,935  $   4,428

CONTACT:  Momenta Pharmaceuticals, Inc.
          Beverly Holley
          617-395-5189
          bholley@momentapharma.com

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