Pfenex (PFNX) Misses Q1 EPS by 5c

Pfenex (NYSE: PFNX) reported Q1 EPS of ($0.29), $0.05 worse than the analyst estimate of ($0.24). Revenue for the quarter came in at $2 million versus the consensus estimate of $2.1 million.

usiness Updates

• In April, Pfenex completed a follow-on public offering pursuant to which we sold 2,610,000 shares of common stock and certain existing stockholders sold 4,140,000 shares of common stock at a per-share price of $15.50. The total proceeds the Company received from the offering were approximately $38.0 million, net of underwriting discounts and commissions of approximately $2.4 million. After deducting estimated offering expenses of approximately $1.0 million, net proceeds to us were approximately $37.0 million.
• Also in April, John Taylor joined Pfenex's Board of Directors. Mr. Taylor joined our board after a distinguished career with the FDA, including most recently as Counselor to the Commissioner, and previously as Acting Deputy Principal Commissioner and Deputy Commissioner for Global Regulatory Operations and Policy.
• Pfenex initiated a Phase 1 trial of PF530, a biosimilar candidate to Betaseron, in the first quarter of 2015, with results expected in 2H15.
• PF708, our peptide generic to Forteo, is expected to enter a bioequivalence study in 2H15.
• In 2015 Pfenex will assist in the manufacturing technology transfer of PF582, our biosimilar candidate to Lucentis, to Hospira's manufacturing site and we expect that the Phase 3 PF582 trial will initiate in 2016.
• Pfenex expects to initiate the Phase 1 trial for its recombinant anthrax vaccine in 2H15.

For earnings history and earnings-related data on Pfenex (PFNX) click here.

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