Cerulean Pharma (CERU) Tops Q2 EPS by 8c

Cerulean Pharma (NASDAQ: CERU) reported Q2 EPS of ($0.40), $0.08 better than the analyst estimate of ($0.48).

The Company had $47.2 million in cash and cash equivalents at June 30, 2016. The Company believes its cash and cash equivalents are sufficient to fund its planned operations into the second quarter of 2017 and that the Company has the ability to reduce or defer operating expenses as may be needed to fund its operations into the third quarter of 2017.

“Since our last quarterly call, we made significant progress advancing both of our clinical candidates, CRLX101 and CRLX301,” said Christopher D. T. Guiffre, President and Chief Executive Officer of Cerulean. “We reached the 70 events needed to lock the database for our randomized Phase 2 trial in 3rd and 4th line renal cell carcinoma (RCC). Therefore, we remain on track to report top-line data this quarter. In addition, we presented compelling data from our Phase 1b/2 trial of CRLX101 with weekly paclitaxel in relapsed ovarian cancer, and subsequent to the end of the quarter, the FDA granted Fast Track designation for this promising combination. We believe CRLX101 has broad clinical utility as both monotherapy and in combination with other anti-cancer agents against a broad range of tumor types, and we look forward to providing updates on our continued clinical progress in the months ahead.”

For earnings history and earnings-related data on Cerulean Pharma (CERU) click here.

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