Zafgen (ZFGN) Tops Q1 EPS by 5c

Zafgen (NASDAQ: ZFGN) reported Q1 EPS of ($0.53), $0.05 better than the analyst estimate of ($0.58).

The company ended the quarter with cash and cash equivalents and marketable securities totaling $234.2 million.

"We are very pleased with our accomplishments for the first quarter of 2015. We are thrilled to have seen a high rate of enrollment at our most recently-opened bestPWS clinical trial sites, which will enable us to release six month data from our first pivotal Phase 3 clinical trial early in the first quarter of 2016," said Dr. Thomas Hughes, Chief Executive Officer of Zafgen. "We are grateful to the patients and their families for their enthusiasm and commitment to making the bestPWS trial possible."

"With enrollment progressing well in our Phase 2b trial (ZAF-203) in patients with severe obesity complicated by type 2 diabetes, we remain on track to release important six month interim data in late 2015 or very early 2016," said Dr. Dennis Kim, Chief Medical Officer of Zafgen. "The ZAF-203 trial will provide our first look at the effects of beloranib treatment on both body weight and glycemic control in the setting of type 2 diabetes, an important and difficult to treat co-morbidity of obesity."

"We were pleased to have completed our recent follow-on offering in January 2015, bringing in total net proceeds of approximately $130 million and ending the current quarter with a total cash position of approximately $234 million," said Patricia Allen, Chief Financial Officer of Zafgen. "This is an incredibly productive and exciting time for Zafgen and we are investing this capital in the development of beloranib in multiple indications, along with advancing our ZAF-839 program in nonalcoholic steatohepatitis, or NASH, and our second-generation molecules in obesity. We are also expanding our organization to deliver on our multiple development programs and establish our commercial operations in anticipation of approval of beloranib in Prader-Willi syndrome."

For earnings history and earnings-related data on Zafgen (ZFGN) click here.

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