Madrigal Pharma (NASDAQ: MDGL) reported Q1 EPS of ($0.75), $0.02 worse than the analyst estimate of ($0.73).

“Madrigal made significant progress in 2018 in advancing the development of MGL-3196. We successfully completed Phase 2 studies in both NASH and dyslipidemia and expanded the Madrigal team to meet the demands of our clinical programs,” stated Paul Friedman, M.D., Chief Executive Officer of Madrigal. “In June, we also raised approximately $312 million of net proceeds from a public offering of our common stock, and we believe we have significant financial resources to fund our currently planned Phase 3 programs.”

Becky Taub, M.D., CMO and Executive VP, Research & Development of Madrigal added, “We had a positive end of phase 2 meeting with FDA for our NASH program, and we expect to initiate our Phase 3 clinical trial before the end of the first quarter of 2019. We continue to believe MGL-3196 has the potential to resolve NASH while decreasing cardiovascular risk, through reduction of levels of multiple atherogenic lipids as well as reduction of fat in the liver. Based on this potential cardiovascular risk reducing profile, we also intend to move ahead with our Phase 3 dyslipidemia clinical program later this year.”

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