Xenon Pharmaceuticals (NASDAQ: XENE) reported Q1 EPS of ($0.42), versus ($0.22) reported last year. Revenue for the quarter came in at $4.36 million versus the consensus estimate of $5.15 million.

Dr. Simon Pimstone, Xenon’s Chief Executive Officer, said, “We continue to make excellent progress across both our proprietary and partnered programs. In particular, I am pleased to report that we have completed patient screening in our Phase 2b ‘X-TOLE’ clinical trial evaluating XEN1101 as an adjunctive treatment of focal epilepsy. With the final patients currently in baseline, we anticipate randomization to be completed in June and the release of topline data by the end of the third quarter. Additionally, we continue to initiate new sites to support ongoing patient enrollment in our Phase 3 “EPIK” study, which is evaluating XEN496 as a treatment of KCNQ2 developmental and epileptic encephalopathy.

Mr. Ian Mortimer, Xenon’s President and Chief Financial Officer added, “This quarter we successfully completed a public offering – resulting in approximately $115 million in gross proceeds to Xenon – to further fortify our balance sheet. We continue to prudently manage our resources and believe we have the team and capital in place to execute on our business and clinical development goals for this year. The additional capital will enable us to continue to expand our pipeline including a company sponsored clinical study of XEN1101 in major depressive disorder.”

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