Post by icemandios on Jan 18, 2022 13:47:15 GMT
Xeris Biopharma Reaffirms 2021 Guidance and Provides Business Update
Preliminary 2021 full-year pro forma net sales at high-end of $76-80 million guidance, representing approximately 55% growth from 2020
Year-end 2021 preliminary cash, cash equivalents, and investments of approximately $102 million
20+ million Medicaid lives in IL, TN, PA, OH, and CA have unrestricted access to Gvoke®, effective January 1, 2022
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS) (“Xeris” or the “Company”), a biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology, neurology, and gastroenterology, today announced a business update and reaffirmed its 2021 pro forma net sales and year-end cash balance guidance.
“We are proud to have ended 2021 on a strong note with continued growth of Gvoke and Keveyis®, delivering net sales at the upper end of our guidance range, over $100 million of cash, cash equivalents, and investments on the balance sheet, and the approval of our third commercial product, Recorlev®. 2022 is off to a good start with an additional $30 million from the recent capital raise on our balance sheet and the near-term launch of Recorlev,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma.
“Since the launch of Gvoke, we have persistently worked to make Gvoke accessible for as many people with diabetes as possible. There are over 6.8 million people with diabetes on insulin at risk of a severe hypoglycemic event, and we think every one of them should have access to a ready-to-use product such as Gvoke. We are very pleased that a growing number of Medicaid lives now have unrestricted access to Gvoke,” said Mr. Edick.
These estimated financial results are preliminary and subject to further review by the Company and its external auditors. Xeris will report fourth quarter and full year 2021 actual financial results in March 2022. The Company also anticipates giving guidance for full-year 2022 net sales and cash runway at that time. Investors are cautioned not to place undue reliance on these preliminary and unaudited estimates in the event of material changes.
About Xeris Biopharma
Xeris (Nasdaq: XERS) is a biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology, neurology, and gastroenterology. Xeris has two commercially available products; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, and Keveyis®, the first and only FDA-approved therapy for primary periodic paralysis. In addition, Recorlev® was recently approved by the U.S. Food and Drug Administration for the treatment of endogenous Cushing’s syndrome. Xeris also has a robust pipeline of development programs to extend the current marketed products into important new indications and uses and bring new products forward using its proprietary formulation technology platforms, XeriSol™ and XeriJect™, supporting long-term product development and commercial success.
Preliminary 2021 full-year pro forma net sales at high-end of $76-80 million guidance, representing approximately 55% growth from 2020
Year-end 2021 preliminary cash, cash equivalents, and investments of approximately $102 million
20+ million Medicaid lives in IL, TN, PA, OH, and CA have unrestricted access to Gvoke®, effective January 1, 2022
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS) (“Xeris” or the “Company”), a biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology, neurology, and gastroenterology, today announced a business update and reaffirmed its 2021 pro forma net sales and year-end cash balance guidance.
“We are proud to have ended 2021 on a strong note with continued growth of Gvoke and Keveyis®, delivering net sales at the upper end of our guidance range, over $100 million of cash, cash equivalents, and investments on the balance sheet, and the approval of our third commercial product, Recorlev®. 2022 is off to a good start with an additional $30 million from the recent capital raise on our balance sheet and the near-term launch of Recorlev,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma.
“Since the launch of Gvoke, we have persistently worked to make Gvoke accessible for as many people with diabetes as possible. There are over 6.8 million people with diabetes on insulin at risk of a severe hypoglycemic event, and we think every one of them should have access to a ready-to-use product such as Gvoke. We are very pleased that a growing number of Medicaid lives now have unrestricted access to Gvoke,” said Mr. Edick.
These estimated financial results are preliminary and subject to further review by the Company and its external auditors. Xeris will report fourth quarter and full year 2021 actual financial results in March 2022. The Company also anticipates giving guidance for full-year 2022 net sales and cash runway at that time. Investors are cautioned not to place undue reliance on these preliminary and unaudited estimates in the event of material changes.
About Xeris Biopharma
Xeris (Nasdaq: XERS) is a biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology, neurology, and gastroenterology. Xeris has two commercially available products; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, and Keveyis®, the first and only FDA-approved therapy for primary periodic paralysis. In addition, Recorlev® was recently approved by the U.S. Food and Drug Administration for the treatment of endogenous Cushing’s syndrome. Xeris also has a robust pipeline of development programs to extend the current marketed products into important new indications and uses and bring new products forward using its proprietary formulation technology platforms, XeriSol™ and XeriJect™, supporting long-term product development and commercial success.