Amicus Makes Steady Progress Toward Achievement of Milestones
CRANBURY, N.J., Nov. 3 /PRNewswire-FirstCall/ -- Amicus Therapeutics (Nasdaq: FOLD) today announced financial results for the third quarter of 2008. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Amicus announced a net loss attributable to common stockholders of $0.36 per share ($0.29 per share on a non-GAAP basis) for the three months ended September 30, 2008. As of September 30, 2008, cash, cash equivalents, and marketable securities totaled $136.3 million.
"The third quarter of 2008 was another quarter of strong progress for Amicus as we focused on clinical and regulatory execution on our three lysosomal storage disease programs," said John F. Crowley, President and CEO of Amicus Therapeutics. "In recent months, we have continued the process with regulatory authorities in the United States and Europe in order to define the global development plan for Amigal(TM) in Fabry, and we remain on track to provide an update by the end of the year. In our Gaucher and Pompe disease programs, we continue to focus on advancing our ongoing Phase 2 clinical trials with the goal of reporting data in Gaucher in 2009. Finally, our financial position remains strong based on a healthy balance sheet and on the economics from our strategic alliance with Shire, which funds 50% of development costs for our lead programs in addition to success-based clinical and regulatory milestone payments."
Amigal (migalastat hydrochloride) is an investigational, oral
therapeutic being developed for the treatment of Fabry disease. Amicus,
along with its partner Shire Human Genetic Ther
|SOURCE Amicus Therapeutics|
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