Nexvet Reports Financial Results for Third Quarter of Fiscal Year 2015

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DUBLIN, Ireland and MELBOURNE, Australia, May 8, 2015 (GLOBE NEWSWIRE) — Veterinary biologic therapy developer Nexvet Biopharma (Nasdaq:NVET) today announced its financial results for the three and nine month periods ended March 31, 2015.

Link here.

Corporate Highlights

  • In February 2015, we closed our initial public offering of 4.0 million ordinary shares at a price to the public of $10.00 per share. The underwriters partially exercised their over-allotment option and purchased an additional 0.2 million shares. Following the sales of these securities, we received aggregate gross proceeds of $41.8 million and net proceeds of $38.0 million.
  • In March 2015, we received the results of a sample size reassessment for the ongoing     NV-01 pivotal safety and efficacy study, which indicated that in order to have a high probability of a statistically significant endpoint at the day 28 primary assessment, it would be necessary to substantially increase the current size of the study. In April 2015, we announced that we intend to continue the current study to completion without a change in study size, while also commencing a new placebo-controlled multi-site field safety and efficacy study to assess various doses and dosing regimens of NV‑01. This new study is expected to enroll approximately 150 dogs, cost approximately $1.0 million and be completed in the fourth calendar quarter of 2015.
  • In March 2015, former Division Head of Novartis Animal Health Dr. George Gunn became non-executive chairman of the Nexvet Board of Directors. Former chairman Chris Brown remains on the Board as a non-executive director.

More information here.