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Durata Therapeutics Reports Third Quarter 2012 Financial and Corporate ResultsMORRISTOWN, N.J. --(Business Wire)-- Durata Therapeutics, Inc. (NASDAQ: DRTX) today announced financial and corporate results for the quarter ended September 30, 2012. "With the completion of patient enrollment in our two ongoing global Phase 3 clinical trials of dalbavancin, we remain on track to file a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) in the first half of 2013, pending results from these trials," said Paul Edick, Chief Executive Officer of Durata Therapeutics, Inc. "Our financial results reflect our increase in spending as the studies draw to a close." Recent Accomplishments Our significant recent accomplishments include the following:
Financial results for the quarter ended September 30, 2012 As of September 30, 2012, we had cash and cash equivalents of $60.8 million, compared to $11.5 million at December 31, 2011. In July 2012, we raised $73.9 million in net proceeds from our initial public offering. Net loss for the three months ended September 30, 2012 (the "2012 Quarter") was $21.8 million, compared to net loss of $9.4 million for the three months ended September 30, 2011 (the "2011 Quarter"). Research and development expense for the 2012 Quarter was $19.0 million, compared to $8.3 million for the 2011 Quarter. The $10.7 million increase from the 2011 Quarter to the 2012 Quarter principally resulted from an increase of $7.6 million in contract research organization and other clinical trial expenses, including consulting, an increase of $0.5 million for personnel costs to support our studies and an increase of $2.6 million related to chemistry, manufacturing and control related expenses due to the production of active product ingredient to support registration batches. General and administrative expense for the 2012 Quarter was $2.6 million, compared to $1.0 million for the 2011 Quarter. The $1.6 million increase from the 2011 Quarter to the 2012 Quarter principally resulted from an increase of $0.7 million for personnel costs, an increase of $0.4 million in legal and consulting fees and an increase of $0.5 million for insurance and other operating expenses to support our pre-launch activities and increased compliance requirements. About Dalbavancin Dalbavancin is an intravenous antibiotic product candidate under investigation for once-weekly dosing, which we believe may facilitate the treatment of patients with acute bacterial skin and skin structure infections, or ABSSSI, in both the in-patient and out-patient settings, potentially reducing the length of a patient's hospital stay or avoiding hospital admission altogether, with an impact on the overall cost of care for these patients. About Durata Therapeutics Durata Therapeutics is a pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses. Durata has completed enrollment in two global Phase 3 clinical trials with its lead product candidate, dalbavancin, for the treatment of patients with ABSSSI. Forward-looking statements Statements contained in this press release contain forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements about the filing of a New Drug Application with the U.S. Food and Drug Administration. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the "Risk Factors" section of our most recent quarterly report on Form 10-Q, which is on file with the SEC (News - Alert) and is also available on our website. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.
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