Acorda Therapeutics Provides Corporate Update at 31st Annual J.P. Morgan Healthcare Conference

Mon Jan 7, 2013 6:00am EST

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* Unaudited AMPYRA® 2012 Fourth Quarter Net Sales of $73 Million and Unaudited
2012 Full-Year Net Sales of $266 Million

* Approximate 26% Increase Over Full-Year 2011 Net Sales

* AMPYRA 2013 Net Sales Guidance of $285-$315 Million 
* 2013 Zanaflex® and ex-U.S. FAMPYRA® Revenue Guidance of $25 Million 
* 2013 SG&A Expense Guidance of $170-$180 Million and 2013 R&D Expense Guidance
of $60-$70 Million

ARDSLEY, N.Y.--(Business Wire)--
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that AMPYRA®
(dalfampridine) Extended Release Tablets, 10 mg unaudited net sales for the
fourth quarter of 2012 were $73 million and unaudited AMPYRA 2012 full-year net
sales were $266 million. These results are subject to completion of the
Company`s year-end audit. 

The Company provided 2013 guidance for AMPYRA net sales revenue of $285-$315
million. Guidance for Zanaflex® (tizanidine hydrochloride) and ex-U.S. FAMPYRA
revenue is $25 million, which includes sales of branded Zanaflex products,
royalties from ex-U.S. FAMPYRA and authorized generic tizanidine hydrochloride
capsules sales, and $9.1 million in amortized licensing revenue from the $110
million payment the Company received from Biogen Idec in 2009 for FAMPYRA
ex-U.S. development and commercialization rights. 

Guidance for 2013 sales, general and administrative (SG&A) expense is $170-$180
million and 2013 research and development (R&D) expense is $60-$70 million. The
increase in SG&A and R&D expenses in 2013 over 2012 is primarily related to
research and commercialization expenses for the recently acquired product
Diazepam Nasal Spray. 

Based on this guidance, the Company expects to be cash flow positive in 2013. 

President and CEO Ron Cohen, M.D. will provide a corporate overview, including
the Company`s recent acquisition of Diazepam Nasal Spray, at the 31st Annual
J.P. Morgan Healthcare Conference today at 11:00 a.m. Pacific Time in San
Francisco. The presentation is available via webcast at www.acorda.com. 

"AMPYRA has made a significant contribution to the treatment of people with MS,
with more than 73,000 people having tried the drug since its launch in 2010. Our
marketing programs won numerous industry-wide awards and helped AMPYRA to grow
in 2012. We expect continued growth in 2013. We also initiated proof-of-concept
clinical studies of AMPYRA in 2012 in two additional disease states, post-stroke
deficits and cerebral palsy. We expect to have results for both studies in the
second quarter of this year." 

Dr. Cohen continued, "In December, we acquired rights to Diazepam Nasal Spray,
which adds an important, potential near-term commercial asset to our pipeline.
We are currently preparing a New Drug Application that we expect to submit to
the FDA later this year. In addition, we expect to have three compounds in Phase
1 or Phase 2 clinical trials in the first half of 2013 that target significant
unmet needs in the areas of heart failure, multiple sclerosis and spinal cord
injury. We are also continuing to focus on potential in-licensing opportunities,
primarily for approved or near-commercial medicines that can leverage our
exceptional specialty commercial organization and other areas of company
expertise." 

About Acorda Therapeutics

Acorda Therapeutics is a biotechnology company focused on developing therapies
that restore function and improve the lives of people with MS, spinal cord
injury and other neurological conditions. 

Acorda markets AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg, in the
United States as a treatment to improve walking in patients with multiple
sclerosis (MS). This was demonstrated by an improvement in walking speed. AMPYRA
is marketed outside the United States as FAMPYRA® (prolonged-release fampridine
tablets) by Biogen Idec under a licensing agreement from Acorda. AMPYRA and
FAMPYRA are manufactured under license from Alkermes Pharma Ireland Limited. 

The Company also markets ZANAFLEX CAPSULES® (tizanidine hydrochloride) and
Zanaflex tablets, a short-acting drug for the management of spasticity. Acorda
also receives sales royalties on tizanidine hydrochloride capsules, an
authorized generic version of ZANAFLEX CAPSULES distributed by Watson
Pharmaceutics, Inc. under its agreement with Acorda. 

Acorda has an industry-leading pipeline of novel neurological therapies. The
Company is developing Diazepam Nasal Spray for treatment of certain epileptic
seizures. It is also studying AMPYRA to improve a range of functional
impairments caused by MS, as well as its potential for use in other neurological
conditions, including cerebral palsy and post-stroke deficits. In addition,
Acorda is developing clinical stage compounds AC105 for acute treatment of
spinal cord injury, GGF2 for treatment of heart failure and rHIgM22, a
remyelinating monoclonal antibody, for the treatment of MS. GGF2 is also being
investigated in preclinical studies as a treatment for neurological conditions
such as stroke and spinal cord injury. Chondroitinase, an enzyme that encourages
nerve plasticity in spinal cord injury, is in preclinical development. 

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements, other than
statements of historical facts, regarding management's expectations, beliefs,
goals, plans or prospects should be considered forward-looking. These statements
are subject to risks and uncertainties that could cause actual results to differ
materially, including our ability to successfully market and sell Ampyra in the
U.S.; third party payers (including governmental agencies) may not reimburse for
the use of Ampyra or our other products at acceptable rates or at all and may
impose restrictive prior authorization requirements that limit or block
prescriptions; the risk of unfavorable results from future studies of Ampyra or
from our other research and development programs, including Diazepam Nasal Spray
("DZNS") or any other acquired or in-licensed programs; we may not be able to
complete development of, obtain regulatory approval for, or successfully market
DZNS or other products under development; the occurrence of adverse safety
events with our products; delays in obtaining or failure to obtain regulatory
approval of or to successfully market Fampyra outside of the U.S. and our
dependence on our collaboration partner Biogen Idec in connection therewith;
competition, including the impact of generic competition on Zanaflex Capsules
revenues; failure to protect our intellectual property, to defend against the
intellectual property claims of others or to obtain third party intellectual
property licenses needed for the commercialization of our products; failure to
comply with regulatory requirements could result in adverse action by regulatory
agencies; and the ability to obtain additional financing to support our
operations. These and other risks are described in greater detail in Acorda
Therapeutics' filings with the Securities & Exchange Commission. Acorda may not
actually achieve the goals or plans described in its forward-looking statements,
and investors should not place undue reliance on these statements.
Forward-looking statements made in this release are made only as of the date
hereof, and Acorda disclaims any intent or obligation to update any
forward-looking statements as a result of developments occurring after the date
of this release.

Acorda Therapeutics
Jeff Macdonald, 914-326-5232
jmacdonald@acorda.com

Copyright Business Wire 2013
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