Dova Pharmaceuticals Inc. reported fourth-quarter financial results that were better than expected, the first results under its new chief executive officer.
The company saw a a net loss of $19.3 million, or 69 cents per share in the fourth quarter, higher than the net loss of $9.3 million, or 36 cents per share in the fourth quarter of 2017 but 7 cents per share better than analyst expectations.
In December 2018, David Zaccardelli was appointed president and CEO, and Jason Hoitt became chief operating officer.
Prior to joining Dova, Zaccardelli served as the acting CEO of Cempra Inc. from December 2016 until the company merged with Melinta Therapeutics Inc. in November 2017.
“Following the management changes announced in December 2018, we worked expeditiously to implement changes to our commercialization strategy for DOPTELET. We are encouraged with the initial feedback and results from these efforts and remain confident in the significant commercial opportunity for DOPTELET,” Zaccardelli said in a statement.
DOPTELET, a treatment of thrombocytopenia in adult patients with chronic liver disease who are scheduled to undergo a procedure, was approved by the FDA for review beginning in May 2018. Nearly 700 health care professionals have prescribed the treatment to their patients.
The Prescription Drug User Fee Act goal date for an FDA decision is June 30, 2019.
Selling, general and administrative expenses were $16.1 million in the fourth quarter of 2018, compared to $6.5 million for the same period in 2017. The increase was primarily due to staffing and other costs associated with the launch of DOPTELET as well as additional costs necessary for operating as a public entity.
Net product sales were $2.8 million for the fourth quarter of 2018. There was no revenue in 2017.
The U.S. sales team was redesigned in January 2019. The team now has 44 sales representatives and five regional directors responsible for DOPTELET sales.
Wall Street estimations for earnings per share for the full year of 2019 is at a net loss of $2.32 per share and revenue of $35.8 million.
Dova stock is at $7.06, down from $7.75 per share on Wednesday morning.
The SEC filing can be found here.
