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Kindred Biosciences Announces First Quarter 2016 Financial Results

SAN FRANCISCO, May 5, 2016 /PRNewswire/ -- Kindred Biosciences, Inc. KIN, +3.01% a biopharmaceutical company focused on saving and improving the lives of pets, today announced financial results for the first quarter ended March 31, 2016 and provided updates on its programs.

"We successfully advanced our lead product candidates in the first quarter. We look forward to reporting topline results for KIND-010, a transdermal gel for the management of weight loss in cats, by mid-year, as planned. Additionally, preparations for the commercial launch of Zimeta for fever in horses are on track, positioning KindredBio for the expected revenue generation by the end of 2016 or early 2017," stated Richard Chin, M.D., President and CEO of KindredBio. "Backed by a strong cash position and deep pipeline, we continue to advance our strategy of quickly and efficiently developing therapeutics that improve the lives of companion animals."

Development and Corporate Milestones

  • Launch preparations for Zimeta™ (dipyrone injection) are underway. All major technical sections of the New Animal Drug Application (NADA) have been submitted to the Food and Drug Administration and the Company anticipates approval of Zimeta for the treatment of pyrexia (fever) in horses by the end of 2016, or early 2017. With launch planned shortly after the anticipated approval, KindredBio Equine, a subsidiary for the equine business, has been created.
  • Enrollment in the pivotal study for KIND-010, a transdermal gel for the management of weight loss in cats, has been completed ahead of schedule. The Company is preparing for database lock and reporting of topline results by the middle of this year, as planned. The Target Animal Safety Study has been completed successfully. The Company has submitted the Chemical, Manufacturing and Controls technical section of the NADA.
  • A pilot laboratory study has been completed for Epocat™ (feline erythropoietin, KIND-510) for the control of non-regenerative anemia in cats. The pilot field efficacy study is underway.
  • A pilot laboratory study was conducted to demonstrate the effectiveness and safety of two formulations of KIND-014, a development candidate for the treatment of equine gastric ulcers in horses. The results were positive. Both formulations showed efficacy, as measured by gastric pH, and were well-tolerated. A pilot field study has been initiated.
  • Formulation for KIND-015, a development candidate for metabolic syndrome in horses, a disease similar to Type II diabetes in humans, is being optimized. The Company plans to initiate a pilot field efficacy study in the second half of 2016.
  • Other biologics: Antibodies against cytokines and immune checkpoints are progressing on track, and initial pilot studies for some of the antibodies are anticipated in 2016. KIND-Bodies, a novel biologics scaffold that has certain advantages over antibodies, including bispecific binding, is proceeding on track.
  • A GMP biologics manufacturing plant has been constructed and is undergoing commissioning. This state-of-art plant is one of the first in the world dedicated to veterinary biologics.

First Quarter 2016 Financial Results

For the quarter ended March 31, 2016, KindredBio reported a net loss of $6.1 million or $0.31 per share, as compared to a net loss of $6.7 million or $0.34 per share for the same period in 2015.

Total research and development expenses for the quarter...