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Egalet Reports Third Quarter 2015 Financial Results And Provides Business Update

The following excerpt is from the company's SEC filing.

Company began commercializing OXAYDO and closed $86.3 million equity financing

Wayne, Penn. Nov. 4, 2015 Egalet Corporation (Nasdaq: EGLT) (Egalet)

, a fully integrated specialty pharmaceutical company focused on developing, manufacturing and marketing innovative treatments for pain and other conditions, today reported business highlights and financial results for the three months ended September 30, 2015.

Third quarter highlights include:

Raised gross proceeds of $86.3 million in an equity financing;

Began the commerci al promotion of OXAYDO (oxycodone HCI, USP) tablets for oral use only CII, an opioid agonist indicated for the management of acute and chronic moderate to severe pain where the use of an opioid analgesic is appropriate, and the only immediate-release oxycodone designed to discourage abuse via the route of snorting, to healthcare providers;

Grew sales of SPRIX

Nasal Spray, a nonsteroidal anti-inflammatory drug indicated in adult patients for the short-term (up to five days) management of moderate to moderately severe pain that requires analgesia at the opioid level, 114% from second quarter to third quarter;

Announced plans to expand commercial reach with an additional 21 sales representatives in place by January 2016;

Had a successful pre-NDA meeting with the FDA regarding the new drug application (NDA) for ARYMO (formerly Egalet-001), an abuse-deterrent, extended-release morphine, which is expected to be filed in the fourth quarter;

Announced plans to expand manufacturing to support the potential commercialization of ARYMO;

Shared plans to submit an investigational new drug application in the second half of 2016 for a Guardian Technology abuse-deterrent stimulant, Egalet-003; and

Presented five scientific abstracts at PainWeek in Las Vegas highlighting the breadth of Egalets products and product candidates from SPRIX Nasal Spray as a treatment option versus commonly used opioids to the robust abuse-deterrent profiles of ARYMO and Egalet-002, an abuse-deterrent, extended-release oxycodone.

In the third quarter Egalet expanded the base of SPRIX prescribers, began commercial promotion of its second product, OXAYDO, and raised $86.3 million through an equity financing to put ourselves in a strong cash positioneven more important now

considering the recent volatility in market conditions, said Bob Radie, Egalets president and chief executive officer. In addition, we had a successful pre-NDA meeting with the FDA and are on track to submit an NDA for ARYMO in the fourth quartera significant milestone for the company as this will be our first product fully developed using our proprietary Guardian Technology.

Third Quarter of 2015 Financial Results

Cash Position

: Cash and marketable securities as of September 30, 2015 were $169.1 million compared to $108.4 million as of June 30, 2015. The net increase in cash and marketable securities of $60.7 million in the third quarter 2015, primarily consisted of cash inflows of $80.8 million in net proceeds from the follow on public equity offering, reduced by $20.1 million in net cash outflows to fund operations.


: Net product sales of SPRIX increased to $1.3 million for the three months ended September 30, 2015 from $607,000 for the three months ended June 30, 2015. Related party revenue of $390,000 for the three months ended September 30, 2015 was a result of an increase in amortization of deferred...