Minerva Neurosciences, Inc.
May 7, 2015

Minerva Neurosciences Reports First Quarter 2015 Financial Results and Other Key Business Updates

MIN-101 Phase 2b trial for schizophrenia on track with enrollment underway; new regulatory approvals to conduct trials in Europe

MIN-117 Phase 2a study in Major Depressive Disorder (MDD) on track and expected to begin enrollment in second quarter; additional study arm planned

Management to host conference call today at 8:30 a.m. ET

WALTHAM, Mass., May 7, 2015 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (Nasdaq:NERV), a clinical-stage biopharmaceutical company focused on the development of innovative therapies to treat central nervous system (CNS) diseases and disorders, today reported key business updates and financial results for the first quarter ended March 31, 2015.

"We significantly strengthened our balance sheet by successfully completing equity capital and debt financing in the first quarter of 2015," said Dr. Remy Luthringer, president and chief executive officer of Minerva. "We also made important progress advancing our clinical development programs and achieving several clinical and regulatory milestones for our pipeline, including regulatory approval to begin our Phase 2b study of our lead product candidate MIN-101. We remain on track with our clinical programs as we approach several upcoming milestones in 2015 and key data readouts in the first half of 2016, which I believe will bring us closer to our goal of building a CNS company with innovative therapeutics to help patients with significant unmet needs."

First Quarter 2015 Key Business Updates:

MIN-101:

MIN-202:

MIN-117:

MIN-301:

Financings:

First Quarter 2015 Financial Results:

Conference Call Information:

Minerva Neurosciences will host a conference call and live audio webcast today at 8:30 a.m. ET to discuss the quarter and recent business activities. To participate in the conference call, please dial (877) 312-5845 (domestic) or (765) 507-2618 (international) and refer to conference ID 29475035. The live webcast can be accessed under "Events & Presentations" in the Investors section of the Company's website at www.minervaneurosciences.com. The archived webcast will be available on the Company's website beginning approximately two hours after the event and will be archived for 30 days.

About Minerva Neurosciences:

Minerva Neurosciences, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of product candidates to treat CNS diseases. Minerva is developing proprietary compounds, including its lead program MIN-101 in development for the treatment of schizophrenia, MIN-202 in development for primary and comorbid insomnia, MIN-117 in development for the treatment of major depressive disorder and MIN-301 in development for the treatment of Parkinson's disease. Minerva's common stock is listed on the NASDAQ Global Market where it trades under the symbol "NERV". For more information, please visit: www.minervaneurosciences.com/.

Forward-Looking Safe-Harbor Statement:

This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts, reflect management's expectations as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the timing and results of future clinical milestones; the timing of future clinical trials and results of clinical trials; the clinical and therapeutic potential of our compounds; our ability to successfully develop and commercialize our therapeutic products; the sufficiency of our current cash position to fund our operations; and management's ability to successfully achieve its goals. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including, without limitation, whether any of our other therapeutic products will advance further in the clinical trials process and whether and when, if at all, they will receive final approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies and for which indications; whether any of our therapeutic products will be successfully marketed if approved; whether any of our therapeutic product discovery and development efforts will be successful; our ability to achieve the results contemplated by our co-development agreements; management's ability to successfully achieve its goals; our ability to raise additional capital to fund our operations on terms acceptable to us; and general economic conditions. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the Securities and Exchange Commission on May 7, 2015. Copies of reports filed with the SEC are posted on our website at www.minervaneurosciences.com. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

     
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
  March 31, December 31,
  2015 2014
  (in thousands)
ASSETS
Current Assets:    
Cash and cash equivalents  $ 52,201  $ 18,546
Restricted cash  40  35
Prepaid expenses  503  757
Total current assets  $ 52,744  $ 19,338
Equipment, net  34  44
In-process research and development  34,200  34,200
Goodwill  14,869  14,869
Total Assets  $ 101,847  $ 68,451
     
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:    
Notes payable - current portion  $ 158  $ -- 
Accounts payable  1,035  642
Accrued expenses and other current liabilities  1,771  1,645
Accrued collaborative expenses  1,461  1,222
Total current liabilities  $ 4,425  $ 3,509
Long-Term Liabilities:    
Notes payable - noncurrent  9,547  -- 
Deferred taxes  13,434  13,434
Other non-current liabilities  5  8
Total liabilities  $ 27,411  $ 16,951
Stockholders' Deficit:    
Common stock  2  2
Additional paid-in capital  155,258  126,229
Accumulated deficit  (80,824)  (74,731)
Total stockholders' deficit  $ 74,436  $ 51,500
Total Liabilities and Stockholders' Deficit  $ 101,847  $ 68,451
     
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
  Three months ended March 31,
  (in thousands, except per
share amounts)
  2015 2014
     
Revenues  $ --   $ -- 
Operating expenses:    
Research and development  3,961  586
General and administrative  1,917  2,037
Total operating expenses  5,878  2,623
     
Foreign exchange (gains)/losses  16  (6)
Interest expense, net  (231)  (309)
Net loss  $ (6,093)  $ (2,938)
Loss per share:    
Basic and diluted  $ (0.31)  $ (0.43)
Weighted average shares:    
Basic and diluted  19,417  6,903
CONTACT: Media contact:

         Bill Berry

         Berry & Company Public Relations

         212-253-8881

         bberry@berrypr.com



         Investor contact:

         Stephanie Ascher

         Stern Investor Relations

         212-362-1200

         stephanie@sternir.com

Minerva logo

Source: Minerva Neurosciences, Inc

News Provided by Acquire Media