DALLAS and FORT WORTH, Texas, May 09, 2019 (GLOBE NEWSWIRE) -- Neos Therapeutics, Inc. (Nasdaq: NEOS), a pharmaceutical company focused on developing, manufacturing and commercializing innovative extended-release (XR) products using its proprietary modified-release drug delivery and orally disintegrating tablet (ODT) technology platforms, today reported financial results for the first quarter ended March 31, 2019 and provided a business update.

“We continued to make solid progress as we execute our new commercial strategy for our ADHD product portfolio. Throughout the first quarter, we realized improvements in net revenue per pack, primarily driven by our focus on more profitable business channels and market segments,” said Jerry McLaughlin, President and Chief Executive Officer. “Additionally, we implemented a number of new initiatives designed to foster the long-term growth of our business. We expect to demonstrate the impact of these cumulative strategies with continued increases in net revenue per pack, growth in prescription volume and increased market share in our target prescriber base during the second half of 2019. Turning to our pipeline, we have advanced the IND-enabling studies for NT0502, our product candidate for the treatment of sialorrhea, and anticipate commencing a Phase 1 clinical trial for this molecule in the first half of 2020.”

Recent Corporate Highlights

• Demonstrated Continued Growth in Key Commercial Metrics: Neos’ two core commercial attention deficit hyperactivity disorder (ADHD) products, Adzenys XR-ODT^® and Cotempla XR-ODT^®, delivered strong growth in both prescriptions and net revenue per pack for the three months ended March 31, 2019 compared to the same period in 2018.

*Adzenys ER revenue was negligible in Q1 2019 and 2018.

• The Company reported a gross profit of $8.2 million for the three months ended March 31, 2019, compared to a gross profit of $5.5 million for the same period in 2018.
• Research and development expenses for the three months ended March 31, 2019, were $3.2 million compared to $1.7 million for the same period in 2018. The increase in expense was primarily attributable to clinical trial expenses associated with the Company’s Adzenys XR-ODT post marketing commitments.
• Selling and marketing expenses were $7.1 million for the three months ended March 31, 2019, compared to $13.0 million for the same period in 2018.
• General and administrative expenses for the three months ended March 31, 2019, were $3.8 million compared to $3.3 million for the same period in 2018.
• The Company reported a net loss of $7.6 million, or $0.15 per share, for the three months ended March 31, 2019, compared to a net loss of $14.4 million, or $0.50 per share, for the same period in 2018.
• At March 31, 2019, the Company held $40.0 million in cash and cash equivalents and short-term investments.

About Neos Therapeutics

Neos Therapeutics, Inc. (NASDAQ: NEOS) is a pharmaceutical company focused on developing, manufacturing and commercializing products utilizing its proprietary modified-release drug delivery technology platforms. Adzenys XR-ODT^®(amphetamine) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), Cotempla XR-ODT^® (methylphenidate) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), and Adzenys-ER^® (amphetamine) extended-release oral suspension (see Full Prescribing Information, including Boxed WARNING), all for the treatment of ADHD, are three approved products using the Company’s extended-release technology platform. Additional information about Neos is available at www.neostx.com.