October was a very big month for our company! Esperion not only announced positive top-line results from the ETC-1002-008 Phase 2b study in patients with hypercholesterolemia with or without statin intolerance, but within two weeks of this announcement we completed a successful follow-on public offering raising almost $100 million. October proved to be an exciting, very rewarding and productive month for our team and investors!
Early October saw the return of exceptionally volatile stock market conditions, which made it an extremely challenging time for Esperion to raise money. The great news is that with the support of our investors, bankers and very experienced management team, we were able to complete the financing at a price that was almost 50% higher than the IPO in June 2013! Most importantly, we raised enough money to fully fund the development of ETC-1002 through completion of our planned Phase 3 program.
Our team at Esperion still has a lot of work to do to continue to accelerate the development of ETC-1002 – our late-stage program in hypercholesterolemia. We are singularly focused on delivering on the following key milestones:
- Complete and file the 2-year carcinogenicity study reports with the FDA in late-December or early-January.
- Complete and report out positive top-line results from the Phase 2b ETC-1002-009 clinical study in Q1 2015.
- Complete and report positive top-line results from the Phase 2 ETC-1002-014 clinical study in Q2 2015.
- Prepare for and complete an End of Phase 2 meeting with the FDA in mid-2015.
- Prepare for and initiate our Phase 3 program by Q4 2015.
With nearly $150 million in cash, we have all the resources necessary to rapidly advance ETC-1002 through Phase 3 development in the treatment of patients with hypercholesterolemia who are in need of new, oral, well-tolerated therapies to lower their LDL-C and potentially reduce their risk of cardiovascular disease. We are committed to bringing ETC-1002 to market to meet the needs of the millions of patients with hypercholesterolemia who need new and better treatment options.