CHESTERBROOK, Pa., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Trevena, Inc. (NASDAQ: TRVN), a biopharmaceutical company focused on the development and commercialization of new and innovative treatment options for patients in pain, today reported third quarter 2018 financial results and announced a workforce restructuring to preserve capital while the Company continues development of oliceridine. As part of this plan, the Company is reducing its workforce by approximately one-third and is undertaking additional cost saving initiatives that in total are expected to save more than $3.5 million a year. The Company also expects to incur a cash charge in the fourth quarter of 2018 of approximately $1.3 million related to the restructuring.
"Following receipt of the Complete Response Letter for oliceridine, we must act to reduce operating costs and conserve our capital resources,” said Carrie L. Bourdow, President and Chief Executive Officer. “Today’s action will allow us to extend our cash runway while retaining the capabilities needed to reach our goal of bringing oliceridine to clinicians and hospital patients. I would like to thank our dedicated employees affected by this plan for their commitment to patients and their many contributions to Trevena.”
Financial results
For the third quarter of 2018, Trevena reported a net loss attributable to common stockholders of $4.5 million, or $0.06 per share, compared with a net loss attributable to common stockholders for the third quarter of 2017 of $16.0 million, or $0.27 per share. Research and development expenses were $3.4 million in the third quarter of 2018 compared to $10.2 million for the same period in 2017; general and administrative expenses were $3.9 million, compared to $5.2 million for the third quarter of 2017.
Cash, cash equivalents, and marketable securities were $70.0 million as of September 30, 2018. The Company expects this amount, together with interest thereon, to be sufficient to fund operating expenses and capital expenditure requirements into the second quarter of 2020.
For additional details, please see the Company’s Form 10-Q that will be filed with the SEC today.
About Trevena
Trevena, Inc. is a biopharmaceutical company focused on the development and commercialization of new and innovative treatment options for patients in pain. The Company has discovered three novel and differentiated drug candidates using its proprietary platform, including intravenous (IV) oliceridine, for the management of moderate to severe acute pain in hospitals, TRV250 for the treatment of acute migraine, and TRV734 for pain and/or management of opioid dependence. In its preclinical programs, Trevena is evaluating a set of novel S1P modulators that may offer a new, non-narcotic approach to managing chronic pain.
