 Company reports second quarter 2020 XHANCE net revenue of 10.3 million Second quarter 2020 XHANCE prescriptions increased 84 from second quarter 2019Conference call and webcast to be held today at 8:00 a.m. Eastern Time YARDLEY, Pa., Aug. 04, 2020 GLOBE NEWSWIRE -- Optinose NASDAQ:OPTN, a pharmaceutical company focused on patients treated by ear, nose and throat ENT and allergy specialists, today reported financial results for the quarter ended June 30, 2020, and provided operational updates.XHANCE prescription volume continued to grow in the second quarter, which was impressive given the major disruptions to patient volumes and care pathways within ENT and allergy physician practices, stated CEO Peter Miller. XHANCE had exceptionally strong market share growth, demonstrating remarkable resilience, as we successfully adapted our business to the COVID-19 environment. We are excited by the potential for XHANCE to continue to grow and recently announced a co-promotion with kaléo that will amplify our effort. We look forward to a strong partnership that we believe can have meaningful impact.Second Quarter 2020 and Recent Highlights XHANCE Prescriptions The number of XHANCE fluticasone propionate prescriptions increased by 84 from second quarter 2019 to second quarter 2020.Kaléo Co-Promotion Agreement In July the Company announced the signing of an agreement with kaléo, a pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions, to co-promote XHANCE. Under the terms of the agreement, kaléo will promote XHANCE to an agreed-upon audience of office-based healthcare professionals, which is expected to increase promotional reach and frequency starting by the fourth quarter of 2020. The audience includes nearly 6,000 prescribers about half of whom are outside of the current Optinose called-on universe of approximately 10,000 healthcare professionals.OPN-019 In June the Company announced the initiation of development of a new product candidate, OPN-019. OPN-019 will combine the Companys proprietary nasal Exhalation Delivery System EDS technology with an antiseptic that has been recently shown in third party in vitro studies to kill the virus that causes COVID-19. Because components of the drug-device combination product candidate, including both the active drug and delivery device, are currently commercially available in the U.S., the Company expects to be able to rapidly progress to a meeting with FDA to discuss an IND and then onward to clinical trials. The Company is focused on supporting the initial stages of development within its current operating expense plan and intends to seek grants, partnerships, andor other sources of capital to fund future development.Peer-Reviewed Scientific Journal Publications Pooled analysis of the Companys NAVIGATE I and II phase 3 clinical trials highlighting improvement in quality of life and health status measures were published in the International Forum of Allergy Rhinology1.In addition, results from VIZUALIZE, a study using nasal endoscopy video to evaluate the efficacy and safety of XHANCE twice daily in adults with bilateral nasal polyps were published in Rhinology2, the official journal of the International Rhinologic Society.Second Quarter 2020 Financial ResultsNet product revenues The Company generated 10.3 million and 17.3 million in net product revenues from sales of XHANCE during the three and six months ended June 30, 2020, respectively.Costs and expenses and net loss For the three and six months ended June 30, 2020, research and development expenses were 5.5 million and 10.4 million, respectively and selling, general and administrative expenses were 25.7 million and 52.8 million, respectively. The net loss for the three and six months ended June 30, 2020 was 25.9 million, or 0.56 per share basic and diluted and 54.7 million, or 1.19 per share basic and diluted, respectively.Cash The Company had cash and cash equivalents of 125.3 million as of June 30, 2020.Corporate GuidanceXHANCE Net Revenue per Prescription The Company expects XHANCE average net revenue per prescription to improve through the remainder of 2020.Operating Expenses The Company expects total GAAP operating expenses selling, general administrative expenses and research development expenses for 2020 to be in the range of 131 - 136 million, of which the Company expects stock-based compensation to be approximately 11 million.Chronic Sinusitis Clinical Trials The Company expects top-line results from both of its clinical trials evaluating XHANCE as a potential treatment for Chronic Sinusitis in the second half of 2021.Company to Host Conference CallMembers of the Companys leadership team will host a conference call and presentation to discuss financial results and corporate updates beginning at 8:00 a.m. Eastern Time today.To participate on the conference call, please dial 866 916-4761 from the U.S. or 1 409 216-6496 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until August 11, 2020 by dialing 855 859-2056 from the U.S. or 1 404 537-3406 from outside the U.S. and entering conference ID 2298719. A simultaneous webcast of the call and presentation can be accessed by visiting the Investors section of Optinoses website at In addition, a replay of the webcast will be available on the Company website for 60 days following the event. OptiNose, Inc. Condensed Consolidated Statement of Operations in thousands, except share and per share data Unaudited Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues: Net product revenues10,272 6,677 17,334 10,653 Licensing revenues 500 Total revenues10,272 6,677 17,334 11,153 Costs and expenses: Cost of product sales1,700 1,089 3,056 1,827 Research and development5,474 5,295 10,406 9,857 Selling, general and administrative25,697 26,000 52,757 52,340 Total costs and expenses32,871 32,384 66,219 64,024 Loss from operations22,599 25,707 48,885 52,871 Other expense3,253 1,670 5,823 3,380 Net loss25,852 27,377 54,708 56,251 Net loss per share of common stock, basic and diluted0.56 0.66 1.19 1.36 Weighted average common shares outstanding, basic and diluted45,908,104 41,310,068 45,907,133 41,283,478 OptiNose, Inc. Condensed Consolidated Balance Sheet Data in thousands June 30, December 31, 2020 2019 unaudited Cash and cash equivalents125,266 147,144 Other assets27,782 25,506 Total assets153,048 172,650 Total current liabilities34,898 36,139 Long-term debt, net104,947 74,531 Other liabilities594 397 Total stockholders equity12,609 61,583 Total liabilities and stockholders equity153,048 172,650 About Optinose Optinose is a specialty pharmaceutical company focused on serving the needs of patients cared for by ear, nose and throat ENT and allergy specialists. Optinose has offices in the U.S., the U.K. and Norway. To learn more, please visit or follow us on Twitter and LinkedIn.Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are hereby identified as forward-looking statements for this purpose and include, among others, statements relating to: the impact of, our plans regarding and the uncertainty caused by the COVID-19 pandemic; the potential for continued XHANCE growth; the expected commencement of promotional activities by kaléo by the fourth quarter of 2020 and the potential benefits of those activities; the Companys development plans and objectives for OPN-019, the potential benefits of OPN-019 and the Companys intention to fund initial development of OPN-019 within its current operating expense plan and to seek grants, partnerships andor other sources of capital to fund future development; the Companys plans to seek approval for a follow-on indication for XHANCE for the treatment of chronic sinusitis and the expectation of top line results from both of its chronic sinusitis trials in second half 2021; expectation that XHANCE average net revenue per prescription will improve through the remainder of 2020; projected Company GAAP operating expenses and stock-based compensation for 2020; and other statements regarding the Companys future operations, financial performance, financial position, prospects, objectives; and other future events. 