Juniper Pharmaceuticals Reports Second Quarter 2018 Financial and Operating Results

Juniper Pharmaceuticals, Inc. (Nasdaq:JNP), a diversified healthcare company with core businesses of its CRINONE^® (progesterone gel) franchise and fee-for-service pharmaceutical development and manufacturing business, Juniper Pharma Services (JPS), today announced financial results for the quarterly period ended June 30, 2018. Cash and equivalents were USD 20.8 million at June 30, 2018 compared to USD 20.7 million at March 31, 2018.

“Last month, we achieved the key objective in our efforts to maximize shareholder value, announcing a definitive agreement with Catalent, Inc. for the acquisition of all outstanding shares of Juniper at terms which reflect the value of our businesses,” said Alicia Secor, Chief Executive Officer. “We would like to thank our shareholders for their continued support.”

Second Quarter and Recent Corporate Highlights

• Signed a definitive agreement for Catalent, Inc. (Catalent) to acquire all outstanding shares of Juniper Pharmaceuticals, Inc. (Juniper or Juniper Pharmaceuticals). The transaction, approved unanimously by the Juniper Board of Directors, represents a total equity value of approximately USD 139.6 million on a fully-diluted basis. Under the terms of the definitive agreement, Catalent has commenced a tender offer to acquire all of the outstanding shares of Juniper’s common stock at a price of USD 11.50 per share. The closing of the tender offer will be subject to a majority of Juniper’s outstanding shares being tendered in the tender offer. In addition, the transaction is subject to other customary closing conditions. Following completion of the tender offer, Catalent will acquire all remaining shares at the same price of USD 11.50 per share through a second step merger, other than shares that have properly effected appraisal rights. The closing of the transaction is expected to take place in the third quarter of 2018
• Signed an exclusive, worldwide license agreement with Daré Bioscience, Inc. (Daré) for the development and commercialization of Juniper’s intravaginal ring (IVR) technology platform, including its three preclinical IVR candidates targeting unmet needs in women’s health. Under the agreement, Daré will be responsible for conducting all research, development, and commercial activities for this program

Second Quarter 2018 Financial Results

Second quarter 2018 total revenues increased 10 percent to USD 15.3 million, compared with USD 14.0 million for the quarter ended June 30, 2017.

Product revenues were USD 9.3 million compared to USD 9.6 million in the second quarter of 2017.

Service revenues from JPS were USD 5.7 million, an increase of USD 1.3 million, versus USD 4.4 million in the second quarter of last year, driven by new and existing customer growth.

Gross profit was USD 6.2 million as compared to USD 6.3 million in the prior year quarter.

Total operating expenses were USD8.1 million in the second quarter of 2018, compared to USD 6.7 million in the prior year quarter. The increase is largely attributed to transaction-related costs.

Juniper recorded net loss of USD 1.5 million in the second quarter of 2018, or USD 0.14 net loss per diluted share, compared to a net loss of USD 0.4 million, or USD 0.03 net loss per diluted share, in the same period of 2017.

Liquidity

Cash and cash equivalents were USD 20.8 million as of June 30, 2018 versus USD 20.7 million at March 31, 2018.-Medical Buyer Bureau