SOUTH SAN FRANCISCO, Calif.,
March 4, 2014 /PRNewswire/ -- Rigel
Pharmaceuticals, Inc. (Nasdaq:RIGL) today reported financial
results for the fourth quarter and year ended December 31, 2013.
For the fourth quarter of 2013, Rigel reported a net loss of
$16.9 million, or $0.19 per share, compared to a net loss of
$25.5 million, or $0.30 per share, in the fourth quarter of 2012.
Weighted average shares outstanding for the fourth quarter of 2013
and 2012 were 87.4 million and 85.3 million, respectively.
Contract revenue from collaborations in the fourth quarter of
2013 was comprised of a $5.8 million
non-refundable payment earned from AstraZeneca AB (AZ) as a result
of its continued development of R256 in asthma. There was no
contract revenue from collaborations in the fourth quarter of
2012.
Rigel reported total operating expenses of $22.7 million in the fourth quarter of 2013,
compared to $25.6 million in the
fourth quarter of 2012. The decrease in operating expenses was
primarily due to a decrease in research and development costs
related to the following three areas: the completion of a Phase 2
clinical study with R343 in asthma in August
2013, a decrease in stock-based compensation expense, and a
decrease in bonus compensation expense; and was partially offset by
an increase in research and development costs related to
fostamatinib in immune thrombocytopenic purpura (ITP). Stock-based
compensation expense decreased from $3.3 million in the
fourth quarter of 2012 to $1.6 million in the fourth
quarter of 2013 primarily because the majority of options granted
in 2013 have longer vesting periods and lower valuations as
compared to options granted in the same period of 2012.
For the twelve months ended December 31,
2013, Rigel reported contract revenue of $7.2 million and a net loss of $89.0 million, or $1.02 per basic and diluted share, compared to
contract revenue of $2.3 million and
a net loss of $98.8 million, or
$1.32 per basic and diluted share, in
2012. Contract revenue in 2013 consisted of a $5.8 million non-refundable payment earned from
AZ for its continued development of R256 in asthma, and a
non-refundable payment of $1.4
million from Daiichi Sankyo (Daiichi) related to Daiichi's
investigational new drug application filing for an oncology
compound. Contract revenue in 2012 consisted of a $1.0 million upfront payment from AZ to license
R256, a payment of $750,000 from
Daiichi related to an oncology compound, and a payment of
$500,000 from BerGenBio AS
(BerGenBio) for the development of an oncology compound.
As of December 31, 2013, Rigel had
cash, cash equivalents and available-for-sale securities of
$212.0 million, compared to
$298.2 million as of December 31, 2012. Rigel expects to end
2014 with cash and investments in excess of $132.0 million, which is expected to be
sufficient to fund operations through the second quarter of
2016.
Rigel presently has five distinct development programs in, or
poised to enter, clinical studies this year, including a planned
Phase 3 evaluation of fostamatinib as a potential treatment for ITP
which is expected to commence by mid-2014, and the results of a
Phase 2 study of R348, a topical JAK/SYK inhibitor for the
potential treatment of dry eye, expected in the second half of this
year. (Note: see Rigel press release dated January 10, 2014
for more project update information.)
"As 2014 unfolds, Rigel has a number of significant clinical
research projects in the works, which include a good combination of
more advanced projects, such as fostamatinib in ITP, and earlier
ones, such as R118 in intermittent claudication," said James M. Gower, chairman and chief executive
officer of Rigel. "We look forward to initiating the first of
our two pivotal P3 trials of fostamatinib in ITP next month," he
added.
About Rigel (www.rigel.com)
Rigel Pharmaceuticals, Inc. is a clinical-stage drug
development company that discovers and develops novel,
small-molecule drugs for the treatment of inflammatory and
autoimmune diseases, as well as muscle disorders. Rigel's
pioneering research focuses on intracellular signaling pathways and
related targets that are critical to disease mechanisms. Rigel
currently has five product candidates in development: fostamatinib,
an oral SYK inhibitor expected to enter a Phase 3 clinical trial
for ITP and a Phase 2 clinical trial for IgA nephropathy in the
first half of 2014; R348, a topical JAK/SYK inhibitor currently in
Phase 2 clinical trials for dry eye; R118, an AMPK activator
expected to enter Phase 1 clinical trials in the first half of
2014; and two oncology product candidates in Phase 1 development
with partners BerGenBio and Daiichi.
This press release contains "forward-looking" statements,
including, without limitation, statements related to development
plans, the timing of planned clinical trials and results, and
Rigel's ability to fund and maintain its current development plans
into 2016. Any statements contained in this press release
that are not statements of historical fact may be deemed to be
forward-looking statements. Words such as "planned," "will," "may,"
"expect," and similar expressions are intended to identify these
forward-looking statements. These forward-looking statements
are based on Rigel's current expectations and inherently involve
significant risks and uncertainties. Actual results and the timing
of events could differ materially from those anticipated in such
forward looking statements as a result of these risks and
uncertainties, which include, without limitation, the availability
of resources to develop Rigel's product candidates, Rigel's need
for additional capital in the future to sufficiently fund Rigel's
operations and research, the uncertain timing of completion of and
the success of clinical trials, market competition, risks
associated with and Rigel's dependence on Rigel's corporate
partnerships, as well as other risks detailed from time to time in
Rigel's reports filed with the Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q for
the quarter ended September 30, 2013. Rigel does not
undertake any obligation to update forward-looking statements and
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein.
Contact: Ryan D. Maynard
Phone: 650.624.1284
Email: invrel@rigel.com
Media Contact: Susan C. Rogers,
Alchemy Consulting, Inc.
Phone: 650.430.3777
Email: susan@alchemyemail.com
STATEMENTS OF
OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
Twelve Months
Ended December 31,
|
|
|
2013
|
2012
|
|
2013
|
2012
|
|
|
|
(unaudited)
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Contract
revenues
|
$
5,750
|
$
-
|
|
$
7,150
|
$
2,250
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development (see Note A)
|
18,046
|
19,764
|
|
75,328
|
78,778
|
|
|
General and
administrative (see Note A)
|
4,648
|
5,852
|
|
19,612
|
22,849
|
|
|
Restructuring charges
(see Note A)
|
-
|
-
|
|
1,679
|
-
|
|
|
Total operating
expenses
|
22,694
|
25,616
|
|
96,619
|
101,627
|
|
Loss from
operations
|
(16,944)
|
(25,616)
|
|
(89,469)
|
(99,377)
|
|
Interest income,
net
|
83
|
144
|
|
442
|
537
|
|
Net loss
|
$
(16,861)
|
$
(25,472)
|
|
$
(89,027)
|
$
(98,840)
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.19)
|
$
(0.30)
|
|
$
(1.02)
|
$
(1.32)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing
|
|
|
|
|
|
|
net loss per share, basic and diluted
|
87,430
|
85,274
|
|
87,288
|
74,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note
A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in:
|
|
|
|
|
|
|
Research and
development
|
$
870
|
$
1,836
|
|
$
3,930
|
$
7,050
|
|
|
General and
administrative
|
693
|
1,427
|
|
2,997
|
5,567
|
|
|
Restructuring
charges
|
-
|
-
|
|
239
|
-
|
|
|
|
$
1,563
|
$
3,263
|
|
$
7,166
|
$
12,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY BALANCE
SHEET DATA
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
|
|
|
|
|
2013
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and available
|
|
|
|
|
|
|
|
for sale
securities
|
$
211,975
|
$
298,241
|
|
|
|
|
|
Total
assets
|
226,058
|
310,043
|
|
|
|
|
|
Stockholders'
equity
|
208,251
|
289,096
|
|
|
|
|
SOURCE Rigel Pharmaceuticals, Inc.