SOUTH SAN FRANCISCO, Calif.,
Aug. 5, 2014 /PRNewswire/ -- Rigel
Pharmaceuticals, Inc. (Nasdaq:RIGL) today reported financial
results for the second quarter and six months ended June 30, 2014.
For the second quarter of 2014, Rigel reported a net loss of
$25.4 million, or $0.29 per share, compared to a net loss of
$22.8 million, or $0.26 per share, in the same period of 2013.
Weighted average shares outstanding for the second quarters of 2014
and 2013 were 87.5 million and 87.1 million, respectively.
There was no contract revenue from collaborations in the second
quarter of 2014. Contract revenue from collaborations in the second
quarter of 2013 consisted of a $1.4
million payment from Daiichi Sankyo for the IND filing for
an oncology compound.
Rigel reported total operating expenses of approximately
$25.5 million in the second quarter
of 2014, compared to approximately $24.3
million for the same period in 2013. The increase in
operating expenses was primarily due to the increase in research
and development costs related to a Phase 3 clinical program for
fostamatinib in patients with immune thrombocytopenic purpura
(ITP), partially offset by the decrease in research and development
costs related to a Phase 2 clinical study of R343 in asthma that
was completed in August 2013.
For the six months ended June 30,
2014, Rigel reported a net loss of $47.7 million, or $0.54 per basic and diluted share, compared to a
net loss of $48.3 million, or
$0.55 per basic and diluted share,
for the same period of 2013.
As of June 30, 2014, Rigel had
cash, cash equivalents and available for sale securities of
$176.0 million, compared to
$212.0 million as of December 31, 2013. Rigel expects to end
2014 with cash, cash equivalents and available for sale securities
in excess of $132.0 million, which it expects will be
sufficient to fund operations through the second quarter of
2016.
"We are pleased to have the Phase 3 study underway to evaluate
fostamatinib as a treatment for patients with ITP," said
James M. Gower, chairman and chief
executive officer of Rigel. "In addition, we anticipate reporting
the top-line results from the Phase 2 study of R348 in patients
with dry eye shortly," 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, which is in Phase 3 clinical trials for ITP
and is expected to enter a Phase 2 clinical trial for IgA
nephropathy in the second half of 2014; R348, a topical JAK/SYK
inhibitor in Phase 2 clinical trials for dry eye; R118, an AMPK
activator in Phase 1 development; and two oncology product
candidates in Phase 1 development with partners BerGenBio AG and
Daiichi Sankyo.
This press release contains "forward-looking" statements,
including, without limitation, statements related to Rigel's
clinical development plans, including the timing of planned
clinical trials and results, and our expected cash balances and
sufficiency of our cash resources and ability to fund our
operations. 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 three months ended March 31, 2014. 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
RIGEL
PHARMACEUTICALS, INC.
|
STATEMENTS OF
OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2014
|
2013
|
|
2014
|
2013
|
|
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
Contract
revenues
|
$
-
|
$
1,400
|
|
$
-
|
$ 1,400
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development (see Note A)
|
20,063
|
19,393
|
|
36,932
|
39,708
|
|
General and
administrative (see Note A)
|
5,393
|
4,892
|
|
10,909
|
10,287
|
|
Total operating
expenses
|
25,456
|
24,285
|
|
47,841
|
49,995
|
|
|
|
|
|
|
|
Loss from
operations
|
(25,456)
|
(22,885)
|
|
(47,841)
|
(48,595)
|
Interest income,
net
|
65
|
117
|
|
147
|
253
|
|
|
|
|
|
|
|
Net loss
|
$ (25,391)
|
$
(22,768)
|
|
$ (47,694)
|
$ (48,342)
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.29)
|
$
(0.26)
|
|
$ (0.54)
|
$ (0.55)
|
|
|
|
|
|
|
|
Weighted-average shares used in computing net
loss per share, basic and diluted
|
87,532
|
87,147
|
|
87,529
|
87,144
|
|
|
|
|
|
|
|
Note
A
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in:
|
|
|
|
|
|
Research and
development
|
$
1,189
|
$
1,002
|
|
$ 2,503
|
$ 2,025
|
|
General and
administrative
|
943
|
745
|
|
1,993
|
1,515
|
|
|
$
2,132
|
$
1,747
|
|
$ 4,496
|
$ 3,540
|
|
SUMMARY BALANCE
SHEET DATA
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
June
30,
|
December
31,
|
|
|
2014
|
2013 (1)
|
|
|
(unaudited)
|
|
|
|
|
|
|
Cash, cash equivalents and available for sale
securities
|
$ 176,030
|
$
211,975
|
|
Total
assets
|
182,431
|
226,058
|
|
Stockholders'
equity
|
165,733
|
208,251
|
|
|
|
|
(1)
|
Derived from audited
financial statements
|
|
|
SOURCE Rigel Pharmaceuticals, Inc.