SOUTH SAN FRANCISCO, Calif.,
May 7, 2015 /PRNewswire/
-- Rigel Pharmaceuticals, Inc. (Nasdaq:RIGL) today
reported financial results for the first quarter ended March 31, 2015.
For the first quarter of 2015, Rigel reported a net loss of
$18.2 million, or $0.21 per share, compared to a net loss of
$22.3 million, or $0.25 per share, in the first quarter of 2014.
Weighted average shares outstanding for the first quarters of 2015
and 2014 were 88.0 million and 87.5 million, respectively.
Contract revenues from collaborations of $2.2 million in the first quarter of 2015 were
comprised of $2.1 million from the
amortization of the $30.0 million upfront payment from
Bristol-Myers Squibb (BMS) pursuant to the collaboration and
license agreement executed in February
2015 for the discovery, development and commercialization of
potential immuno-oncology therapeutics and $106,000 for Rigel's performance of research
activities in connection with the collaboration agreement with BMS.
There were no contract revenues from collaborations during the
three months ended March 31,
2014.
Rigel reported total operating expenses of $20.4 million in the first quarter of 2015,
compared to $22.4 million in the
first quarter of 2014. The decrease in operating expenses was
primarily due to the decrease in facilities costs resulting from
the effects of the sublease agreement executed in December 2014, as well as a reduction in research
and development costs related to the completion in 2014 of a Phase
2 study of R348 in dry eye and the discontinuation of R118, Rigel's
indirect AMPK activator program. This was partially offset by an
increase in research and development costs related to Rigel's
clinical research programs with fostamatinib in immune
thrombocytopenic purpura (ITP) and IgA nephropathy (IgAN).
As of March 31, 2015, Rigel had
cash, cash equivalents and short-term investments of $161.2 million, compared to $143.2 million as of December 31, 2014. Rigel expects to end
2015 with cash and investments in excess of $100.0 million, which is expected to be
sufficient to fund operations into the second quarter of 2017.
"The collaboration with BMS in immuno-oncology provides a pivot
point as Rigel focuses on immunology and oncology. In the
future, we will be discussing various opportunities within our
pipeline in these areas," said Raul
Rodriguez, president and chief executive officer of
Rigel. "We continue to focus our resources on ensuring the
timely execution of our phase 3 clinical studies in ITP, in
addition, we are actively pursuing additional collaborations to
monetize various other assets," he added.
Fostamatinib in ITP Phase 3 Clinical Program Update
Following a detailed review of the forecasted enrollment
figures, Rigel now expects topline data from both Phase 3 clinical
trials in the middle of 2016. Rigel is actively working with
the clinical sites and investigators to increase patient enrollment
through expanded patient outreach, patient advocacy organizations
and social media campaigns. In addition, Rigel is expediting
the opening of new sites worldwide. Rigel still expects to file the
U.S New Drug Application (NDA) for fostamatinib in ITP by the end
of 2016.
Conference Call and Webcast Today at 4:30PM Eastern Time
Rigel will hold a live conference call and webcast today at
4:30pm Eastern Time (1:30pm Pacific Time).
Participants can access the live conference call by dialing
1-855-892-1489 (domestic) or 1-720- 634-2939 (international) and
using the Conference ID number 39677401. The conference call
will also be webcast live and can be accessed from Rigel's website
at www.rigel.com. The webcast will be archived and
available for replay for 30 days after the call via the Rigel
website.
About Rigel
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, cancers, and
muscle disorders. Rigel's pioneering research focuses on signaling
pathways that are critical to disease mechanisms. Rigel currently
has the following product candidates in development: fostamatinib,
an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase 3
clinical trials for ITP and initiating a Phase 2 clinical trial for
IgAN; R348, an ophthalmic JAK/SYK inhibitor, in a Phase 2 clinical
trial for dry eye in ocular graft-versus-host disease (GvHD); two
oncology product candidates in Phase 1 development with partners
BerGenBio AG and Daiichi Sankyo; and two preclinical programs with
partners AstraZeneca, for R256 in asthma, and Bristol-Myers Squibb,
for TGF beta inhibitors in immuno-oncology.
This release contains forward-looking statements relating to,
among other things, Rigel's expected cash runway, Rigel's
expectation of the timing of topline data from both Phase 3
clinical trials and the enrollment and execution of Rigel's phase 3
clinical studies in ITP, the filing and timing of filing of Rigel's
proposed NDA for fostamatinib in ITP, Rigel's plans to discuss
various opportunities within its pipeline and pursue additional
collaborations to monetize its assets. 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 March
31, 2015. 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,
Rivily, Inc.
Phone: 650.430.3777
Email: susan@rivily.com
STATEMENTS OF
OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
2014
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Contract revenues
from collaborations
|
$
2,178
|
$
-
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Research and
development (see Note A)
|
15,702
|
16,869
|
|
|
General and
administrative (see Note A)
|
4,717
|
5,516
|
|
|
Total operating
expenses
|
20,419
|
22,385
|
|
|
|
|
|
|
Loss from
operations
|
(18,241)
|
(22,385)
|
|
Interest income,
net
|
48
|
82
|
|
|
|
|
|
|
Net loss
|
$ (18,193)
|
$
(22,303)
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.21)
|
$
(0.25)
|
|
|
|
|
|
|
Weighted-average shares used in computing net
loss per share, basic and diluted
|
88,043
|
87,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note
A
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in:
|
|
|
|
|
Research and
development
|
$
1,160
|
$
1,314
|
|
|
General and
administrative
|
894
|
1,050
|
|
|
|
$
2,054
|
$
2,364
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY BALANCE
SHEET DATA
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
March
31,
|
December
31,
|
|
|
|
2015
|
2014
(1)
|
|
|
|
(unaudited)
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$ 161,155
|
$
143,159
|
|
|
Total
assets
|
165,689
|
154,135
|
|
|
Stockholders'
equity
|
112,148
|
128,246
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements
|
|
|
|
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SOURCE Rigel Pharmaceuticals, Inc.