SOUTH SAN FRANCISCO, Calif.,
Aug. 4, 2015 /PRNewswire/
-- Rigel Pharmaceuticals, Inc. (Nasdaq:RIGL) today
reported financial results for the second quarter and six months
ended June 30, 2015.
"The Phase 3 clinical studies with fostamatinib in ITP are
progressing and we continue to expect results in the middle of
2016," said Raul Rodriguez,
president and chief executive officer of Rigel. "We are also
focused on the advancement of our other clinical programs,
including evaluating fostamatinib for new treatment indications, as
well as establishing partnerships for some of our proprietary
molecules," he added.
For the second quarter of 2015, Rigel reported a net loss of
$13.9 million, or $0.16 per share, compared to a net loss of
$25.4 million, or $0.29 per share, in the same period of 2014.
Weighted average shares outstanding for the second quarters of 2015
and 2014 were 88.1 million and 87.5 million, respectively.
Contract revenues from collaborations of $5.2 million in the second quarter of 2015 were
comprised of $4.8 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 $350,000 payment from BMS for Rigel's performance
of research activities in connection with the collaboration and
license agreement. There were no contract revenues from
collaborations in the second quarter of 2014.
Rigel reported costs and expenses of $19.2 million in the second quarter of 2015,
compared to $25.5 million for the
same period in 2014. The decrease in operating expenses was
primarily due to the decrease in facilities costs resulting from
the sublease agreement executed in December
2014, as well as the decrease in research and development
costs related to the Phase 3 clinical program for fostamatinib in
immune thrombocytopenic purpura (ITP) due to certain non-recurring
program start-up costs for fostamatinib in ITP in the second
quarter of 2014. Additionally, research and development costs also
decreased due to the completion in 2014 of a Phase 2 study of R348
in dry eye and the discontinuation of Rigel's indirect AMPK
activator program, R118.
For the six months ended June 30,
2015, Rigel reported a net loss of $32.1 million, or $0.36 per basic and diluted share, compared to a
net loss of $47.7 million, or
$0.54 per basic and diluted share,
for the same period of 2014.
As of June 30, 2015, Rigel had
cash, cash equivalents and short-term investments of $143.9 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.
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
855-892-1489 (domestic) or 720-634-2939 (international) and using
the Conference ID number 86332235. 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 (www.rigel.com)
Rigel Pharmaceuticals, Inc. is a clinical-stage
biotechnology company focused on the discovery and development of
novel, small-molecule drugs for the treatment of inflammatory
diseases, autoimmune diseases, and cancers. 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 a Phase
2 clinical trial for IgA nephropathy (IgAN); R348, a topical
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, the progress and timely execution of Phase 3
clinical studies with fostamatinib in ITP, the management and
advancement of Rigel's other clinical programs, the evaluation of
fostamatinib for new treatment indications and Rigel's ability to
enter into potential partnerships with respect to its proprietary
molecules, Rigel's transition into a commercial stage company,
moving fostamatinib to market in the foreseeable future and Rigel's
product pipeline and development programs. 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, 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
RIGEL
PHARMACEUTICALS, INC
|
STATEMENTS OF
OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
Contract revenues
from collaborations
|
$
5,184
|
$
-
|
|
$
7,362
|
$
-
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
Research and
development (see Note A)
|
15,059
|
20,063
|
|
30,761
|
36,932
|
|
General and
administrative (see Note A)
|
4,099
|
5,393
|
|
8,816
|
10,909
|
|
Total costs and
expenses
|
19,158
|
25,456
|
|
39,577
|
47,841
|
|
|
|
|
|
|
|
Loss from
operations
|
(13,974)
|
(25,456)
|
|
(32,215)
|
(47,841)
|
Interest income,
net
|
62
|
65
|
|
110
|
147
|
|
|
|
|
|
|
|
Net loss
|
$
(13,912)
|
$
(25,391)
|
|
$
(32,105)
|
$
(47,694)
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.16)
|
$
(0.29)
|
|
$
(0.36)
|
$
(0.54)
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net loss
per share, basic and diluted
|
88,137
|
87,532
|
|
88,090
|
87,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note
A
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in:
|
|
|
|
|
|
Research and
development
|
$
1,056
|
$
1,189
|
|
$
2,216
|
$
2,503
|
|
General and
administrative
|
853
|
943
|
|
1,747
|
1,993
|
|
|
$
1,909
|
$
2,132
|
|
$
3,963
|
$
4,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY BALANCE
SHEET DATA
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
December
31,
|
|
|
|
|
|
2015
|
2014 (1)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
143,942
|
$
143,159
|
|
|
|
|
Total
assets
|
148,353
|
154,135
|
|
|
|
|
Stockholders'
equity
|
101,151
|
128,246
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements
|
|
|
|
|
|
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SOURCE Rigel Pharmaceuticals, Inc.