SOUTH SAN FRANCISCO, Calif.,
Nov. 3, 2015 /PRNewswire/
-- Rigel Pharmaceuticals, Inc. (Nasdaq:RIGL) today
reported financial results for the third quarter and nine months
ended September 30, 2015.
"We are concentrating our efforts on the timely completion of
our two Phase 3 studies with fostamatinib in immune
thrombocytopenic purpura (ITP). We expect topline data from the
first Phase 3 trial in the middle of 2016 with the second reporting
shortly thereafter," said Raul
Rodriguez, president and chief executive officer of Rigel.
"Also, our new partnership with Aclaris Therapeutics demonstrates
our continuing efforts to explore additional partnerships and
advance opportunities in areas beyond our therapeutic focus." he
added.
For the third quarter of 2015, Rigel reported a net loss of
$6.7 million, or $0.08 per share, compared to a net loss of
$20.9 million, or $0.24 per share, for the same period of 2014.
Weighted average shares outstanding for the third quarters of 2015
and 2014 were 88.5 million and 87.8 million, respectively.
Contract revenues from collaborations of $13.0 million in the third quarter of 2015 were
comprised of an $8.0 million upfront
payment from Aclaris Therapeutics International Limited pursuant to
the license agreement executed in August
2015 for the development and commercialization of certain
Rigel JAK inhibitors for the treatment of alopecia areata and other
dermatological conditions, as well as $4.8
million from the amortization of the $30.0 million upfront payment from Bristol-Myers
Squibb. There were no contract revenues from collaborations in the
third quarter of 2014.
Rigel reported costs and expenses of $19.8 million in the third quarter of 2015,
compared to $21.0 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, partially offset by the increase in research and
development costs related to Rigel's Phase 3 clinical program for
fostamatinib in ITP.
For the nine months ended September 30,
2015, Rigel reported a net loss of $38.8 million, or $0.44 per basic and diluted share, compared to a
net loss of $68.6 million, or
$0.78 per basic and diluted share,
for the same period of 2014.
As of September 30, 2015, Rigel
had cash, cash equivalents and short-term investments of
$134.4 million, compared to
$143.2 million as of December 31, 2014. Rigel expects to end
2015 with cash and investments in excess of $115.0 million,
which is expected to be sufficient to fund operations into the
second quarter of 2017.
Conference Call and Webcast Today at 5:00PM Eastern Time
Rigel will hold a live conference call and webcast today at
5:00pm Eastern Time (2:00pm 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 65636822. 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 AS and Daiichi
Sankyo; and three preclinical programs with
partners AstraZeneca for R256 in
asthma, Bristol-Myers Squibb for TGF beta inhibitors in
immuno-oncology, and Aclaris Therapeutics for certain JAK
inhibitors in dermatology.
This release contains forward-looking statements relating to,
among other things, the progress, timely execution and timing of
reporting topline data of Phase 3 clinical studies with
fostamatinib in ITP, the management and advancement of Rigel's
other clinical programs, Rigel's ability to extend the value of
Rigel's pipeline into fields that are beyond its therapeutic focus,
the evaluation of fostamatinib for new treatment indications,
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 June
30, 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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
Contract revenues
from collaborations
|
$
12,996
|
$
-
|
|
$ 20,358
|
$
-
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
Research and
development (see Note A)
|
15,501
|
16,151
|
|
46,262
|
53,083
|
|
General and
administrative (see Note A)
|
4,276
|
4,889
|
|
13,092
|
15,798
|
|
Total costs and
expenses
|
19,777
|
21,040
|
|
59,354
|
68,881
|
|
|
|
|
|
|
|
Loss from
operations
|
(6,781)
|
(21,040)
|
|
(38,996)
|
(68,881)
|
Interest
income
|
54
|
54
|
|
162
|
199
|
Gain on disposal of
assets
|
55
|
44
|
|
57
|
46
|
|
|
|
|
|
|
|
Net loss
|
$
(6,672)
|
$
(20,942)
|
|
$ (38,777)
|
$ (68,636)
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.08)
|
$
(0.24)
|
|
$ (0.44)
|
$ (0.78)
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net loss
per share, basic and diluted
|
88,506
|
87,793
|
|
88,231
|
87,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note
A
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in:
|
|
|
|
|
|
Research and
development
|
$
966
|
$
1,151
|
|
$ 3,182
|
$ 3,654
|
|
General and
administrative
|
849
|
929
|
|
2,596
|
2,922
|
|
|
$
1,815
|
$
2,080
|
|
$ 5,778
|
$ 6,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY BALANCE
SHEET DATA
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
December
31,
|
|
|
|
|
|
2015
|
2014 (1)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
134,350
|
$
143,159
|
|
|
|
|
Total
assets
|
139,170
|
154,135
|
|
|
|
|
Stockholders'
equity
|
96,406
|
128,246
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements
|
|
|
|
|
|
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SOURCE Rigel Pharmaceuticals, Inc.