SOUTH SAN FRANCISCO, Calif.,
March 8, 2016 /PRNewswire/ -- Rigel
Pharmaceuticals, Inc. (Nasdaq:RIGL) today reported financial
results for the fourth quarter and year ended December 31, 2015.
"Fostamatinib is our top priority for 2016 with the first
results of our Phase 3 studies in immune thrombocytopenic purpura
anticipated in the middle of the year," said Raul Rodriguez, president and chief executive
officer of Rigel. "Also this year, we expect the readouts of
the two other fostamatinib clinical programs, the Phase 2 in IgA
nephropathy and the recently announced Phase 2 proof-of-concept
study in autoimmune hemolytic anemia," he added.
For the fourth quarter of 2015, Rigel reported a net loss of
$12.7 million, or $0.14 per share, compared to a net loss of
$22.3 million, or $0.25 per share, in the fourth quarter of 2014.
Weighted average shares outstanding for the fourth quarters of 2015
and 2014 were 89.0 million and 87.8 million, respectively.
Contract revenues from collaborations of $8.5 million in the fourth quarter of 2015 were
primarily comprised of the amortization of the $30.0 million upfront payment from Bristol-Myers
Squibb (BMS), as well as a license fee from a third party pursuant
to a license agreement executed in October
2015. Contract revenues from collaborations of $8.3 million in the fourth quarter of 2014 were
comprised of non-refundable payments from AstraZeneca AB (AZ) as a
result of its continued development of R256 in asthma.
Rigel reported total costs and expenses of $21.3 million in the fourth quarter of 2015,
compared to $30.6 million in the
fourth quarter of 2014. Costs and expenses in the fourth quarter of
2014 included a loss on executing a sublease, as well as
stock-based compensation expense and severance costs related to the
retirement of Rigel's former chief executive officer.
For the year ended December 31,
2015, Rigel reported contract revenues from collaborations
of $28.9 million and a net loss of
$51.5 million, or $0.58 per basic and diluted share, compared to
contract revenues from collaborations of $8.3 million and a net loss of $90.9 million, or $1.04 per basic and diluted share, in 2014.
Contract revenues from collaborations in 2015 were mainly comprised
of $16.6 million from the
amortization of the $30.0 million
upfront payment from BMS and upfront payments received from other
collaborators. Contract revenues from collaborations in 2014 were
comprised of non-refundable payments from AZ as a result of its
continued development of R256 in asthma.
As of December 31, 2015, Rigel had
cash, cash equivalents and short-term investments of $126.3 million, compared to $143.2 million as of December 31, 2014. Rigel expects this amount to
be sufficient to fund operations into the third 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 54348262. 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 biotechnology
company dedicated to the discovery and development of novel,
targeted drugs in the therapeutic areas of immunology, oncology and
immuno-oncology. Rigel's pioneering research focuses on signaling
pathways that are critical to disease mechanisms. The company's
current clinical programs include fostamatinib, an oral spleen
tyrosine kinase (SYK) inhibitor, which is in Phase 3 clinical
trials for ITP; a Phase 2 clinical trial for autoimmune hemolytic
anemia (AIHA); and a Phase 2 clinical trial for IgA nephropathy
(IgAN). In addition, Rigel has two oncology product candidates in
Phase 1 development with partners BerGenBio AS and Daiichi
Sankyo.
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 Phase 2 clinical study of fostamatinib in
AIHA; the Phase 2 clinical study with fostamatinib in IgAN, the
management and advancement of Rigel's other clinical programs;
Rigel's belief that fostamatinib may be an attractive alternative
for patients with ITP; Rigel's ability to successfully prepare for
potential commercial launch of its product candidates; the timing,
amount and sufficiency of Rigel's cash, cash equivalents, and
short-term investments; Rigel's ability to extend the value of
Rigel's pipeline into fields that are beyond its therapeutic focus;
the evaluation of fostamatinib and Rigel's other product candidates
for new treatment indications; 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 "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 September 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
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Contract revenues
from collaborations
|
$
8,537
|
$
8,250
|
|
$ 28,895
|
$ 8,250
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Research and
development (see Note A)
|
16,563
|
14,613
|
|
62,825
|
67,696
|
|
|
General and
administrative (see Note A)
|
4,721
|
6,703
|
|
17,813
|
22,501
|
|
|
Loss on
sublease
|
-
|
9,302
|
|
-
|
9,302
|
|
|
Total costs and
expenses
|
21,284
|
30,618
|
|
80,638
|
99,499
|
|
Loss from
operations
|
(12,747)
|
(22,368)
|
|
(51,743)
|
(91,249)
|
|
Interest
income
|
60
|
44
|
|
222
|
243
|
|
Gain on disposal of
assets
|
-
|
52
|
|
57
|
98
|
|
Net loss
|
$
(12,687)
|
$
(22,272)
|
|
$ (51,464)
|
$ (90,908)
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.14)
|
$
(0.25)
|
|
$ (0.58)
|
$ (1.04)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net
loss per share, basic and diluted
|
|
|
|
|
|
|
89,038
|
87,793
|
|
88,434
|
87,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note
A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense included in:
|
|
|
|
|
|
|
|
Research and
development
|
$
918
|
$
1,020
|
|
$ 4,100
|
$ 4,674
|
|
|
General and
administrative
|
707
|
2,191
|
|
3,303
|
5,113
|
|
|
|
$
1,625
|
$
3,211
|
|
$ 7,403
|
$ 9,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY BALANCE
SHEET DATA
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
|
|
|
|
|
2015
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$
126,276
|
$
143,159
|
|
|
|
|
|
Total
assets
|
131,747
|
154,135
|
|
|
|
|
|
Stockholders'
equity
|
91,381
|
128,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Rigel Pharmaceuticals, Inc.