SOUTH SAN FRANCISCO, Calif., March 5, 2013 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the fourth quarter and year ended December 31, 2012.
For the fourth quarter of 2012, Rigel reported a net loss of $25.5 million, or $0.30 per share, compared to a net loss of $25.8 million, or $0.36 per share, in the fourth quarter of 2011. Weighted average shares outstanding for the fourth quarter of 2012 and 2011 were 85.3 million and 71.2 million, respectively.
Rigel reported total operating expenses of $25.6 million in the fourth quarter of 2012, which were flat compared to $25.9 million in the fourth quarter of 2011.
For the twelve months ended December 31, 2012, Rigel reported contract revenue of $2.3 million and a net loss of $98.8 million, or $1.32 per basic and diluted share, compared to contract revenue of $4.8 million and a net loss of $86.0 million, or $1.36 per basic and diluted share, in 2011. Contract revenue of $2.3 million in 2012 primarily consisted of a $1.0 million upfront payment from AstraZeneca AB (AZ) to license R256, Rigel's inhaled JAK inhibitor for moderate to severe chronic asthma, and a payment of $0.8 million from Daiichi Sankyo related to an oncology compound. Contract revenue of $4.8 million in 2011 included a $4.3 million payment from Merck Serono S.A.
As of December 31, 2012, Rigel had cash, cash equivalents and available for sale securities of $298.2 million, compared to $247.6 million as of December 31, 2011. In October 2012, Rigel completed an underwritten public offering in which it sold an aggregate of 15,237,750 shares of common stock pursuant to an effective registration statement at a price to the public of $9.50 per share. Rigel received net proceeds of approximately $135.7 million after deducting underwriting discounts and commissions and offering expenses. Rigel expects to end 2013 with cash and investments in excess of $195.0 million, which is expected to be sufficient to fund operations into 2015. The expected ending cash and investment amount for 2013 does not include any potential milestone payments from current or future collaborators.
"We entered 2013 with important programs in each stage of clinical development and an R&D organization that continues to enrich and advance Rigel's novel therapeutic portfolio," said James M. Gower , chairman and chief executive officer of Rigel. "As 2013 unfolds, we anticipate significant clinical trial results in multiple programs." he added.
As of March 2013, Rigel has several novel small molecules in clinical or preclinical development, including the OSKIRA Phase 3 clinical trials with fostamatinib in patients with rheumatoid arthritis (RA), which are being conducted by Rigel's partner, AZ. AZ expects to report results of the OSKIRA Phase 3 studies in the second quarter of 2013 and projects a new drug application (NDA) filing by the end of 2013.To date, the most advanced wholly-owned development programs in Rigel's portfolio are:
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's productivity has resulted in strategic collaborations with large pharmaceutical partners to develop and market its product candidates. Current product development programs include fostamatinib, an oral SYK inhibitor that is in Phase 3 clinical trials for RA with its partner AstraZeneca; R343, an inhaled SYK inhibitor for asthma and R333, a topical JAK/SYK inhibitor for discoid lupus – both of which have commenced Phase 2 clinical trials; and, R348, a topical JAK/SYK inhibitor in a Phase 1 clinical trial for the treatment of chronic dry eye.
This press release contains "forward-looking" statements, including, without limitation, statements related to Rigel's future product candidate pipeline and strategy, expected cash and investments and sufficiency of funds, the potential uses and efficacy of Rigel's product candidates, the progress of Rigel's product development programs, including the timing of commencement of clinical trials and results thereof, the timing and design of its future clinical trials and potential milestones and regulatory filings associated with Rigel's product candidates, Rigel's corporate collaborations, and revenues that may be received from collaborations and the timing of those potential payments. 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 "expect," "will," "may," "aim," "believe," "plan," "potential," and similar expressions are intended to identify these forward-looking statements. These forward-looking statements are based upon Rigel's current expectations and involve risks and uncertainties. There are a number of important factors that could cause Rigel's results to differ materially from those indicated by these forward-looking statements, including, without limitation, the timing and success of preclinical studies and clinical trials and the potential problems that may arise in the research and development and approval process, market competition, risks associated with Rigel's corporate partnerships, including risks that if conflicts arise between Rigel's and its corporate partners, the clinical development or commercialization of the affected product candidates or research programs could be delayed or terminated, risks associated with Rigel's need for additional capital, as well as other risks detailed from time to time in Rigel's reports with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. 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
Media Contact: Susan C. Rogers , Alchemy Consulting, Inc.
Email: firstname.lastname@example.orgSTATEMENTS OF OPERATIONS(in thousands, except per share amounts)Three Months Ended December 31,Twelve Months Ended December 31,2012201120122011(unaudited)Revenues:Contract revenues
4,750Operating expenses:Research and development (see Note A)
69,350General and administrative (see Note A)
21,768Total operating expenses
91,118Loss from operations
(86,368)Interest income, net
(85,973)Net loss per share, basic and diluted
(1.36)Weighted-average shares used in computing net loss per share, basic and diluted
63,329Note AStock-based compensation expense included in:Research and development
9,277General and administrative
3,168SUMMARY BALANCE SHEET DATA(in thousands)December 31,December 31,20122011Cash, cash equivalents and available for sale securities
|SOURCE Rigel Pharmaceuticals, Inc.|
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