Rigel Announces Second Quarter 2013 Financial Results
SOUTH SAN FRANCISCO, Calif., Aug. 6, 2013
SOUTH SAN FRANCISCO, Calif., Aug. 6, 2013 /PRNewswire/ --Rigel
Pharmaceuticals,Inc. (Nasdaq:RIGL) today reported financial results for the
second quarter and six months ended June 30, 2013.
For the second quarter of 2013, Rigel reported a net loss of $22.8 million, or
$0.26 per share, compared to a net loss of $24.7 million, or $0.35 per share,
in the same period of 2012. Weighted average shares outstanding for the second
quarters of 2013 and 2012 were 87.1 million and 71.5 million, respectively.
Contract revenue from collaborations in the second quarter of 2013 was
comprised of a $1.4 million payment from Daiichi Sankyo for an investigational
new drug application filing for an oncology compound. Contract revenue from
collaborations in the second quarter of 2012 was comprised of a$1.0
millionupfront payment fromAstraZeneca ABpursuant to the worldwide license
agreement for R256, a potential treatment for moderate to severe chronic
asthma, as well as a payment of$500,000from BerGenBio AS related to the
oncology program out-licensed from Rigel in 2011.
Rigel reported total operating expenses of approximately $24.3 million in the
second quarter of 2013, compared to approximately $26.4 million for the same
period in 2012. The decrease in operating expenses was primarily due to the
decrease in stock-based compensation expense, as well as a decrease in
personnel costs related to bonus compensation expense. Stock-based
compensation expense decreased from approximately$3.0 millionin the second
quarter of 2012 to approximately$1.7 millionin the second quarter of 2013
primarily because the majority of options granted in 2013 have a longer
vesting period and a lower valuation as compared to options granted in the
same period of 2012.
For the six months ended June 30, 2013, Rigel reported a net loss of $48.3
million, or $0.55 per basic and diluted share, compared to a net loss of $47.9
million, or $0.67 per basic and diluted share, for the same period of 2012.
As of June 30, 2013, Rigel had cash, cash equivalents and available for sale
securities of $251.6 million, compared to $298.2 million as of December 31,
2012. Rigel expects to end 2013 with cash and investments in excess of$200.0
million, which is expected to be sufficient to fund operations into 2015.
"This quarter we expect to announce a decision about our future plans for
fostamatanib as well as the results of our Phase 2 study with R343 in allergic
asthma," said James M. Gower, chairman and chief executive officer of Rigel.
"We also expect to report Phase 2 data with R333 in discoid lupus later in the
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. The Company currently has six
product candidates in clinical development: fostamatinib, an oral SYK
inhibitor having shown efficacy in certain advanced clinical trials for immune
disorders; R343, an inhaled SYK inhibitor for asthma, R333, a topical JAK/SYK
inhibitor for discoid lupus, and R348, a topical JAK/SYK inhibitor for chronic
dry eye – all in Phase 2 clinical trials; and two oncology product candidates
in Phase 1 development with partners BerGenBio andDaiichi Sankyo.
This press release contains "forward-looking" statements, including, without
limitation, statements related to the further development of certain drug
candidates, including to the future plans with respect to fostamatanib and the
timing of announcement of those plans and the results of certain studies, and
the sufficiency of our funds and the timing of our cash. 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,"
"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 and our need for additional
capital in the future to sufficiently fund our operations and research, the
uncertain timing of completion of and the success of clinical trials and the
potential problems that may arise in the clinical development process, and
that our corporate collaborations or license agreements may be unsuccessful,
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 theSecurities and Exchange Commission, including
its Quarterly Report on Form10-Q for the three months ended March31, 2013.
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.
RIGEL PHARMACEUTICALS, INC
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June
2013 2012 2013 2012
Contract revenues $ 1,400 $ $ $
1,500 1,400 2,250
development (see Note 19,393 20,924 39,708 38,828
administrative (see 4,892 5,458 10,287 11,614
Total operating 24,285 26,382 49,995 50,442
Loss from operations (22,885) (24,882) (48,595) (48,192)
Interest income, net 117 144 253 280
Net loss $ (22,768) $ $ $
(24,738) (48,342) (47,912)
Net loss per share, basic $ $ $ $
and diluted (0.26) (0.35) (0.55) (0.67)
used in computingnet loss 87,147 71,458 87,144 71,440
per share, basic and
expense included in:
Research and $ 1,002 $ $ $
development 1,636 2,025 3,348
General and 745 1,375 1,515 2,761
$ 1,747 $ $ $
3,011 3,540 6,109
SUMMARY BALANCE SHEET DATA
June 30, December
2013 2012 (1)
equivalents and $ 251,641 $
available for sale 298,241
Total assets 261,674 310,043
Stockholders' equity 245,051 289,096
(1) Derived from audited financial statements
SOURCE Rigel Pharmaceuticals, Inc.
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