Repros Therapeutics Inc.® Reports Third Quarter 2010 Financial Results And Provides Corporate Update
Repros Therapeutics Inc.® (NasdaqCM: RPRXD) today announced financial results for the third quarter ended September 30, 2010 and provided an update on corporate actions.
On October 14, 2010, the Company effected a one-for-four reverse stock split of its common stock. The split-adjusted shares of the Company’s common stock began trading on the Nasdaq Capital Market on October 15, 2010. The one-for-four reverse stock split converted all shares of the Company’s common stock issued and outstanding, plus all outstanding stock options and the number of shares of common stock available for issuance under the Company’s approved stock plans. The number of authorized shares of common stock was not affected by the reverse split. The reverse split enabled the Company to meet the continued listing rules of the Nasdaq Capital Market. All share and per share amounts have been retroactively adjusted to reflect the reverse stock split for all periods presented.
Financial ResultsNet loss for the three month period ended September 30, 2010, was ($1.2) million or ($0.13) per share as compared to a net loss of ($10.2) million or ($2.64) per share for the same period in 2009. The net loss for the nine month period ended September 30, 2010, was ($3.6) million or ($0.46) per share as compared to a net loss of ($25.9) million or ($6.77) per share for the same period in 2009. As stated above, all share and per share amounts have been retroactively adjusted to reflect the reverse stock split for all periods presented. The decrease in loss for both the three and nine month periods ended September 30, 2010 as compared to the same period in 2009 was primarily due to decreased expenses in clinical development for Proellex® and Androxal®. In September 2010, the FDA notified us that the full clinical hold on Proellex had been revised to a partial clinical hold to allow us to run a single study to explore both safety and signals of efficacy in an escalating dose fashion. We began dosing in the third quarter. We are also currently conducting a Phase 2 trial for Androxal in the treatment of Type 2 diabetes in hypogonadal men.
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