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Repros Therapeutics Inc.(R) Reports Fourth Quarter And Year End 2010 Financial Results

Stocks in this article: RPRX

THE WOODLANDS, Texas, March 28, 2011 (GLOBE NEWSWIRE) -- Repros Therapeutics Inc. ® (Nasdaq:RPRX) today announced financial results for the year and fourth quarter ended December 31, 2010.

Financial Results

Net loss for the three-month period ended December 31, 2010, was ($1.2) million or ($0.13) per share as compared to a net loss of ($1.3) million or ($0.23) per share for the same period in 2009. Net loss for the twelve-month period ended December 31, 2010 was ($4.8) million or ($0.59) per share as compared to ($27.2) million or ($6.28) per share for the same period in 2009. The decrease in loss for the three month period ended December 31, 2010 as compared to the same period in 2009 was primarily due to decreased expenses in clinical development for Proellex ® and Androxal ®. The decrease in loss for the twelve month period ended December 31, 2010 as compared to the same period in 2009 was primarily due to decreased expenses in clinical development for Proellex and Androxal, payroll and benefits and professional services.

Research and development ("R&D") expenses decreased 87% or approximately $20.2 million to $2.9 million for the year ended 2010 as compared to $23.1 million in 2009. Our primary R&D expenses for 2010 and 2009 are shown in the following table (in thousands):

Research and Development December 31, 2010 December 31, 2009 Variance Change (%)
Androxal® clinical development $383 $786 $ (403) (51%)
Proellex® clinical development 1,169 18,376 (17,207) (94%)
Payroll and benefits 573 1,384 (811) (59%)
Operating and occupancy 779 2,516 (1,737) (69%)
Total $2,904 $23,062 $(20,158) (87%)

The decrease in Androxal and Proellex clinical development expenses is primarily due to the decreased clinical development expenses related to Proellex as a result of the discontinuation of all clinical trials in August 2009 due to the FDA's clinical hold on Proellex. R&D expenses were further decreased by the decreased clinical development expenses related to Androxal due to the completion of a Phase 2b proof-of-concept clinical trial in 2009. Additionally, on February 1, 2010, we received confirmation from Division of Metabolic and Endocrine Products that our Investigational New Drug Application was accepted for the investigation of Androxal as a potential treatment for Type 2 diabetes, and as a result, we have initiated a Phase 2 trial. In June 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 efficacy in an escalating dose fashion. As a result, we have initiated an escalating dose study and began dosing subjects in the third quarter of 2010.

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