THE WOODLANDS, Texas, Aug. 13, 2012 (GLOBE NEWSWIRE) -- Repros Therapeutics Inc. ® (Nasdaq:RPRX) today announced financial results for the second quarter ended June 30, 2012.
Liquidity and Capital Resources
The Company had cash and cash equivalents of approximately $9.9 million as of June 30, 2012 as compared to $4.6 million as of December 31, 2011. On February 1, 2012, we completed a registered direct offering to certain institutional investors, including certain existing shareholders, of 2,463,537 shares of our common stock at a price per share of $4.50. Net proceeds to us, after deducting placement agent's fees and offering expenses, were approximately $10.3 million. Net cash of approximately $4.6 million was used in operating activities during the six month period ended June 30, 2012 as compared to $4.1 million for the same period in the prior year. The major use of cash during the six month period ended June 30, 2012 was to fund the Company's clinical development programs and associated administrative costs. Cash used in investing activities during the six month period ended June 30, 2012 was approximately $384,000 primarily for capitalized patent and patent application costs for Androxal ® and Proellex ®.Financial Results Net loss for the three month period ended June 30, 2012, was ($3.1) million or ($0.21) per share as compared to a net loss of ($3.7) million or ($0.30) per share for the same period in 2011. The net loss for the six month period ended June 30, 2012, was ($5.5) million or ($0.38) per share as compared to a net loss of ($5.8) million or ($0.50) per share for the same period in 2011. The decrease in loss for both the three and six month periods ended June 30, 2012 as compared to the same period in 2011 was primarily due to a decrease in non-cash stock based compensation and expenses related to the clinical development of Androxal®, partially offset by increased expenses related to the clinical development of Proellex® and an increase in salary expense due to increased headcount.