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Puma Biotechnology Reports Third Quarter 2012 Financial Results

Stocks in this article: PBYI

Further information about Puma Biotechnology can be found at www.pumabiotechnology.com.

Forward-Looking Statements:

This press release contains forward-looking statements that involve risks and uncertainties that could cause the Company's actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors, which include, but are not limited to, the fact that the Company has no product revenue and no products approved for marketing, the Company’s dependence on PB272, which is still under development and may never receive regulatory approval, the challenges associated with conducting and enrolling clinical trials, the risk that the results of clinical trials may not support the Company’s drug candidate claims, even if approved, the risk that physicians and patients may not accept or use the Company’s products, the Company’s reliance on third parties to conduct its clinical trials and to formulate and manufacture its drug candidates, the Company’s dependence on licensed intellectual property, and the other risk factors disclosed in the periodic reports filed by the Company with the Securities and Exchange Commission from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update these forward-looking statements, except as required by law.

           
 
PUMA BIOTECHNOLOGY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Period from
September 15,
Three Months Ended Nine Months Ended 2010 (date
September 30, September 30, of inception) to
2012 2011 2012 2011 September 30, 2012
Operating expenses:
General and administrative $ 8,025,241 $ 333,766 $ 10,961,744 $ 371,804 $ 20,288,262
Research and development 17,779,419 - 41,353,708 - 42,180,080
Depreciation and amortization   68,824     168     187,060     336     197,762  
Totals   25,873,484     333,934     52,502,512     372,140     62,666,104  
Loss from operations   (25,873,484 )   (333,934 )   (52,502,512 )   (372,140 )   (62,666,104 )
Other income (expenses):
Interest income 14,444 - 62,596 - 66,379
Other income (expense)   -     (13,500 )   -     (13,500 )   (80,000 )
Totals   14,444     (13,500 )   62,596     (13,500 )   (13,621 )
Net loss $ (25,859,040 ) $ (347,434 ) $ (52,439,916 ) $ (385,640 ) $ (62,679,725 )
Net loss per common share—basic and diluted $ (1.29 ) $ (0.09 ) $

(2.62

) $ (0.10 )
Weighted-average common shares outstanding—basic and diluted   20,040,000     4,000,000     20,040,000     4,000,000  
 
PUMA BIOTECHNOLOGY, INC.
(A DEVELOPMENT STAGE COMPANY)
LIQUIDITY AND CAPITAL RESOURCES
 
September 30, December 31,
2012 2011
Cash and cash equivalents $ 33,346,638 $ 53,381,734
Working capital 7,456,595 53,076,619
Stockholders' equity 9,002,536 54,372,535
 
September 15,
2010 (date of
Nine months ended inception) to
September 30, 2012   September 30, 2012
Cash provided by (used in):
Operating activities $ (19,202,622 ) $ (21,034,571 )
Investing activities (833,306 ) (2,578,513 )
Financing activities   -     56,959,722  
 
Increase (decrease) in cash $ (20,035,928 ) $ 33,346,638  
 




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