NOVATO, Calif., Jan. 9, 2013 (GLOBE NEWSWIRE) -- Raptor Pharmaceutical Corp. ("Raptor" or the "Company") (Nasdaq:RPTP), today reported financial results for its first fiscal quarter ended November 30, 2012.
Financial Results and Other Recent Highlights
- Net loss for the fiscal first quarter ended November 30, 2012 was approximately $13.4 million or $0.26 per share, compared to approximately $11.4 million or $0.25 per share for the same period of the prior fiscal year.
- Cash, cash equivalents and short-term investments ("Cash") as of November 30, 2012 were approximately $35.5 million.
- As previously announced, on December 20, 2012, the Company signed a $50 million loan agreement with HealthCare Royalty Partners and received approximately $23.4 million, net of fees and commissions, from the first tranche.
- Management estimates that the Company's Cash as of December 31, 2012 of approximately $58 million (including the first tranche of cash received from the loan agreement) will fund the Company into the fourth quarter of calendar 2013.
- As previously announced, on December 21, 2012, the Company received a notice from the U.S. Food and Drug Administration ("FDA") in which the FDA required additional time to complete its review of Raptor's New Drug Application ("NDA") for RP103 for the potential treatment of nephropathic cystinosis and extended the initial Prescription Drug User Fee Act ("PDUFA") goal date from January 30, 2013 to April 30, 2013. No new studies were requested by the FDA.
"We have made great progress in advancing the development of RP103 and ensuring financial stability for the potential U.S. commercial launch of RP103," said Christopher M. Starr, Ph.D., Raptor's Chief Executive Officer. "In November in a poster session at Kidney Week, we presented positive long-term data from extended use of RP103 in patients with nephropathic cystinosis. In addition, in December we secured a $50 million loan facility which enables us to execute our pre-launch initiatives and to build our commercial infrastructure in anticipation of a potential FDA approval of RP103 for the treatment of cystinosis."