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TheStreet Open House

Raptor Pharmaceutical Corp. Reports First Quarter Fiscal Year 2013 Financial Results

Financial Results for First Fiscal Quarter Ended November 30, 2012

Research and development expenses in the first quarter of fiscal 2013 were approximately $6.8 million, an increase of approximately $1.8 million or 35%, over expenses of approximately $5.0 million in the same period of the prior fiscal year. The increase was primarily due to an increase in RP103 manufacturing expenses to support the ramp-up for the commercial launch of RP103 for the treatment of nephropathic cystinosis, if approved. The increase was also due to: Raptor's share of the costs to conduct the NIDDK-sponsored NASH Phase 2b clinical trial of RP103; the addition of staff to support Medical Affairs, Regulatory and Clinical Operations; and the increased costs for preclinical development programs.

General and administrative expenses in the first quarter of fiscal 2013 were approximately $6.4 million, an increase of approximately $4.1 million or 172%, over approximately $2.3 million in the same period of the prior fiscal year. The increase was primarily due to pre-commercial expenses related to preparation for the launch of RP103 for the treatment of nephropathic cystinosis, if approved, and for the addition of staff for Commercial Operations (to support pre-commercial and future commercial activities), Finance and Human Resources. General and administrative expenses also increased for non-cash stock option compensation expense and legal expenses, and due to a decrease in general and administrative expenses allocated to research and development due to a change in allocation methodology.

Cash as of November 30, 2012, included approximately $5.9 million received under an At-The-Market financing agreement along with approximately $1.0 million received from warrant exercises during the first fiscal quarter of 2013.

Recent Events

On December 20, 2012, the Company signed a $50 million loan agreement with HealthCare Royalty Partners. The Company received approximately $23.4 million, net of fees and commissions, in the first tranche. The Company will receive an additional $25 million before expenses upon receiving FDA approval of RP103 as a therapy for nephropathic cystinosis. The loan bears interest at an annual fixed rate of 10.75% and a variable royalty rate, tiered down, based on a percentage of future product net sales. The loan is interest-only for the first two years.

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