NOVATO, Calif., March 14, 2013 (GLOBE NEWSWIRE) -- Raptor Pharmaceutical Corp. ("Raptor" or the "Company") (Nasdaq:RPTP), today reported financial results for its four month transition period from September 1, 2012 to December 31, 2012.
Financial Results and Other Recent Highlights
- Net loss for the four month transition period ended December 31, 2012 was $19.3 million or $0.37 per share.
- Cash, cash equivalents and short-term investments ("Cash") as of December 31, 2012 were $58.4 million.
- As previously announced, on December 20, 2012, the Company signed a $50 million loan agreement with HealthCare Royalty Partners ("HCR") and received $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 $58.4 million (including the first tranche of cash received from the loan agreement with HCR) 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 ("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 securing financial resources for the potential U.S. commercial launch of RP103," said Christopher M. Starr, Ph.D., Raptor's Chief Executive Officer. "In particular, in December we secured a $50 million loan facility which enables us to execute pre-launch initiatives and to build commercial infrastructure in anticipation of potential approvals of RP103 for the treatment of cystinosis from the FDA and the European Medicines Agency ("EMA"). The second tranche of the loan which is conditioned on our receipt of FDA approval for RP103 for the treatment of cystinosis, will further support our launch activities."