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Raptor Pharmaceutical Corp. Reports Financial Results For The Transition Period From September 1, 2012 To December 31, 2012

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This document contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future results of operation or future financial performance, including, but not limited to the following statements:  that Raptor will be able to launch RP103 for the potential treatment of nephropathic cystinosis; that Raptor will be able to draw on the second $25 million tranche under the loan agreement with HealthCare Royalty Partners; that Raptor's cash, cash equivalents and short-term investments as of December 31, 2012 will fund Raptor into the fourth quarter of calendar 2013; and that Raptor will receive regulatory approval from the FDA or EMA of RP103 for the potential treatment of nephropathic cystinosis. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results to be materially different from these forward-looking statements. Factors which may significantly change or prevent the Company's forward looking statements from fruition include:  that Raptor may be unsuccessful in developing any products or acquiring products; that Raptor's technology may not be validated as it progresses further and its methods may not be accepted by the scientific community; that Raptor is unable to retain or attract key employees whose knowledge is essential to the development of its products; that unforeseen scientific difficulties develop with the Company's process; that Raptor's patents are not sufficient to protect essential aspects of its technology; that competitors may invent better technology; that Raptor's products may not work as well as hoped or worse, that the Company's products may harm recipients; and that Raptor may not be able to raise sufficient funds for development or working capital. As well, Raptor's products may never develop into useful products and even if they do, they may not be approved for sale to the public. Raptor cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made.  Certain of these risks, uncertainties, and other factors are described in greater detail in the Company's filings from time to time with the Securities and Exchange Commission (the "SEC"), which Raptor strongly urges you to read and consider, including:  Raptor's transition report for the four months ended December 31, 2012 on Form 10-KT filed with the SEC on March 14, 2013,  which is available free of charge on the SEC's web site at .  Subsequent written and oral forward-looking statements attributable to Raptor or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements set forth in Raptor's reports filed with the SEC.  Raptor expressly disclaims any intent or obligation to update any forward-looking statements.
Raptor Pharmaceutical Corp.
(A Development Stage Company)
  Consolidated Balance Sheets
(In thousands, except per share data, or unless otherwise specified)
  December 31, 2012 August 31, 2012 (1)
Current assets:    
Cash and cash equivalents $36,313 $23,580
Restricted cash 163 169
Short-term investments 22,096 15,307
Prepaid expenses and other 1,610 3,111
Total current assets 60,182 42,167
Intangible assets, net 2,156 2,205
Goodwill 3,275 3,275
Fixed assets, net 416 403
Deposits 26 105
Deferred offering costs 109 134
Debt issuance costs 1,959 --
Total assets $68,123 $48,289
Current liabilities:    
Accounts payable $4,599 $1,601
Accrued liabilities 2,150 2,652
Common stock warrant liability 16,405 17,266
Deferred rent 6 14
Capital lease liability - current 8 8
Total current liabilities 23,168 21,541
Note payable 25,000 --
Capital lease liability - long-term 11 13
Total liabilities 48,179 21,554
Commitments and contingencies    
Stockholders' equity:    
Preferred stock, $0.001 par value per share, 15,000 shares authorized, zero shares issued and outstanding -- --
Common stock, $0.001 par value per share, 150,000 shares authorized 52,425 and 50,568 shares issued and outstanding as at December 31, 2012 and August 31, 2012, respectively 52 51
Additional paid-in capital 155,945 143,380
Accumulated other comprehensive loss (115) (50)
Deficit accumulated during development stage (135,938) (116,646)
Total stockholders' equity 19,944 26,735
Total liabilities and stockholders' equity $68,123 $48,289
(1) Derived from the Company's audited consolidated financial statements as of August 31, 2012.
Raptor Pharmaceutical Corp.
(A Development Stage Company)
Consolidated Statements of Comprehensive Loss
(In thousands, except per share data, or unless otherwise specified)
  For the four months ended December 31, 2012 For the period from September 8, 2005 (inception) to December 31, 2012
Revenues: $-- $--
Operating expenses:    
General and administrative 8,971 40,547
Research and development 8,963 69,644
Total operating expenses 17,934 110,191
Loss from operations (17,934) (110,191)
Interest income 160 873
Interest expense (83) (202)
Foreign currency transaction gain 113 287
Realized gain on short-term investments 0 214
Unrealized loss on short-term investments (64) (66)
Adjustment to fair value of common stock warrants (1,484) (26,853)
Net loss (19,292) (135,938)
Other comprehensive loss    
Foreign currency translation adjustment (65) (115)
Comprehensive loss $(19,357) $(136,053)
Net loss per share:    
Basic and diluted $(0.37)  
Weighted-average shares outstanding used to compute:    
Basic and diluted 51,737  
         Georgia Erbez
         Chief Financial Officer
         Raptor Pharmaceutical Corp.
         (415) 382-8111 x204
         Westwicke Partners, LLC
         Stefan Loren, Ph.D.
         Managing Director
         (443) 213-0507
         Robert H. Uhl
         Managing Director

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