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Astex Pharmaceuticals Reports 2013 First Quarter Financial Results

Financial Position

As of March 31, 2013, the Company had $137.0 million in unrestricted cash, cash equivalents, and current and non-current marketable securities compared to $138.3 million at December 31, 2012.

2013 Operational Guidance

The current operational guidance for 2013 remains unchanged and is as follows:

 
2013 Annual Operational Guidance
(In $000's, except per share amount)
   
Revenues:  
Royalty revenue  $ 55,000
Development & license revenue (a)  --
Total revenues  55,000
Operating expenses (b):  
Research & development  67,000
Amortization of intangibles  8,000
General & administrative  15,000
Total operating expenses  90,000
Loss from operations  (35,000)
Income tax benefit  5,000
Net loss  $ (30,000)
   
Net loss per average share outstanding  $ (0.32)
Weighted average shares outstanding  94,000
   
(a) Though the Company anticipates earning additional development and license revenue from its partnered programs we do not provide guidance to such revenue due to the general uncertainty around, and timing of, milestone achievements and payments.
(b) Includes total non-cash charges of approximately $12 million for 2013.

Conference Call Information

Astex Pharmaceuticals will host a conference call to discuss the 2013 first quarter financial results today at 1:30 p.m. PT / 4:30 p.m. ET. A live webcast of the conference call is accessible via the investor relations section of the Company's website at http://www.astx.com . A webcast replay of the conference call will be available for 30 days.

About Astex Pharmaceuticals

Astex Pharmaceuticals is dedicated to the discovery and development of novel small molecule therapeutics with a focus on oncology. The Company is developing a proprietary pipeline of novel therapies and is creating de-risked products for partnership with leading pharmaceutical companies. Astex Pharmaceuticals developed Dacogen and receives significant royalties on global sales.

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