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Raptor Pharmaceutical Reports First Quarter Calendar Year 2013 Financial Results

Stocks in this article: RPTP

NOVATO, Calif., May 8, 2013 (GLOBE NEWSWIRE) -- Raptor Pharmaceutical Corp. (Raptor or the Company) (Nasdaq:RPTP) today reported financial results for its first quarter ended March 31, 2013.

Financial Results for the First Quarter 2013 and Other Recent Highlights

  • Net loss for the first quarter ended March 31, 2013 was $15.9 million, or $0.30 per share compared to a net loss of $14.0 million or $0.29 per share for the fiscal quarter ended February 29, 2012
  • Cash, cash equivalents and short-term investments as of March 31, 2013 were $58.4 million. Management estimates that the Company's cash as of March 31, 2013, plus estimated net proceeds of approximately $23.4 million from the second tranche of Raptor's $50.0 million loan agreement with Healthcare Royalty Partners (HC Royalty), anticipated to close by the end of May 2013, will be sufficient to fund operations into the second quarter of 2014.  
  • On April 30, 2013, PROCYSBI TM (cysteamine bitartrate) delayed-release capsules, received marketing approval from the U.S. Food and Drug Administration (FDA) for the management of nephropathic cystinosis in adults and children six years and older.

"We are very excited to have our first drug approved and are working diligently on launching PROCYSBI TM in the U.S. and getting the product to cystinosis patients as soon as possible," said Christopher M. Starr, Ph.D., Raptor's chief executive officer.  "We are thankful to the cystinosis community, physicians, investors and our employees for bringing the development of PROCYSBI TM to fruition."

Change in Fiscal Year

In December 2012, Raptor changed its fiscal year end from August 31 to December 31. The condensed consolidated financial statements presented here cover the period from January 1, 2013 through March 31, 2013, and represent the first quarter of Raptor's newly adopted fiscal year. For comparison purposes, the prior fiscal year quarter ended February 29, 2012 is reported on the basis of Raptor's previous fiscal year cycle.

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