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.
- 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.