THE WOODLANDS, Texas, May 10, 2013 (GLOBE NEWSWIRE) -- Repros Therapeutics Inc. ® (Nasdaq:RPRX) today announced financial results for the first quarter ended March 31, 2013.
Liquidity and Capital Resources
The Company had cash and cash equivalents of approximately $17.2 million as of March 31, 2013 as compared to $24.2 million as of December 31, 2012. Net cash of approximately $6.8 million was used in operating activities during the three month period ended March 31, 2013 as compared to $2.5 million for the same period in the prior year. The major use of cash during the three month period ended March 31, 2013 was to fund the Company's clinical development programs and associated administrative costs. Cash used in investing activities during the three month period ended March 31, 2013 was approximately $300,000 primarily for capitalized patent and patent application costs for Androxal ® and Proellex ®.Financial Results Net loss for the three month period ended March 31, 2013, was ($7.4) million, or ($0.41) per share, as compared to a net loss of ($2.4) million, or ($0.17) per share, for the same period in 2012. The increase in loss for the three month period ended March 31, 2013 as compared to the same period in 2012 was primarily due to an increase in clinical development expenses related to Androxal due to the ongoing Phase 3 studies in men with secondary hypogonadism, including two pivotal studies being conducted under a Special Protocol Assessment, a six month open label safety study and a one year DEXA study. Research and development ("R&D") expenses increased 330%, or approximately $4.8 million, to $6.3 million for the three month period ended March 31, 2013 as compared to $1.5 million for the same period in the prior year. The increase in R&D expenses is primarily due to the $4.5 million increase in clinical development expenses for Androxal®. R&D expenses related to the clinical development of Proellex® decreased approximately $27,000, due to the winding down of our Phase 2 vaginal administration study for uterine fibroids, partially offset by an increase in expenses related the Phase 2 endometriosis study initiated in the fourth quarter of 2012. Payroll and benefits expenses increased for the three month period ended March 31, 2013 as compared to the same period in the prior year by $350,000 due to increased headcount and non-cash stock based compensation. Additionally, operating and occupancy expenses remained relatively constant at $348,000 for the three month period ended March 31, 2013.
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