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TG Therapeutics, Inc. Announces First Quarter 2013 Financial Results And Business Update

Stocks in this article: TGTX

NEW YORK, May 13, 2013 (GLOBE NEWSWIRE) -- TG Therapeutics, Inc. (TGTX), an innovative clinical-stage biopharmaceutical company focused on the acquisition, development, and commercialization of medically important pharmaceutical products for the treatment of cancer and other underserved therapeutic needs, today announced its results for the first quarter ended March 31, 2013 and recent company developments.

Financial Results for the First Quarter 2013

At March 31, 2013 the Company had cash and cash equivalents of $15.2 million, as compared to $16.5 million at December 31, 2012.

The consolidated net loss for the first quarter ended March 31, 2013 was $3.7 million, or $0.17 per share, compared to a consolidated net loss of $17.4 million during the comparable quarter in 2012, representing a decrease in consolidated net loss of $13.7 million. Included in the consolidated net loss for the quarter ended March 31, 2012 was $16.6 million in noncash stock expense associated with an in-licensing arrangement recorded in conjunction with the license for TG-1101. This decrease in noncash stock expense associated with an in-licensing arrangement was partially offset by an increase in other research and development expenses of $1.1 million, principally related to the TG-1101 and TGR-1202 clinical development programs. The consolidated net loss for the first quarter ended March 31, 2013 included $1.9 million of non-cash compensation expense related to equity incentive grants.

Recent Developments & Highlights

  • Data for TG-1101 to be presented at the American Society of Clinical Oncology (ASCO) Annual Meeting being held in Chicago, Illinois (May 31 – June 4, 2013). The following abstract was accepted for poster presentation: -- A phase I dose-escalation trial of ublituximab (TG-1101), a novel anti-CD20 monoclonal antibody (mAb), for rituximab relapsed/refractory b-cell lymphoma patients ( Abstract #8575)
  • Pre-clinical data for the combination of TG-1101 and TGR-1202 to be presented at the 12 th International Conference on Malignant Lymphoma being held in Lugano, Switzerland (June 19 – 22, 2013). The following abstract was accepted for oral presentation: -- Novel PI3K-Delta Inhibitors Demonstrated Marked Cytotoxicity in T Cell Lymphoma Models and Were Synergistic with A Novel Anti-CD20 mAb, Ublituximab, in Lymphoma Models (Abstract #038)
  • Data for both TG-1101 and TGR-1202 to be presented at the 18 th Congress of EHA (European Hematology Association) being held in Stockholm, Sweden (June 13 – 16, 2013). 

2013 Milestones

Our planned upcoming clinical milestones include the following:

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