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THE WOODLANDS, Texas, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Repros Therapeutics Inc.
® (Nasdaq:RPRX) today announced financial results for the second quarter ended June 30, 2013.
Liquidity and Capital Resources
The Company had cash and cash equivalents of approximately $87.7 million as of June 30, 2013 as compared to $24.2 million as of December 31, 2012. On June 25, 2013, we completed a public offering of 4,312,500 shares of our common stock at a price per share of $19.00. Net proceeds to us, after deducting underwriter's fees and offering expenses, were approximately $76.8 million. Net cash of approximately $12.8 million and $4.6 million was used in operating activities during the six month periods ended June 30, 2013 and 2012, respectively. The major use of cash for operating activities for the six month period ended June 30, 2013 was to fund our clinical development programs and associated administrative costs. Cash used in investing activities during the six month period ended June 30, 2013 was approximately $531,000 primarily for capitalized patent and patent application costs for Androxal® and Proellex®.
Net loss for the three month period ended June 30, 2013, was ($7.2) million or ($0.38) per share as compared to a net loss of ($3.1) million or ($0.21) per share for the same period in 2012. The net loss for the six month period ended June 30, 2013, was ($14.6) million or ($0.79) per share as compared to a net loss of ($5.5) million or ($0.38) per share for the same period in 2012. The increase in loss for both the three and six month periods ended June 30, 2013 as compared to the same period in 2012 was primarily due to an increase in expenses related to the clinical development of Androxal®, an increase in salary expense due to increased headcount and increased costs associated with our patent portfolio.