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Raptor Pharmaceutical Reports First Quarter 2014 Financial Results And Provides Corporate Update

Stocks in this article: RPTP

Reports PROCYSBI ® net product sales of $12.1 million in first quarter 2014 and launch of PROCYSBI ® in Germany Company to host conference call and webcast today at 4:30 p.m. EDT

NOVATO, Calif., May 8, 2014 (GLOBE NEWSWIRE) -- Raptor Pharmaceutical Corp. (Nasdaq:RPTP) today reported financial results for the first quarter ended March 31, 2014 and provided an update on recent corporate developments.

Corporate Update and Operational Highlights

  • Net product sales for PROCYSBI ® for the first quarter ended March 31, 2014 were $12.1 million, demonstrating a 20% quarter over quarter growth. PROCYSBI became commercially available in the U.S. in June 2013.  
  • As of March 31, 2014, 199 cumulative unique patients have received PROCYSBI, representing 20% quarter over quarter growth.  
  • The EU launch of PROCYSBI is underway in Germany, with initial product shipments in April at an average annualized price of €144,000.  
  • Cash and cash equivalents as of March 31, 2014 were $68.1 million.

"The first quarter of 2014 showed strong progress for Raptor and I am particularly pleased by our recent commercial launch in Germany," said Christopher M. Starr, Ph.D., Raptor's chief executive officer. "Our product shipments in Germany represent a first step in opening an important new regional market for PROCYSBI."

Financial Results for the First Quarter Ended March 31, 2014

Raptor recognized $12.1 million in PROCYSBI net product sales for the first quarter ended March 31, 2014. There were no product sales reported for the comparable prior year period as PROCYSBI became commercially available in the U.S. in June 2013. Revenue is recognized once PROCYSBI has been shipped by the specialty pharmacy and accepted by the patient.

Cost of sales for the first quarter ended March 31, 2014 was $1.3 million, which was 11% of net sales. Cost of sales includes third-party manufacturing cost of products sold, royalty fees, amortization of capitalized milestones, shipping, supplies and other indirect manufacturing related costs including compensation cost of personnel. There was no cost of sales reported for the comparable prior year period as PROCYSBI became commercially available in the U.S. in June 2013.

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