Financial Results for the Transition Period from September 1, 2012 to December 31, 2012

Research and development expenses for the four month transition period ended December 31, 2012, and the four month period ended December 31, 2011 were approximately $9.0 million, and $6.3 million (unaudited), respectively.  The increase in research and development expenses for the four months ended December 31, 2012 compared to the four months ended December 31, 2011 relates primarily to increased product manufacture of RP103 for the potential treatment of cystinosis, Huntington's disease and non-alcoholic steatohepatitis, additional cystinosis extension and other supporting study expenses, and employee compensation, offset by a reduction in Phase 3 cystinosis clinical trial expenses.

General and administrative expenses for the four month transition period ended December 31, 2012, and the four month period ended December 31, 2011 were approximately $9.0 million, and $3.2 million (unaudited), respectively.  The increase in general and administrative expenses for the four months ended December 31, 2012 compared to the four months ended December 31, 2011 relates primarily to increased expenses for pre-commercial operations requirements for RP103 for the potential treatment of cystinosis, employee compensation, stock-compensation for employees and directors, legal fees and investor relations costs.

Cash available as of December 31, 2012 was $58.4 million and included $23.4 million received from our loan agreement with HCR, $6.0 million received under an At-The-Market common stock sales agreement, and $1.8 million received from warrant exercises, in each case during the four month transition period ended December 31, 2012.

About Raptor Pharmaceutical Corp.

Raptor is an emerging biopharmaceutical company focused on developing and commercializing life-altering therapeutics that treat debilitating and often fatal diseases. The Company is currently focused on the development of its first product candidate, RP103 (delayed-release oral cysteamine bitartrate), as a potential treatment for nephropathic cystinosis, a rare genetic disorder. In addition to cystinosis, the Company is also testing RP103 for the potential treatment of non-alcoholic steatohepatitis, or NASH, a metabolic liver disorder, and Huntington's disease, or HD, a neurodegenerative disorder.

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