NEW YORK, Aug. 1, 2013 (GLOBE NEWSWIRE) -- TG Therapeutics, Inc. (Nasdaq: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 second quarter ended June 30, 2013 and recent company developments. Financial Results for the Second Quarter 2013 At June 30, 2013 the Company had cash and cash equivalents of $13.4 million, as compared to $16.5 million at December 31, 2012. Subsequent to June 30, 2013, the Company completed an underwritten public offering of common stock, which provided proceeds to the Company of approximately $37.4 million, net of underwriting discounts and offering expenses of approximately $2.9 million. Including the net proceeds from the offering, as of June 30, 2013, on a pro forma basis, the Company had cash and cash equivalents of approximately $50.8 million. The consolidated net loss for the second quarter ended June 30, 2013 was $6.6 million, or $0.29 per diluted share, compared to a consolidated net loss of $2.6 million during the comparable quarter in 2012, representing an increase in consolidated net loss of $4.0 million. The consolidated net loss for the second quarter ended June 30, 2013 included an increase in research and development expenses of $3.1 million, principally related to the TG-1101 and TGR-1202 clinical development programs and drug supply costs. The consolidated net loss for the second quarter ended June 30, 2013 also included $1.4 million of non-cash compensation expense related to equity incentive grants. The consolidated net loss for the six months ended June 30, 2013 was $10.3 million, or $0.46 per diluted share, compared to a consolidated net loss of $20.0 million during the comparable quarter in 2012, representing a decrease in consolidated net loss of $9.7 million. Included in the consolidated net loss for the six months ended June 30, 2012 was $16.6 million in noncash stock expense recorded in conjunction with the license for TG-1101, which was partially offset in the six months ended June 30, 2013 period by an increase in research and development expenses of $4.2 million, principally related to the TG-1101 and TGR-1202 clinical development programs and drug supply costs. The consolidated net loss for the six months ended June 30, 2013 also included $3.3 million of non-cash compensation expense related to equity incentive grants.
Recent Developments & Highlights
- Encouraging new data for TG-1101 were presented at the American Society of Clinical Oncology (ASCO) Annual Meeting held in Chicago, Illinois.
- Pre-clinical data for the combination of TG-1101 and TGR-1202 were presented at the 12th International Conference on Malignant Lymphoma held in Lugano, Switzerland.
- Data for both TG-1101 and TGR-1202 were presented at the 18th Congress of the European Hematology Association (EHA) held in Stockholm, Sweden.
- In July 2013, we announced the completion of an underwritten public offering providing net proceeds to the Company of approximately $37.4 million.
- In May 2013, we commenced trading on the NASDAQ Capital Market.
Cautionary StatementSome of the statements included in this press release, particularly those anticipating future clinical trials and business prospects for TG-1101 and TGR-1202 may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Among the factors that could cause our actual results to differ materially are the following: our ability to successfully and cost-effectively complete pre-clinical and clinical trials for TG-1101 and TGR-1202; the risk that early clinical results that supported our decision to move forward into expansion cohorts will not be reproduced once additional patients are treated with TG-1101; the risk that the data (both safety and efficacy) from future clinical trials will not coincide with the data produced from prior pre-clinical and clinical trials; our ability to achieve the milestones we project over the next year; our ability to manage our cash in line with our projections, and other risk factors identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at www.tgtherapeutics.com. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only. TGTX - G
|TG Therapeutics, Inc.|
|Selected Consolidated Financial Data|
|Statements of Operations Information (Unaudited):|
|Three months ended June 30,||Six months ended June 30,|
|License revenue||$38,095||$ ----||$76,190||$ ----|
|Costs and expenses:|
|Research and development:|
|Noncash stock expense associated with in-licensing agreement||----||----||----||16,578,000|
|Other research and development||4,661,455||1,536,896||5,876,657||1,700,249|
|Total research and development||5,027,623||1,646,094||6,597,528||18,387,447|
|General and administrative:|
|Other general and administrative||631,637||396,043||1,283,094||851,535|
|Total general and administrative||1,639,237||1,458,836||3,821,468||2,102,837|
|Total costs and expenses||6,666,860||3,104,930||10,418,996||20,490,284|
|Other (income) expense:|
|Change in fair value of notes payable||(283,050)||(482,556)||(553,450)||(687,853)|
|Total other income||(44,213)||(530,771)||(84,643)||(519,587)|
|Consolidated net loss||(6,584,552)||(2,574,159)||(10,258,163)||(19,970,697)|
|Net loss attributable to noncontrolling interest||----||(679,506)||----||(7,819,954)|
|Net loss attributable to TG Therapeutics, Inc. and subsidiaries||$(6,584,552)||$(1,894,653)||$(10,258,163)||$(12,150,743)|
|Basic and diluted net loss per common share||$(0.29)||$(0.16)||$(0.46)||$(1.44)|
|Weighted average shares used in computing basic and diluted net loss per common share||22,483,394||11,777,563||22,213,335||8,419,481|
|Balance Sheet Information:|
|June 30, 2013||December 31, 2012*|
|Cash and cash equivalents||$13,416,952||$16,455,995|
|* Condensed from audited financial statements.|
CONTACT: Jenna Bosco Director-Investor Relations TG Therapeutics, Inc. Telephone: 212.554.4484 Email: email@example.com