By a News Reporter-Staff News Editor at Pharma Business Week -- Rigel Pharmaceuticals, Inc. (Nasdaq:RIGL) reported financial results for the second quarter and six months ended June 30, 2014 (see also Rigel Pharmaceuticals, Inc.).
For the second quarter of 2014, Rigel reported a net loss of $25.4 million, or $0.29 per share, compared to a net loss of $22.8 million, or $0.26 per share, in the same period of 2013. Weighted average shares outstanding for the second quarters of 2014 and 2013 were 87.5 million and 87.1 million, respectively.
There was no contract revenue from collaborations in the second quarter of 2014. Contract revenue from collaborations in the second quarter of 2013 consisted of a $1.4 million payment from Daiichi Sankyo for the IND filing for an oncology compound.
Rigel reported total operating expenses of approximately $25.5 million in the second quarter of 2014, compared to approximately $24.3 million for the same period in 2013. The increase in operating expenses was primarily due to the increase in research and development costs related to a Phase 3 clinical program for fostamatinib in patients with immune thrombocytopenic purpura (ITP), partially offset by the decrease in research and development costs related to a Phase 2 clinical study of R343 in asthma that was completed in August 2013.
For the six months ended June 30, 2014, Rigel reported a net loss of $47.7 million, or $0.54 per basic and diluted share, compared to a net loss of $48.3 million, or $0.55 per basic and diluted share, for the same period of 2013.
As of June 30, 2014, Rigel had cash, cash equivalents and available for sale securities of $176.0 million, compared to $212.0 million as of December 31, 2013. Rigel expects to end 2014 with cash, cash equivalents and available for sale securities in excess of $132.0 million, which it expects will be sufficient to fund operations through the second quarter of 2016.
"We are pleased to have the Phase 3 study underway to evaluate fostamatinib as a treatment for patients with ITP," said James M. Gower, chairman and chief executive officer of Rigel. "In addition, we anticipate reporting the top-line results from the Phase 2 study of R348 in patients with dry eye shortly," he added.
Keywords for this news article include: Rigel Pharmaceuticals Inc, Investment and Finance.
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