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TG Therapeutics, Inc. Announces Third Quarter 2012 Financial Results and Business Update
Nov 08, 2012
Financial Results for the Third Quarter 2012
At
The consolidated net loss for the third quarter ended
The consolidated net loss for the nine months ended
Commenting on the quarter,
Recent Developments & Highlights
-
Data from studies for both TG-1101 and TGR-1202 to be presented at the
American Society of Hematology (ASH) Annual Meeting being held inAtlanta, Georgia (December 8-11, 2012 ). These abstracts have been published on the ASH website at www.hematology.org. The following abstracts were accepted for presentation:
- Ublituximab (TG-1101), an Optimized Anti-CD20 Monoclonal Antibody, Demonstrates Greater NK-Mediated ADCC Than Rituximab in Waldenstrom's Macroglobulinemia Patients Supporting a Therapeutic Strategy with Ublituximab (#1654)
- Ublituximab (TG-1101), A Novel Anti-CD20 Monoclonal Antibody (mAb), Demonstrates Activity in Rituximab-sensitive and Rituximab—resistant B Non-Hodgkin Lymphoma (B-
NHL ) Pre-clinical In Vitro and In Vivo Models (#2756)- Ublituximab (TG-1101), a Novel, Third-Generation Anti-CD20 Antibody Demonstrates Enhanced Antitumor Activity Compared to Rituximab in Primary CNS and Intraocular Lymphoma Murine Models (#2755)
- TGR-1202 Suppresses AML and ALL Cells Via Selective Inhibition of PI3K-delta Kinase (#2610)
- Comparison of the PI3K-delta Inhibitors TGR-1202 and GS-1101 in Inducing Cytotoxicity and Inhibiting Phosphorylation of Akt in CLL Cells in Vitro (#3914)
- Novel PI3K Inhibitors Demonstrated Marked Cytotoxicity in T Cell Lymphoma Models, Caused Apoptosis and Were Synergistic with A Novel Anti-CD20 Monoclonal Antibody Ublituximab in B Cell Lymphoma Models (#3725)
-
Completed a Joint Venture with
Rhizen Pharmaceuticals for TGR-1202, the Company's second product, a novel PI3K delta inhibitor. - Commenced our U.S.-based clinical program for TG-1101, including:
- Filed an IND in
the United States for Ublituximab (TG-1101) and received clearance by theFDA to commence clinical trials in the U.S. (May 2012 )- Initiated a Phase I/II clinical trial of Ublituximab (TG-1101) in patients with relapsed or refractory B-cell Non Hodgkins lymphoma (
September 2012 )
The Company will host an investor conference call tomorrow,
In order to participate in the conference call, please call 1-877-407-8029 (U.S.), 1-201-689-8029 (outside the U.S.), Conference Title: TG Therapeutics Third Quarter Earnings Call. The audio recording of the conference call will be available for replay at http://www.tgtherapeutics.com, for a period of 30 days after the call.
ABOUT
The
Cautionary Statement
Some of the statements included in this press release, particularly those anticipating future clinical trials and business prospects for TG-1101 and TGR-1202 and 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 the data (both safety and efficacy) from future clinical trials will not coincide with the data analyses from prior pre-clinical and clinical trials; and other risk factors identified from time to time in our reports filed with the
TGTX - G
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Selected Consolidated Financial Data | ||
Statements of Operations Information (Unaudited): | ||
Three months ended |
Nine months ended |
|
Costs and expenses: | ||
Research and development: | ||
Noncash stock expense associated with in-licensing agreement | $ -- | $ 16,578,000 |
Noncash compensation | 127,091 | 236,289 |
Other research and development | 1,433,711 | 3,133,960 |
Total research and development | 1,560,802 | 19,948,249 |
General and administrative: | ||
Noncash compensation | 690,999 | 1,942,301 |
Other general and administrative | 462,425 | 1,313,960 |
Total general and administrative | 1,153,424 | 3,256,261 |
Total costs and expenses | 2,714,226 | 23,204,510 |
Operating loss | (2,714,226) | (23,204,510) |
Other (income) expense: | ||
Interest income | (4,951) | (12,711) |
Other income | -- | (272,232) |
Interest expense | 228,585 | 676,843 |
Change in fair value of notes payable | (227,659) | (915,512) |
Total other (income) | (4,025) | (523,612) |
Consolidated net loss | (2,710,201) | (22,680,898) |
Net loss attributable to noncontrolling interest | (247,962) | (8,067,916) |
Net loss attributable to |
$ (2,462,239) | $ (14,612,982) |
Basic and diluted net loss per common share | $ (0.16) | $ (1.34) |
Weighted average shares used in computing basic and diluted net loss per common share |
15,810,299 |
10,901,070 |
Balance Sheet Information: | ||
|
|
|
(unaudited) | ||
Cash and cash equivalents | $ 17,373,866 | $ 9,748,491 |
Total assets | 25,231,218 | 15,907,258 |
Accumulated deficit | (15,466,056) | (853,074) |
Total equity | 17,893,300 | 9,636,202 |
* Condensed from audited financial statements. |
CONTACT:Source:Jenna Bosco Director - Investor RelationsTG Therapeutics, Inc. Telephone: 212.554.4484 Email: ir@tgtxinc.com
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