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TG Therapeutics, Inc. Announces Second Quarter 2013 Financial Results and Business Update
Aug 01, 2013
Financial Results for the Second Quarter 2013
At
The consolidated net loss for the second quarter ended
The consolidated net loss for the six months ended
Recent Developments & Highlights
-
Encouraging new data for TG-1101 were presented at the
American Society of Clinical Oncology (ASCO) Annual Meeting held inChicago, 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 theEuropean Hematology Association (EHA) held inStockholm, 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 theNASDAQ Capital Market .
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 Second Quarter 2013 Earnings Call. The audio recording of the conference call will be available for replay at www.tgtherapeutics.com, for a period of 30 days after the call.
ABOUT
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 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
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Selected Consolidated Financial Data | ||||
Statements of Operations Information (Unaudited): | ||||
Three months ended |
Six months ended |
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2013 | 2012 | 2013 | 2012 | |
License revenue |
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$ ---- |
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$ ---- |
Costs and expenses: | ||||
Research and development: | ||||
Noncash stock expense associated with in-licensing agreement | ---- | ---- | ---- | 16,578,000 |
Noncash compensation | 366,168 | 109,198 | 720,871 | 109,198 |
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: | ||||
Noncash compensation | 1,007,600 | 1,062,793 | 2,538,374 | 1,251,302 |
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 |
Operating loss | (6,628,765) | (3,104,930) | (10,342,806) | (20,490,284) |
Other (income) expense: | ||||
Interest income | (1,177) | (4,092) | (2,679) | (7,760) |
Other income | ---- | (272,232) | ---- | (272,232) |
Interest expense | 240,014 | 228,109 | 471,486 | 448,258 |
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 |
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Basic and diluted net loss per common share |
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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: | ||
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(unaudited) | ||
Cash and cash equivalents |
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Total assets | 17,858,571 | 22,074,037 |
Accumulated deficit | (29,183,956) | (18,925,793) |
Total equity | 10,275,118 | 15,550,301 |
* 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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