- Top-line results of Phase 2 trial of RPC1063 in relapsing multiple sclerosis expected in mid-2014 -
- Phase 3 trial of RPC1063 in relapsing multiple sclerosis enrolling patients globally -
- Results of Phase 2 trial of RPC1063 in ulcerative colitis expected in Q4 2014 -
- Conference Call Today at 8:30 a.m. Eastern Time -
SAN DIEGO, May 12, 2014 (GLOBE NEWSWIRE) -- Receptos, Inc. (Nasdaq:RCPT) today provided development program updates and announced financial results for the first quarter ended March 31, 2014.
"We have successfully initiated the Phase 3 portion of the RADIANCE trial of RPC1063 in relapsing multiple sclerosis, with many of the Phase 2 clinical trial sites able to begin enrolling Phase 3 patients," said Faheem Hasnain, Chief Executive Officer of Receptos. "We look forward to near-term top-line results of the Phase 2 portion of RADIANCE, as well as TOUCHSTONE, our Phase 2 study of RPC1063 in ulcerative colitis, and continued progress with our pipeline programs."
Receptos is developing RPC1063, an orally administered sphingosine 1-phosphate 1 (S1P1) receptor small molecule modulator candidate, for immune indications including relapsing multiple sclerosis (RMS) and ulcerative colitis (UC). The Company is also developing RPC4046, an anti-interleukin-13 (IL-13) antibody for an immune-mediated orphan disease, eosinophilic esophagitis (EoE), and is in preclinical development of oral, small molecule, positive allosteric modulators of the GLP‑1 receptor for the treatment of Type 2 diabetes.
Development Program Updates
RPC1063 in Relapsing Multiple Sclerosis
RPC1063 in Ulcerative Colitis
RPC4046 in Eosiniphilic Esophagitis
Oral GLP-1 Receptor Positive Allosteric Modulator Program
Key upcoming milestones
Financial highlights for the three months ended March 31, 2014
Other financial highlights
Conference Call Today at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time)
The Receptos management team will host a teleconference and webcast to discuss the first quarter 2014 financial results and recent business highlights. The live call may be accessed by phone by calling (866) 757-6808 (domestic) or (760) 536-5211 (international), conference ID 32184280. The webcast can be accessed live on the Investor Relations section of the Receptos website at www.receptos.com and will be archived for 14 days following the call. A replay of the call will be available by phone by calling (855) 859-2056, participant code 32184280.
Forward-Looking Statements
Statements contained in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "expects," "believes," "may," "intends," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements do not constitute guarantees of future performance. Investors are cautioned that forward-looking statements, including without limitation statements regarding the safety, efficacy and projected development timeline of drug candidates such as RPC1063 constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements are based upon the Company's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include without limitation consistency of results from the interim analysis discussed above and final trial results, the Company's ability to adequately and timely recruit and enroll patients in its clinical trials, as well as other risks associated with the process of discovering, developing and commercializing drug candidates that are safe and effective for use as human therapeutics. These and other risks are described in detail in the Company's SEC filings, including the Company's Annual Report on Form 10-K. All forward-looking statements contained in this release speak only as of the date on which they were first made by the Company, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after such date.
About Receptos
Receptos is a biopharmaceutical company developing therapeutic candidates for the treatment of immune and metabolic diseases. The Company's lead program, RPC1063, is a sphingosine 1-phosphate 1 receptor (S1P1R) small molecule modulator candidate for immune indications, including relapsing multiple sclerosis (RMS) and inflammatory bowel disease (IBD). The Company is also developing RPC4046, an anti-interleukin-13 (IL-13) antibody for an allergic/immune-mediated orphan disease, eosiniphilic esophagitis (EoE). Receptos has established expertise in high resolution protein crystal structure determination, biology and drug discovery for G-protein-coupled receptors (GPCRs).
RECEPTOS, INC. | ||
CONSOLIDATED FINANCIAL RESULTS | ||
(In thousands, except per share amounts) | ||
Three months ended March 31, |
||
2014 | 2013 | |
Collaborative revenue | $1,350 | $1,488 |
Operating expenses: | ||
Research and development | 20,007 | 8,020 |
General and administrative | 2,759 | 1,062 |
Total operating expenses | 22,766 | 9,082 |
Loss from operations | (21,416) | (7,594) |
Interest income | 73 | 1 |
Interest expense | (157) | -- |
Net loss | (21,500) | (7,593) |
Preferred stock deemed dividend | -- | (2,056) |
Net loss attributable to common stockholders | ($21,500) | ($9,649) |
Net loss per common share, basic and diluted | ($1.01) | ($5.46) |
Shares used to compute net loss per common share, basic and diluted | 21,195 | 1,767 |
Note - The calculation of net loss per common share for the three months ended March 31, 2013 excludes the impact of the conversion of all of the Company's outstanding Series A and B convertible preferred stock into 9,644,000 shares of common stock in connection with our initial public offering in May 2013. |
RECEPTOS, INC. | ||
CONSOLIDATED BALANCE SHEET DATA | ||
(IN THOUSANDS) | ||
As of March 31, |
As of December 31, |
|
2014 | 2013 | |
Cash, cash equivalents and short-term investments | $158,571 | $69,490 |
Working capital | 144,218 | 54,263 |
Total assets | 161,146 | 71,228 |
Term debt | 4,962 | 4,915 |
Total liabilities | 20,123 | 20,433 |
Common stock and additional paid-in capital | 258,439 | 146,698 |
Total stockholders' equity | 141,023 | 50,795 |