Completes enrollment of Phase 2 trial of RPC1063 in Ulcerative Colitis; data expected in fourth quarter of 2014
Announces oral platform presentation of Phase 2 data for RPC1063 in Relapsing Multiple Sclerosis at MS Boston 2014
Enrollment in Phase 3 trial of RPC1063 in Relapsing Multiple Sclerosis proceeding on schedule
Conference Call Today at 8 a.m. Eastern Time
SAN DIEGO, Aug. 12, 2014 (GLOBE NEWSWIRE) -- Receptos, Inc. (Nasdaq:RCPT), a biopharmaceutical company developing therapeutic candidates for the treatment of immune and metabolic diseases, today provided development program updates and announced financial results for the second quarter ended June 30, 2014.
"We are aggressively driving forward with Phase 3 after recent positive results from our Phase 2 trial of RPC1063 in Relapsing Multiple Sclerosis," said Faheem Hasnain, Chief Executive Officer of Receptos. "We anticipate results of the Phase 2 trial of RPC1063 in Ulcerative Colitis in the fourth quarter, which will inform our potential future plans in inflammatory bowel disease. With over $300 million in cash at the end of the second quarter, we are very well capitalized to execute on the development plan for RPC1063, as well as to make further progress with our pipeline programs."
Development Program Updates
RPC1063 in Relapsing Multiple Sclerosis (RMS)
RPC1063 in Ulcerative Colitis (UC)
RPC4046 in Eosiniphilic Esophagitis (EoE)
Oral GLP-1 Receptor Positive Allosteric Modulator Program
Financial highlights for the three months ended June 30, 2014
Conference Call Today at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time)
The Receptos management team will host a teleconference and webcast to discuss the second 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), participant code 79079982. 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 79079982.
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," "anticipates," "may," "intends," "plans," "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 sufficiency of the Company's capital position over future periods, the ability of the Company to undertake certain development activities (such as clinical trial enrollment and the conduct of clinical trials) and accomplish certain development goals (such as the completion of clinical trials and availability of clinical trial results), and the safety, efficacy, projected development timeline and therapeutic and commercial potential for RPC1063, RPC 4046 and the GLP-1 positive allosteric modulator program, 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 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 regarding the Company's financial position and research and development programs are described in detail in the Company's SEC filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent Quarterly Reports on Form 10-Q. 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.
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, eosinophilic esophagitis (EoE). Receptos has established expertise in high resolution protein crystal structure determination, biology and drug discovery for G-protein-coupled receptors (GPCRs).
|CONSOLIDATED FINANCIAL RESULTS|
|(In thousands, except per share amounts)|
Three months ended
Six months ended
|Research and development||20,408||9,441||40,415||17,461|
|General and administrative||3,763||1,589||6,522||2,651|
|Total operating expenses||24,171||11,030||46,937||20,112|
|Loss from operations||(23,071)||(9,792)||(44,487)||(17,386)|
|Interest and other expense||(159)||(131)||(316)||(131)|
|Preferred stock deemed dividend||--||--||--||(2,056)|
|Net loss attributable to common stockholders||($23,154)||($9,918)||($44,654)||($19,567)|
|Net loss per common share, basic and diluted||($1.04)||($0.98)||($2.06)||($3.27)|
Shares used to compute net loss per common
share, basic and diluted
|Note - The calculation of net loss per common share for the three and six months ended June 30, 2013 includes the impact of the conversion of all of the Company's then 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.|
|CONSOLIDATED BALANCE SHEET DATA|
|Cash, cash equivalents and short-term investments||$333,373||$69,490|
|Financing liability for leased facility||12,000||--|
|Common stock and additional paid-in capital||456,309||146,698|
|Total stockholders' equity||315,742||50,795|
Media and Investor Contact: Graham K. Cooper Chief Financial Officer, Receptos (858) 652-5708