UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 16, 2011
Repros Therapeutics Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-15281 |
76-0233274 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
2408 Timberloch Place, Suite B-7 The Woodlands, Texas |
77380 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (281) 719-3400
________________________________________________________________________________
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 2.02. Results of Operations and Financial Condition.
On May 16, 2011 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated May 16, 2011
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Repros Therapeutics Inc.
(Registrant) |
||
| May 16, 2011
(Date) |
/s/ JOSEPH S. PODOLSKI
Joseph S. Podolski President and Chief Executive Officer |
| Exhibit Index | ||
| 99.1 | Press release dated May 16, 2011 | |
EXHIBIT 99.1
THE WOODLANDS, Texas, May 16, 2011 (GLOBE NEWSWIRE) -- Repros Therapeutics Inc.® (Nasdaq:RPRX) today announced financial results for the first quarter ended March 31, 2011.
Financial Results
Net loss for the three-month period ended March 31, 2011, was ($2.1) million or ($0.20) per share as compared to a net loss of ($1.1) million or ($0.17) per share for the same period in 2010. The increase in loss for the three month period ended March 31, 2011 as compared to the same period in 2010 was primarily due to increased expenses in clinical development for Androxal® and Proellex®.
Research and development ("R&D") expenses increased 223% or approximately $1.0 million to $1.5 million for the three month period ended March 31, 2011 as compared to $458,000 for the same period in the prior year. Our primary R&D expenses for the three month periods ended March 31, 2011 and 2010 are shown in the following table (in thousands):
|
Research and Development |
Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
Variance |
Change (%) |
| Operating and occupancy | $193 | $177 | $16 | 9% |
| Payroll and benefits | 191 | 120 | 71 | 59% |
| Androxal® clinical development | 871 | 14 | 857 | 6,121% |
| Proellex® clinical development | 225 | 147 | 78 | 53% |
| Total | $1,480 | $458 | $1,022 | 223% |
The increase in R&D expenses is primarily due to the increased clinical development expenses related to Androxal® as a result of the initiation of the Phase 2 study as a potential treatment for Type 2 diabetes in hypogonadal men and the Phase 2B study in men with secondary hypogonadism. R&D expenses were further increased due to the ongoing dose escalating study being conducted on Proellex® initiated in the third quarter of 2010. Additionally, payroll and benefits expenses increased due to increased headcount and the discontinuation of the salary reduction program put in place in August 2009 for all salaried R&D employees.
General and administrative expenses, ("G&A"), decreased 5% or approximately $34,000 to $635,000 for the three month period ended March 31, 2011 as compared to $669,000 for the same period in the prior year. Our primary G&A expenses for the three month period ended March 31, 2011 and 2010 are shown in the following table (in thousands):
|
General and Administrative |
Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
Variance |
Change (%) |
| Payroll and benefits | $196 | $153 | $43 | 28% |
| Operating and occupancy | 439 | 516 | (77) | (15)% |
| Total | $635 | $669 | ($34) | (5)% |
G&A payroll and benefits expenses include a charge for non-cash stock option expense of $78,000 for the three month period ended March 31, 2011 as compared to $74,000 for the same period in the prior year. Additionally, salaries for the three month period ended March 31, 2011 were $104,000 as compared to $63,000 for the same period in the prior year. The increase in salaries is primarily due to the discontinuation of the salary reduction program put in place in August 2009 for all salaried employees other than Mr. Podolski, the Company's President and CEO, and Mr. Podolski's salary was revised to a 25% reduction.
G&A operating and occupancy expenses, which include expenses to operate as a public company, decreased 15% or approximately $77,000 to $439,000 for the three month period ended March 31, 2011 as compared to $516,000 for the same period in the prior year. The decrease is primarily due to a decrease in professional services.
As of March 31, 2011 we had 11,976,209 shares of common stock outstanding.
About Repros Therapeutics Inc.
Repros Therapeutics Inc. focuses on the development of new drugs to treat hormonal and reproductive system disorders.
The Repros Therapeutics Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7738
Any statements made by the Company that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including the ability to raise additional needed capital on a timely basis in order for it to continue its operations, have success in the clinical development of its technologies and such other risks which are identified in the Company's most recent Annual Report on Form 10-K and in any subsequent quarterly reports on Form 10-Q. These documents are available on request from Repros Therapeutics or at www.sec.gov. Repros disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please visit the Company's website at http://www.reprosrx.com.
| REPROS THERAPEUTICS INC. AND SUBSIDIARY | ||
| (A Development Stage Company) | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (unaudited and in thousands except per share amounts) | ||
| Three Months Ended | ||
| March 31, | ||
| 2011 | 2010 | |
| Revenues and other income | $ -- | $ -- |
| Expenses | ||
| Research and development | 1,480 | 458 |
| General and administrative | 635 | 669 |
| Total expenses | 2,115 | 1,127 |
| Net loss | $ (2,115) | $ (1,127) |
| Net loss per share - basic and diluted | $ (0.20) | $ (0.17) |
| Weighted average shares used in loss per share calculation: | ||
| Basic | 10,790 | 6,457 |
| Diluted | 10,790 | 6,457 |
| CONSOLIDATED BALANCE SHEETS | ||
| (unaudited and in thousands) | ||
|
March 31, 2011 |
December 31, 2010 |
|
| Cash and cash equivalents | $ 12,630 | $ 2,957 |
| Prepaid expenses and other currents assets | 305 | 328 |
| Fixed assets (net) | 5 | 7 |
| Patents (net) | 1,197 | 1,173 |
| Total assets | $ 14,137 | $ 4,465 |
| Accounts payable and accrued expenses | $ 1,451 | $ 1,298 |
| Stockholders' equity | 12,686 | 3,167 |
| Total liabilities and stockholders' equity | $ 14,137 | $ 4,465 |
CONTACT: Joseph S. Podolski
Chief Executive Officer
(281) 719-3447