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 10, 2013
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 10, 2013 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 10, 2013
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Repros Therapeutics Inc.
(Registrant) |
||
| May 10, 2013
(Date) |
/s/ KATHI ANDERSON
Kathi Anderson CFO |
| Exhibit Index | ||
| 99.1 | Press release dated May 10, 2013 | |
EXHIBIT 99.1
THE WOODLANDS, Texas, May 10, 2013 (GLOBE NEWSWIRE) -- Repros Therapeutics Inc.® (Nasdaq:RPRX) today announced financial results for the first quarter ended March 31, 2013.
Liquidity and Capital Resources
The Company had cash and cash equivalents of approximately $17.2 million as of March 31, 2013 as compared to $24.2 million as of December 31, 2012. Net cash of approximately $6.8 million was used in operating activities during the three month period ended March 31, 2013 as compared to $2.5 million for the same period in the prior year. The major use of cash during the three month period ended March 31, 2013 was to fund the Company's clinical development programs and associated administrative costs. Cash used in investing activities during the three month period ended March 31, 2013 was approximately $300,000 primarily for capitalized patent and patent application costs for Androxal® and Proellex®.
Financial Results
Net loss for the three month period ended March 31, 2013, was ($7.4) million, or ($0.41) per share, as compared to a net loss of ($2.4) million, or ($0.17) per share, for the same period in 2012. The increase in loss for the three month period ended March 31, 2013 as compared to the same period in 2012 was primarily due to an increase in clinical development expenses related to Androxal due to the ongoing Phase 3 studies in men with secondary hypogonadism, including two pivotal studies being conducted under a Special Protocol Assessment, a six month open label safety study and a one year DEXA study.
Research and development ("R&D") expenses increased 330%, or approximately $4.8 million, to $6.3 million for the three month period ended March 31, 2013 as compared to $1.5 million for the same period in the prior year. The increase in R&D expenses is primarily due to the $4.5 million increase in clinical development expenses for Androxal®. R&D expenses related to the clinical development of Proellex® decreased approximately $27,000, due to the winding down of our Phase 2 vaginal administration study for uterine fibroids, partially offset by an increase in expenses related the Phase 2 endometriosis study initiated in the fourth quarter of 2012. Payroll and benefits expenses increased for the three month period ended March 31, 2013 as compared to the same period in the prior year by $350,000 due to increased headcount and non-cash stock based compensation. Additionally, operating and occupancy expenses remained relatively constant at $348,000 for the three month period ended March 31, 2013.
General and administrative ("G&A") expenses increased 10%, or approximately $94,000, to approximately $1.1 million for the three month period ended March 31, 2013 as compared to $973,000 for the same period in the prior year. The increase in G&A expenses for the three month period ended March 31, 2013 as compared to the same period in the prior year is primarily due to an increase in professional services.
As of March 31, 2013, the Company had 18,643,986 shares of common stock outstanding.
About Repros Therapeutics Inc. ®
Repros Therapeutics focuses on the development of small molecule drugs for major unmet medical needs that treat male and female reproductive disorders.
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 to fund development of its Androxal® and Proellex® programs and have success in the clinical development of its technologies, the reliability of interim results to predict final study outcomes, 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, |
||
| 2013 | 2012 | |
| Revenues and other income | $ 1 | $ -- |
| Expenses | ||
| Research and development | 6,308 | 1,466 |
| General and administrative | 1,067 | 973 |
| Total expenses | 7,375 | 2,439 |
| Net loss | $ (7,374) | $ (2,439) |
| Net loss per share - basic and diluted | $ (0.41) | $ (0.17) |
| Weighted average shares used in loss per share calculation: | ||
| Basic | 18,182 | 13,983 |
| Diluted | 18,182 | 13,983 |
| CONSOLIDATED BALANCE SHEETS | ||
| (unaudited and in thousands) | ||
|
March 31, 2013 |
December 31, 2012 |
|
| Cash and cash equivalents | $ 17,150 | $ 24,212 |
| Prepaid expenses and other currents assets | 355 | 406 |
| Fixed assets (net) | 90 | 53 |
| Patents (net) | 2,320 | 2,161 |
| Total assets | $ 19,915 | $ 26,832 |
| Accounts payable and accrued expenses | $ 3,626 | $ 3,798 |
| Stockholders' equity | 16,289 | 23,034 |
| Total liabilities and stockholders' equity | $ 19,915 | $ 26,832 |
CONTACT: Joseph S. Podolski
Chief Executive Officer
(281) 719-3447
Investor Relations: Thomas Hoffmann
The Trout Group
(646) 378-2931