Full Press Release Details
TG Therapeutics, Inc. Announces First Quarter 2013 Financial
Results and Business Update
Investor Conference Call to be held Tomorrow, Tuesday, May
14, 2013 at 8:30am EDT
New York, NY, (May 13, 2013) - TG Therapeutics,
Inc. (TGTX), an innovative clinical-stage biopharmaceutical company focused on the acquisition, development, and commercialization
of medically important pharmaceutical products for the treatment of cancer and other underserved therapeutic needs, today announced
its results for the first quarter ended March 31, 2013 and recent company developments.
Financial Results for the First Quarter 2013
At March 31, 2013 the Company had cash and cash equivalents
of $15.2 million, as compared to $16.5 million at December 31, 2012.
The consolidated net loss for the first quarter ended March
31, 2013 was $3.7 million, or $0.17 per share, compared to a consolidated net loss of $17.4 million during the comparable quarter
in 2012, representing a decrease in consolidated net loss of $13.7 million. Included in the consolidated net loss for the quarter
ended March 31, 2012 was $16.6 million in noncash stock expense associated with an in-licensing arrangement recorded in conjunction
with the license for TG-1101. This decrease in noncash stock expense associated with an in-licensing arrangement was partially
offset by an increase in other research and development expenses of $1.1 million, principally related to the TG-1101 and TGR-1202
clinical development programs. The consolidated net loss for the first quarter ended March 31, 2013 included $1.9 million of non-cash
compensation expense related to equity incentive grants.
Recent Developments & Highlights
Our planned upcoming clinical milestones include the following:
Michael S. Weiss, the Company's Executive Chairman and Interim
Chief Executive Officer, stated, "During the first quarter, we continued to work diligently on our clinical programs. We announced
the opening of expansion cohorts for our single agent study of TG-1101 based on some very promising early clinical results observed.
We were also very excited to initiate the first-in-human study of TGR-1202, our novel PI3K delta inhibitor."
Mr. Weiss continued, "For the remainder of 2013, we are focused on aggressively enrolling patients into our ongoing clinical
trials and look forward to presenting additional incremental clinical data over the course of the year at various medical conferences,
culminating with what we hope will be a robust data presentation for both of our drug candidates at ASH in December."
The Company will host an investor conference call tomorrow,
Tuesday, May 14, 2013, at 8:30am EDT, to discuss the Company's first quarter 2013 financial results and provide a business
outlook for the remainder of 2013.
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 First 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
ABOUT TG THERAPEUTICS, INC.
TG Therapeutics is an innovative, clinical-stage biopharmaceutical
company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment
of cancer and other underserved therapeutic needs. Currently, the company is developing two therapies targeting hematological malignancies. TG-1101
(ublituximab) is a novel, third generation monoclonal antibody that targets a specific and unique epitope on the CD20 antigen found
on mature B-lymphocytes. TG Therapeutics is also developing TGR-1202, an orally available PI3K delta inhibitor. The delta
isoform of PI3K is strongly expressed in cells of hematopoietic origin and is believed to be important in the proliferation and
survival of B-lymphocytes. Both TG-1101 and TGR-1202 are in clinical development for patients with hematologic malignancies.
TG Therapeutics is headquartered in New York City.
Cautionary Statement
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
Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of
this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that
occur after the date hereof. This press release and prior releases are available at www.tgtherapeutics.com.
The information found on our website is not incorporated by reference into this press release and is included for reference purposes
Director- Investor Relations
TG Therapeutics, Inc.
Telephone: 212.554.4484
Email: ir@tgtxinc.com
Selected Consolidated Financial Data
Statements of Operations Information
| Three Months Ended March 31, | ||||||||
| 2013 | 2012 | |||||||
| License revenue | $ | 38,095 | $ | - | ||||
| Costs and expenses: | ||||||||
| Research and development: | ||||||||
| Noncash stock expense associated with in-licensing agreement | - | 16,578,000 | ||||||
| Noncash compensation | 354,703 | - | ||||||
| Other research and development | 1,215,202 | 163,353 | ||||||
| Total research and development | 1,569,905 | 16,741,353 | ||||||
| General and administrative: | ||||||||
| Noncash compensation | 1,530,774 | 188,509 | ||||||
| Other general and administrative | 651,457 | 455,492 | ||||||
| Total general and administrative | 2,182,231 | 644,001 | ||||||
| Total costs and expenses | 3,752,136 | 17,385,354 | ||||||
| Operating loss | (3,714,041 | ) | (17,385,354 | ) | ||||
| Other (income) expense: | ||||||||
| Interest income | (1,502 | ) | (3,668 | ) | ||||
| Interest expense | 231,472 | 220,149 | ||||||
| Change in fair value of notes payable | (270,400 | ) | (205,297 | ) | ||||
| Total other (income) expense | (40,430 | ) | 11,184 | |||||
| Consolidated net loss | (3,673,611 | ) | (17,396,538 | ) | ||||
| Net loss attributable to non-controlling interest | - | (7,140,448 | ) | |||||
| Net loss attributable to TG Therapeutics, Inc. and subsidiaries | $ | (3,673,611 | ) | $ | (10,256,090 | ) | ||
| Basic and diluted net loss per common share | $ | (0.17 | ) | $ | (2.03 | ) | ||
| Weighted average shares used in computing basic and diluted net loss per common share | 21,953,803 | 5,061,399 |
Balance Sheet Information:
| March 31, 2013 | December 31, 2012* | |||||||
| (unaudited) | ||||||||
| Cash and cash equivalents | $ | 15,188,167 | $ | 16,455,995 | ||||
| Total assets | 21,386,785 | 22,074,037 | ||||||
| Accumulated deficit | (22,599,404 | ) | (18,925,793 | ) | ||||
| Total equity | 14,699,087 | 15,550,301 |
* Condensed from audited financial statements.