Full Press Release Details
TG Therapeutics, Inc. Announces Fourth Quarter and Year-End
2012 Financial Results and Business Update
Investor Conference Call to be held Tomorrow, Wednesday,
March 13, 2013 at 8:30am EDT
New York, NY, (March 12, 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 financial results for the fourth quarter and year ended December 31, 2012 and provided recent company developments along with
an outlook for 2013.
Financial Results for the Fourth Quarter and Full Year
At December 31, 2012, the Company had cash and cash equivalents
of $16.5 million, as compared to $9.7 million at December 31, 2011.
The consolidated net loss for the year ended December 31, 2012
was $26.2 million, of which $18.1 million, or $1.38 per diluted share, was attributable to TG Therapeutics, Inc. and subsidiaries.
The consolidated net loss for the year ended December 31, 2012 included $4.0 million in research and development expenses, primarily
related to the development of TG-1101 and TGR-1202, and $1.8 million in general and administrative expenses. Included in the consolidated
net loss for the year ended December 31, 2012 are the following non-cash items: $16.6 million in noncash stock expense associated
with in-licensing arrangements recorded in conjunction with the license for TG-1101; $1.1 million for the impairment of in-process
research and development expenses; and $3.4 million of non-cash compensation expense related to equity incentive grants; partially
off-set by non-cash income of $1.7 million related to the change in fair value of notes payable.
The consolidated net loss for the fourth quarter ended December
31, 2012 was $3.5 million, of which $3.5 million, or $0.17 per diluted share, was attributable to TG Therapeutics, Inc. and subsidiaries.
The consolidated net loss for three months ended December 31, 2012 included $0.9 million in research and development expenses,
primarily related to the development of TG-1101 and TGR-1202, and $0.5 million in general and administrative expenses. Included
in the consolidated net loss for the fourth quarter ended December 31, 2012 are the following non-cash items: $1.1 million for
the impairment of in-process research and development expenses; and $1.2 million of non-cash compensation expense related to equity
incentive grants; partially off-set by non-cash income of $0.7 million related to the change in fair value of notes payable.
Recent Developments & Highlights
Potential 2013 Milestones
Michael S. Weiss, the Company's Executive Chairman and Interim
Chief Executive Officer, stated, "2012 was a very exciting year for TG Therapeutics. We began with our initial capital raise
and in-licensing of TG-1101 in January, and over the course of the year have worked diligently to emerge as a company highly focused
on, and specialized in, developing novel agents for B-cell disorders, a rapidly evolving and growing market." Mr. Weiss continued,
"For 2013, we look forward to providing investors updated clinical data on our drug candidates throughout the course of the
year at medical conferences. From a financial perspective, we believe we are sufficiently funded to bring the Company to substantial
value creating milestones over the next year."
The Company will host an investor conference call tomorrow,
Wednesday, March 13, 2013, at 8:30am EDT, to discuss the Company's fourth quarter and year end 2012 financial results and
provide a business outlook for 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 Fourth Quarter and Year-End 2012 Earnings
Call. The audio recording of the conference call will be available for replay at http://www.tgtherapeutics.com, for a period of
30 days after the call.
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 only.
Director- Investor Relations
TG Therapeutics, Inc.
Telephone: 212.554.4484
Email: ir@tgtxinc.com
TG Therapeutics, Inc.
Selected Consolidated Financial Data
Statements of Operations Information
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| License revenue | $ | 19,048 | $ | -- | $ | 19,048 | $ | -- | ||||||||
| Costs and expenses: | ||||||||||||||||
| Research and development: | ||||||||||||||||
| Noncash stock expense associated with in-licensing agreement | -- | -- | 16,578,000 | 297,000 | ||||||||||||
| Noncash compensation | 219,520 | -- | 455,809 | -- | ||||||||||||
| Other research and development | 860,222 | 14,343 | 3,994,182 | 30,283 | ||||||||||||
| Total research and development | 1,079,742 | 14,343 | 21,027,991 | 327,283 | ||||||||||||
| General and administrative: | ||||||||||||||||
| Noncash compensation | 1,024,072 | 86,494 | 2,966,373 | 86,494 | ||||||||||||
| Other general and administrative | 501,123 | 454,022 | 1,815,083 | 468,197 | ||||||||||||
| Total general and administrative | 1,525,195 | 540,516 | 4,781,456 | 554,691 | ||||||||||||
| Impairment of in-process research and development | 1,104,700 | -- | 1,104,700 | -- | ||||||||||||
| Total costs and expenses | 3,709,637 | 554,859 | 26,914,147 | 881,974 | ||||||||||||
| Operating loss | (3,690,589 | ) | (554,859 | ) | (26,895,099 | ) | (881,974 | ) | ||||||||
| Other (income) expense: | ||||||||||||||||
| Interest income | (3,076 | ) | -- | (15,787 | ) | -- | ||||||||||
| Other income | -- | -- | (272,232 | ) | -- | |||||||||||
| Interest expense | 228,901 | 7,097 | 905,744 | 7,097 | ||||||||||||
| Change in fair value of notes payable | (744,360 | ) | -- | (1,659,872 | ) | -- | ||||||||||
| Total other (income) expense | (518, 535) | 7,097 | (1,042,147 | ) | 7,097 | |||||||||||
| Consolidated net loss before income taxes | (3,172,054 | ) | (561,956 | ) | (25,852,952 | ) | (889,071 | ) | ||||||||
| Income taxes | 330,000 | -- | 330,000 | -- | ||||||||||||
| Consolidated net loss | (3,502,054 | ) | (561,956 | ) | (26,182,952 | ) | (889,071 | ) | ||||||||
| Net loss attributable to non-controlling interest | (42,317 | ) | (19,592 | ) | (8,110,233 | ) | (35,997 | ) | ||||||||
| Net loss attributable to TG Therapeutics, Inc. and subsidiaries | $ | (3,459,737 | ) | $ | (542,364 | ) | $ | (18,072,719 | ) | $ | (853,074 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.17 | ) | $ | (0.17 | ) | $ | (1.38 | ) | $ | (0.44 | ) | ||||
| Weighted average shares used in computing basic and diluted net loss per common share | 19,776,138 | 3,207,634 | 13,113,758 | 1,926,198 |
Balance Sheet Information:
| December 31, 2012 | December 31, 2011* | |||||||
| (unaudited) | ||||||||
| Cash and cash equivalents | $ | 16,455,995 | $ | 9,748,491 | ||||
| Accumulated deficit | (18,925,793 | ) | (853,074 | ) | ||||
| Total equity | 15,550,301 | 9,636,202 |
* Condensed from audited financial statements.