Full Press Release Details
TG Therapeutics, Inc. Announces Third Quarter 2012 Financial
Results and Business Update
Investor Conference Call to be held Tomorrow, Friday, November
9, 2012 at 8:30am EDT
New York, NY, (November 8, 2012) - TG Therapeutics,
Inc. (TGTX), an innovative, clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization
of innovative and medically important pharmaceutical products for the treatment of cancer and other underserved therapeutic needs,
today announced its results for the third quarter ended September 30, 2012 and recent company developments.
Financial Results for the Third Quarter 2012
At September 30, 2012, the Company had cash and cash equivalents
of $17.4 million, as compared to $9.7 million at December 31, 2011.
The consolidated net loss for the third quarter ended September
30, 2012 was $2.7 million, $2.5 million or $0.16 per diluted share, which was attributable to TG Therapeutics, Inc. and subsidiaries.
The consolidated net loss for the third quarter ended September 30, 2012 included a $1 million upfront milestone payment to our
partner Rhizen Pharmaceuticals in conjunction with the signing of our global collaboration agreement for TGR-1202, our novel
P13K delta inhibitor. The consolidated net loss for the third quarter ended September 30, 2012, also included $0.8 million
of non-cash compensation expense related to equity incentive grants.
The consolidated net loss for the nine months ended September
30, 2012 was $22.7 million, $14.6 million or $1.34 per diluted share, which was attributable to TG Therapeutics, Inc. and subsidiaries.
The consolidated net loss for the nine months ended September 30, 2012, included $16.6 million in noncash stock expense associated
with in-licensing arrangements recorded in conjunction with the stock issued in connection with the license for TG-1101. The consolidated
net loss for the nine months ended September 30, 2012, also included $2.2 million of non-cash compensation expense related to equity
Commenting on the quarter, Michael S. Weiss, the Company's Executive
Chairman and Interim Chief Executive Officer, said, "During the third quarter, we made substantial progress with our lead
drug TG-1101, commencing our first U.S. based clinical trial in patients with relapsed or refractory B-cell Non-Hodgkin's
lymphoma. We were also able to acquire a complementary drug for our pipleline, our novel P13K delta
inhibitor, which was acquired in a partnership with Rhizen Pharmaceuticals." Mr. Weiss continued, "Our cash
position remains strong with sufficient capital to execute our business plan and bring the Company to substantial value creating
milestones over the next 12-18 months."
Recent Developments & Highlights
The Company will host an investor conference call tomorrow,
Friday, November 9, 2012, at 8:30am EDT, to discuss the Company's third quarter financial results and provide a business
outlook for the remainder of 2012.
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 Third Quarter 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
ABOUT TG THERAPEUTICS, INC.
TG Therapeutics is an innovative, clinical-stage biopharmaceutical
company focused on the acquisition, development and commercialization of innovative and medically important pharmaceutical products
for the treatment of cancer and other underserved therapeutic needs. Currently, the company is developing two advanced 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, currently in clinical development for patients
with relapsed and refractory non-Hodgkin's lymphoma. TG Therapeutics is also developing TGR-1202, a highly specific, 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. TG Therapeutics is headquartered in New York City.
Cautionary Statement
Some of the statements included in this press release, particularly
those anticipating future clinical trials and business prospects for TG-1101 and TGR-1202 and 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 the data (both safety and efficacy) from future clinical trials will not coincide with
the data analyses from prior pre-clinical and clinical trials; 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
Selected Consolidated Financial Data
Statements of Operations Information
| Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||
| Costs and expenses: | ||||||||
| Research and development: | ||||||||
| Noncash stock expense associated with in-licensing agreement | $ | -- | $ | 16,578,000 | ||||
| Noncash compensation | 127,091 | 236,289 | ||||||
| Other research and development | 1,433,711 | 3,133,960 | ||||||
| Total research and development | 1,560,802 | 19,948,249 | ||||||
| General and administrative: | ||||||||
| Noncash compensation | 690,999 | 1,942,301 | ||||||
| Other general and administrative | 462,425 | 1,313,960 | ||||||
| Total general and administrative | 1,153,424 | 3,256,261 | ||||||
| Total costs and expenses | 2,714,226 | 23,204,510 | ||||||
| Operating loss | (2,714,226 | ) | (23,204,510 | ) | ||||
| Other (income) expense: | ||||||||
| Interest income | (4,951 | ) | (12,711 | ) | ||||
| Other income | -- | (272,232 | ) | |||||
| Interest expense | 228,585 | 676,843 | ||||||
| Change in fair value of notes payable | (227,659 | ) | (915,512 | ) | ||||
| Total other (income) | (4,025 | ) | (523,612 | ) | ||||
| Consolidated net loss | (2,710,201 | ) | (22,680,898 | ) | ||||
| Net loss attributable to noncontrolling interest | (247,962 | ) | (8,067,916 | ) | ||||
| Net loss attributable to TG Therapeutics, Inc. and subsidiaries | $ | (2,462,239 | ) | $ | (14,612,982 | ) | ||
| Basic and diluted net loss per common share | $ | (0.16 | ) | $ | (1.34 | ) | ||
| Weighted average shares used in computing basic and diluted net loss per common share | 15,810,299 | 10,901,070 |
Balance Sheet Information:
| September 30, 2012 | December 31, 2011* | |||||||
| ( unaudited ) | ||||||||
| Cash and cash equivalents | $ | 17,373,866 | $ | 9,748,491 | ||||
| Total assets | 25,231,218 | 15,907,258 | ||||||
| Accumulated deficit | (15,466,056 | ) | (853,074 | ) | ||||
| Total equity | 17,893,300 | 9,636,202 |
* Condensed from audited financial statements.