North Bay Business Journal

Thursday, May 8, 2014, 5:01 pm

Raptor loss narrows as sales grow

Print Friendly Print Friendly    

Share this item

    NOVATO — Raptor Pharmaceuticals (Nasdaq: RPTP) on Thursday announced a narrowing operating loss in the first quarter, following domestic launch of the company’s rare-disease treatment and ongoing expansion to patients in Germany.

    The Novato-based company had a net loss of $14.9 million for the first three months of 2014 — equivalent to 24 cents per share — compared to a net loss of $15.9 million during the same quarter last year.

    Product sale revenue for the company’s PROCYSBI treatment was $12.1 million for the quarter, up 20 percent from the prior quarter.  PROCYSBI, designed to treat nephropathic cystinosis, was approved for use in the United States in June of 2013.

    Quarterly operating expenses of $21.6 million have grown 32.8 percent over the 12-month period, driven largely by expansion of the company’s sales and administrative team. Research and development costs increased 13.5 percent.

    Raptor maintained guidance of $55 to $65 million in net product sales for 2014, and noted that current cash and cash equivalents are anticipated to be sufficient to fund operations through the first half of 2015.

    Shares in Raptor were trading at $7.57 when the markets closed on Thursday, down 1.17 percent from opening.

    Copyright © 1988–2015 North Bay Business Journal
    View the policy for linking to website content.

    Print Friendly Print Friendly    

    Submit Your Comments


    Required, will not be published

    Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments and Letters Policy. To share this item by email or social media, use the links above.

    Do not use this form to contact people, companies or organizations mentioned in this story. Contact them directly. Private messages left here will be deleted.