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Repros Therapeutics Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 13, 2012 07:21PM
Repros Therapeutics Inc. (RPRX) filed Quarterly Report for the period ended 2012-06-30. Repros Therapeutics Inc. has a market cap of $133.4 million; its shares were traded at around $8.89 with and P/S ratio of 66699. Repros Therapeutics Inc. had an annual average earning growth of 114.7% over the past 5 years.
Highlight of Business Operations:Total revenues and other income decreased to zero for the three month period ended June 30, 2012 as compared to $1,000 for the same period in the prior year. Total revenue and other income was $1,000 for both six month periods ended June 30, 2012 and 2011. The decrease for the three month period ended June 30, 2012 was primarily due to a decrease of $1,000 in interest income.
On February 12, 2010, we entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), pursuant to which we may issue and sell from time to time through Ladenburg, as sales agent and/or principal, shares of our common stock having an aggregate offering price of up to $10 million (the “ATM Shares”). Ladenburg is not required to sell on our behalf any specific number or dollar amount of the ATM Shares, but Ladenburg, upon acceptance of written instructions from us, agreed to use its commercially reasonable efforts consistent with its customary trading and sales practices, to sell the ATM Shares up to the amount specified, and otherwise in accordance with the terms of a placement notice delivered to Ladenburg. We have no obligation to sell any ATM Shares under the Equity Distribution Agreement, and may at any time suspend sales under the Equity Distribution Agreement, provided that such suspension shall not affect either party’s obligations with respect to the ATM Shares sold prior to the receipt of notice of such suspension. Ladenburg receives a commission of 4% of the gross sales price of all ATM Shares sold through it under the Equity Distribution Agreement. The ATM Shares are issued pursuant to our shelf registration statement on Form S-3, as amended (File No. 333-163648). Between January 1, 2012 and June 30, 2012, we sold an aggregate of 100 ATM Shares at a weighted average share price of $5.07, for proceeds of approximately $500, net of expenses. Cumulative through June 30, 2012, we have sold 2,775,476 ATM Shares at a weighted average share price of $2.67, for proceeds of approximately $7.4 million, net of expenses. Pursuant to General Instruction I.B.6. of Form S-3, in the event that the aggregate market value of our common stock held by non-affiliates (“Public Float”) is less than $75 million, we are limited to the amount of shares we can sell under this Form S-3 to no more than one-third of the Public Float, during a period of 12 calendar months immediately prior to, and including, the date of such sale of such common stock. As of the date of this filing, we are not restricted by such rule, however, should our Public Float fall below $75 million in the future, we will again be subject to such limitation.
Stocks Discussed: RPRX,