Repligen Corp. (RGEN, Financial) filed Quarterly Report for the period ended 2010-12-31.
Repligen Corp. has a market cap of $151.7 million; its shares were traded at around $5.16 with and P/S ratio of 7.2. Hedge Fund Gurus that owns RGEN: Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Research and development expenses were approximately $2,930,000 and $3,846,000 for the three-month periods ended December 31, 2010 and 2009, respectively, a decrease of $916,000 or 24%. The completion of our phase 3 clinical operations for RG1068 in fiscal year 2010 resulted in a $587,000 reduction in spending in the current period as compared to the same period in fiscal year 2010. Similarly, lower drug development activity compared to the prior period and the completion of patient enrollment in September 2010 for our phase 2b trial for RG2417, evaluating the use of uridine in bipolar depression, further reduced spending by $212,000.
For the nine-month period ended December 31, 2010, we recognized approximately $1,102,000 of revenue from sponsored research and development projects under agreements with the Muscular Dystrophy Association, the National Institutes of Health / Scripps Research Institute, Go Friedreichs Ataxia Research (GoFar), and the Friedreichs Ataxia Research Alliance. During the nine months ended December 31, 2010, the Company also recognized approximately $733,000 in one-time grants under the Qualifying Therapeutic Discovery Project Program which was created in March 2010 as part of the Patient Protection and Affordability Care Act. For the nine-month period ended December 31, 2009, we recognized approximately $332,000 of revenue from sponsored research and development projects under agreements with the Muscular Dystrophy Association, the Friedreichs Ataxia Research Alliance and the National Ataxia Foundation.
Research and development expenses were approximately $8,745,000 and $10,707,000 for the nine-month periods ended December 31, 2010 and 2009, respectively, a decrease of $1,962,000 or 18%. The completion of our phase 3 clinical trial for RG1068 in fiscal year 2010 resulted in a $1,653,000 reduction in spending in the current period. Similarly, lower drug development activity compared to the prior period and the completion of patient enrollment in September 2010 for our phase 2b trial for RG2417, evaluating the use of uridine in bipolar depression, further reduced spending by $744,000, despite a $250,000 milestone payment made to McLean Hospital during the current year. Spending on our Spinal Muscular Atrophy (SMA) program, newly acquired in the third quarter of fiscal 2010, increased by $511,000.
Our operating activities provided approximately $1,788,000 of cash for the nine-month period ended December 31, 2010. Cash provided by operating activities is primarily attributable to net income of $1,987,000, a decrease in inventory of $264,000, and certain non-cash expenses such as $1,274,000 for depreciation and amortization and $748,000 in stock-based compensation expense, offset by a $601,000 increase in accounts receivable, a $700,000 decrease in accounts payable and accrued liabilities, a $708,000 increase in prepaid expenses and other current assets, and a $451,000 increase in royalties receivable.
Our investing activities consumed cash of approximately $4,488,000 for the nine-month period ended December 31, 2010 as we had $3,870,000 in net purchases of marketable securities. Additionally, we made a $300,000 milestone payment related to the BioFlash acquisition and invested approximately $318,000 in equipment purchases and improvements to our facility.
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Repligen Corp. has a market cap of $151.7 million; its shares were traded at around $5.16 with and P/S ratio of 7.2. Hedge Fund Gurus that owns RGEN: Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Cost of product revenue was approximately $1,449,000 and $1,085,000 for the three-month periods ended December 31, 2010 and 2009, respectively, an increase of $364,000 or 34%. This increase is primarily due to the increase in bioprocessing product sales noted above, as well as increased depreciation expense and other manufacturing variances.Research and development expenses were approximately $2,930,000 and $3,846,000 for the three-month periods ended December 31, 2010 and 2009, respectively, a decrease of $916,000 or 24%. The completion of our phase 3 clinical operations for RG1068 in fiscal year 2010 resulted in a $587,000 reduction in spending in the current period as compared to the same period in fiscal year 2010. Similarly, lower drug development activity compared to the prior period and the completion of patient enrollment in September 2010 for our phase 2b trial for RG2417, evaluating the use of uridine in bipolar depression, further reduced spending by $212,000.
For the nine-month period ended December 31, 2010, we recognized approximately $1,102,000 of revenue from sponsored research and development projects under agreements with the Muscular Dystrophy Association, the National Institutes of Health / Scripps Research Institute, Go Friedreichs Ataxia Research (GoFar), and the Friedreichs Ataxia Research Alliance. During the nine months ended December 31, 2010, the Company also recognized approximately $733,000 in one-time grants under the Qualifying Therapeutic Discovery Project Program which was created in March 2010 as part of the Patient Protection and Affordability Care Act. For the nine-month period ended December 31, 2009, we recognized approximately $332,000 of revenue from sponsored research and development projects under agreements with the Muscular Dystrophy Association, the Friedreichs Ataxia Research Alliance and the National Ataxia Foundation.
Research and development expenses were approximately $8,745,000 and $10,707,000 for the nine-month periods ended December 31, 2010 and 2009, respectively, a decrease of $1,962,000 or 18%. The completion of our phase 3 clinical trial for RG1068 in fiscal year 2010 resulted in a $1,653,000 reduction in spending in the current period. Similarly, lower drug development activity compared to the prior period and the completion of patient enrollment in September 2010 for our phase 2b trial for RG2417, evaluating the use of uridine in bipolar depression, further reduced spending by $744,000, despite a $250,000 milestone payment made to McLean Hospital during the current year. Spending on our Spinal Muscular Atrophy (SMA) program, newly acquired in the third quarter of fiscal 2010, increased by $511,000.
Our operating activities provided approximately $1,788,000 of cash for the nine-month period ended December 31, 2010. Cash provided by operating activities is primarily attributable to net income of $1,987,000, a decrease in inventory of $264,000, and certain non-cash expenses such as $1,274,000 for depreciation and amortization and $748,000 in stock-based compensation expense, offset by a $601,000 increase in accounts receivable, a $700,000 decrease in accounts payable and accrued liabilities, a $708,000 increase in prepaid expenses and other current assets, and a $451,000 increase in royalties receivable.
Our investing activities consumed cash of approximately $4,488,000 for the nine-month period ended December 31, 2010 as we had $3,870,000 in net purchases of marketable securities. Additionally, we made a $300,000 milestone payment related to the BioFlash acquisition and invested approximately $318,000 in equipment purchases and improvements to our facility.
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