From the 10Q:
Overview
We are a biopharmaceutical company focused on discovering, developing and commercializing innovative therapeutics for immune disorders. Our product candidates span three distinct specialty disease areas. We are developing our lead asset, ozanimod, as an oral therapy for the treatment of Relapsing Multiple Sclerosis (RMS) and Inflammatory Bowel Disease (IBD), which consists of Ulcerative Colitis (UC) and Crohn’s Disease (CD). We are developing our second asset, RPC4046, for the treatment of an allergic/immune-mediated disorder, Eosinophilic Esophagitis (EoE), which is an Orphan Disease. Our strategy is to develop best-in-class drug candidates and selectively pursue first-in-class market positions. The mechanism of actions for each of our product candidates has been validated in one or more immunology indications.
Since our inception, we have focused our attention on, and devoted substantial resources to, developing ozanimod and RPC4046. We are focused on three indications for ozanimod, which are being studied in advanced stage clinical trials. We have initiated a randomized Phase 2 study of RPC4046. In addition, we have a research program developing oral, small molecule positive allosteric modulators (PAMs) of the glucagon-like peptide-1 receptor (GLP-IR) for the treatment of Type 2 Diabetes.
We have entered into various collaboration arrangements and a license arrangement related to our G protein-coupled receptor (GPCR) structure-based drug design technology platform, all of which, except for one, have been completed or terminated. Under these agreements we received upfront payments, license fees, research and development funding and research and/or development milestones. We have not generated any revenue from product sales. Through June 30, 2015, we have funded our operations primarily through the sale of our stock and through the receipt of upfront payments, research funding and preclinical milestones from our collaboration arrangements.
We have incurred significant operating losses since our inception in 2008 and, as of June 30, 2015, we had an accumulated deficit of $316.8 million. Substantially all of our operating losses resulted from expenses incurred in connection with our drug candidate development programs, our research activities and general and administrative costs associated with our operations. We expect to continue to incur significant expenses and increasing operating losses for at least the next several years. In the near term, we anticipate that our expenses will increase substantially as we:
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advance the current Phase 3 studies of ozanimod in RMS and UC;
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prepare for and initiate a Phase 2 study of ozanimod in CD;
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advance the current Phase 2 study of RPC4046 in EoE;
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continue research efforts;
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maintain, expand and protect our intellectual property portfolio; and
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hire additional staff, including clinical, scientific, operational, finance and management personnel.
To fund future operations we will likely need to raise additional capital. Our existing cash, cash equivalents and short-term investments will not be sufficient for us to commercialize any product candidate which may receive approval. Accordingly, we will continue to require substantial additional capital for our clinical development and potential commercialization activities. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our clinical development efforts. We anticipate that we will seek to fund our operations through public or private equity or debt financings or other sources, such as potential collaboration arrangements. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategies.
On July 14, 2015, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Celgene Corporation, a Delaware corporation (“Celgene”), and Strix Corporation, a Delaware corporation and a wholly owned subsidiary of Celgene (“Purchaser”), pursuant to which, and on the terms and subject to the conditions thereof, among other things, on July 28, 2015 Purchaser commenced a tender offer (“Offer”) to acquire all of our outstanding shares of common stock (the “Company Shares”), subject to certain customary exceptions set forth in the Merger Agreement, at a purchase price of $232.00 per Company Share net to
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