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Reata Pharmaceuticals Inc (RETA) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Reata Pharmaceuticals Inc

CIK: 1358762 Ticker: RETA

Exhibit 99.1

 

 

 

 

Reata Pharmaceuticals, Inc. Announces Third Quarter 2017 Financial and Operating Results

IRVING, Texas, November 13, 2017

– Reata Pharmaceuticals, Inc. (Nasdaq: RETA) (Reata or Company), a clinical-stage biopharmaceutical company, today announced financial results for the third quarter ended September 30, 2017, and provided an update on the Company's business and product development programs.

Financial Highlights

The Company incurred operating expenses of $24.6 million for the quarter ended September 30, 2017, with research and development accounting for $18.3 million.  This compares to operating expenses of $13.5 million for the same period of the year prior, when research and development accounted for $9.3 million.  A net loss of $12.3 million was reported by the Company for the quarter ended September 30, 2017, equating to a loss of $0.50 per share, compared to net loss of $0.9 million or $0.04 per share in the same period of the year prior.

The Company incurred operating expenses of $68.5 million for the nine months ended September 30, 2017, with research and development accounting for $50.8 million.  This compares to operating expenses of $40.0 million for the same period of the year prior, when research and development accounted for $27.7 million.  A net loss of $31.0 million was reported by the Company for the nine month period ended September 30, 2017, equating to a loss of $1.34 per share, compared to net loss of $2.1 million or $0.11 per share in the same period of the year prior.

Corporate Highlights

As of September 30, 2017, the Company had $154.6 million in cash and cash equivalents.

On November 3, 2017, the Company amended its loan agreement (Amended Loan Agreement) with Oxford Finance LLC and Silicon Valley Bank to increase its Term B Loan amount from $15.0 million to either $20.0 million or $25 million.  The Company may, at its sole discretion, borrow $20 million under Term B Loan.  An additional $5 million will be available under the Term B Loan for a total of $25 million upon the achievement of one of two milestones.  The Company may borrow the Term B Loan by the earlier of 90 days after the achievement of a milestone or June 29, 2018.  If the Term B Loan is drawn, the interest-only payment period would be extended by six months.


 


The following information was filed by Reata Pharmaceuticals Inc (RETA) on Monday, November 13, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Reata Pharmaceuticals Inc's 10-Q Quarterly Report:
Ticker: RETA
CIK: 1358762
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-023433
Submitted to the SEC: Mon Nov 13 2017 7:51:16 AM EST
Accepted by the SEC: Mon Nov 13 2017
Period: Saturday, September 30, 2017
Industry: Pharmaceutical Preparations

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