Mar 5, 2014

Receptos Reports Fourth Quarter and Year End 2013 Operational and Financial Results

- Favorable interim results from Phase 2 trial of RPC1063 in relapsing multiple sclerosis consistent with differentiated profile; top-line data expected mid-2014 -

- Phase 3 trial of RPC1063 in relapsing multiple sclerosis has begun enrolling patients -

- Top-line data from Phase 2 trial of RPC1063 in ulcerative colitis expected in mid-2014 -

- Conference Call Today at 5 p.m. Eastern Time -

SAN DIEGO, March 5, 2014 (GLOBE NEWSWIRE) -- Receptos, Inc. (Nasdaq:RCPT) today provided development program updates and announced financial results for the fourth quarter and year ended December 31, 2013.

"The data from the interim analysis of the Phase 2 portion of our RADIANCE trial was consistent with our differentiation thesis, and provided support to continue to advance the program," said Faheem Hasnain, President and Chief Executive Officer of Receptos. "Our initiation of the Phase 3 portion of our RADIANCE trial positions RPC1063 as the potential next-to-market oral agent for the treatment of relapsing multiple sclerosis. We look forward to mid-2014 for the top-line results of the Phase 2 portion of RADIANCE, as well as top-line results of TOUCHSTONE, our Phase 2 study of RPC1063 in ulcerative colitis, and continued progress with our pipeline programs."

Receptos is developing RPC1063, a small molecule sphingosine 1-phosphate 1 (S1P1) receptor modulator administered orally for immunology indications. The Company has initiated a Phase 3 trial of RPC1063 in relapsing multiple sclerosis (RMS) and is currently conducting separate Phase 2 trials in RMS and ulcerative colitis (UC), with top-line data expected for both trials in mid-2014. The Company is also developing RPC4046, an anti-interleukin-13 (IL-13) antibody for an immune-mediated orphan disease, eosiniphilic esophagitis (EoE), and is in preclinical development of oral, small molecule, positive allosteric modulators of the GLP‑1 receptor for the treatment of Type 2 diabetes.

Development Program Updates

RPC1063 in Relapsing Multiple Sclerosis

RPC1063 in Ulcerative Colitis

RPC4046 in Eosiniphilic Esophagitis

Oral GLP-1 Receptor Positive Allosteric Modulator Program

Key upcoming milestones

Financial highlights for the three months and year ended December 31, 2013

Fourth quarter 2013 financial results (three months ended December 31, 2013)

Fiscal year ended December 31, 2013 financial results

Other financial highlights

Conference Call Today at 5 p.m. Eastern Time (2:00 p.m. Pacific Time) The Receptos management team will host a teleconference and webcast to discuss the fourth quarter and year end 2013 financial results and recent business highlights. The live call may be accessed by phone by calling (866) 757-6808 (domestic) or (760) 536-5211 (international), conference ID 33449299. The webcast can be accessed live on the Investor Relations section of the Receptos website at and will be archived for 14 days following the call. A replay of the call will be available by phone by calling (855) 859-2056 or (404) 537-3406, conference ID 33449299. 

Forward-Looking Statements 

Statements contained in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  The words "expects," "believes," "anticipates," "may," "intends," "plans," "potential" and similar expressions are intended to identify forward-looking statements.  Investors are cautioned that these forward-looking statements do not constitute guarantees of future performance.  Forward-looking statements include, without limitation, statements regarding the sufficiency of the Company's capital position over future periods, the ability of the Company to undertake certain development activities (such as clinical trial enrollment and the conduct of clinical trials) and to accomplish certain development goals (such as the availability of clinical trial results), and the safety, efficacy, projected development timeline and therapeutic and commercial potential for RPC1063, RPC 4046 and the GLP-1 positive allosteric modulator program.  Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated.  These forward-looking statements are based upon the Company's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include without limitation risks associated with the process of discovering, developing and commercializing drug candidates that are safe and effective for use as human therapeutics. These and other risks regarding the Company's financial position and research and development programs are described in detail in the Company's SEC filings, including the Company's Quarterly Reports on Form 10-Q and the Registration Statement on Form S-1 which was declared effective on January 8, 2014. All forward-looking statements contained in this release speak only as of the date on which they were first made by the Company, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after such date.

About Receptos

Receptos is a biopharmaceutical company developing therapeutic candidates for the treatment of immune and metabolic diseases. The Company's lead program, RPC1063, a small molecule sphingosine 1-phosphate 1 (S1P1) receptor modulator administered orally for immunology indications, including relapsing multiple sclerosis (RMS) and inflammatory bowel disease (IBD), which includes ulcerative colitis (UC). The Company is also developing RPC4046, an anti-interleukin-13 (IL-13) antibody for an allergic/immune-mediated orphan disease, eosiniphilic esophagitis (EoE). Receptos has established expertise in high resolution protein crystal structure determination, biology and drug discovery for G-protein-coupled receptors (GPCRs).

(In thousands, except per share amounts)
  Three months ended
December 31,
Year ended
December 31,
  2013 2012 2013 2012
Collaborative revenue  $773 $3,838 $4,641 $8,647
Operating expenses:        
Research and development  12,624 7,493 43,585 22,927
General and administrative  3,248 803 8,949 3,430
Total operating expenses  15,872 8,296 52,534 26,357
Loss from operations  (15,099) (4,458) (47,893) (17,710)
Other income (expense) (145) 2 (427)  -- 
Net loss (15,244) (4,456) (48,320) (17,710)
Preferred stock deemed dividend   --   --   (2,056)  -- 
Net loss attributable to common stockholders ($15,244) ($4,456) ($50,376) ($17,710)
Net loss per common share, basic and diluted  ($0.86) ($3.08) ($4.23) ($13.73)
Shares used to compute net loss per common share, basic and diluted  17,806 1,448 11,916 1,289
Note - The calculation of net loss per common share for the three and twelve months ended December 31, 2012 excludes the impact of the conversion of all of the Company's outstanding Series A and B convertible preferred stock into 9,644,000 shares of common stock in connection with our initial public offering in May 2013.
  As of December 31, 
  2013 2012
Cash, cash equivalents and short-term investments  $69,490 $5,427
Working capital (deficit)  54,263  (6)
Total assets  71,228  6,903
Term debt  4,915  -- 
Total liabilities   20,433  7,070
Common stock and additional paid-in capital   146,698  7,606
Total stockholders' equity (deficit)  50,795  (39,983)
CONTACT: Media and Investor Contact:

         Graham K. Cooper

         Chief Financial Officer, Receptos

         (858) 652-5708

         Michael Rice

         LifeSci Advisors, LLC

         (646) 597-6979

Source: Receptos, Inc

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