AMICUS THERAPEUTICS, INC. (FOLD, Financial) filed Quarterly Report for the period ended 2010-09-30.
Amicus Therapeutics, Inc. has a market cap of $120.2 million; its shares were traded at around $4.35 with and P/S ratio of 1.9. FOLD is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
In March 2010, we sold 4.95 million shares of our common stock and warrants to purchase 1.85 million shares of common stock in a registered direct offering to a select group of institutional investors. The shares of common stock and warrants were sold in units consisting of one share of common stock and one warrant to purchase 0.375 shares of common stock at a price of $3.74 per unit. The warrants have a term of four years and are exercisable any time on or after the six month anniversary of the date they were issued, at an exercise price of $4.43 per share. The net proceeds of the offering were approximately $17.1 million after deducting the placement agency fee and all other estimated offering expenses.
In October 2010, we entered into the License and Collaboration Agreement with GSK and in connection therewith will receive and upfront license payment of $30 million and are eligible to receive further payments of approximately $170 million upon the successful achievement of development and commercialization milestones, as well as tiered double-digit royalties on global sales of Amigal. We will jointly fund development costs with GSK in accordance with an agreed upon development plan. This plan provides that we will fund 100% of the development costs for the remainder of 2010; 50% of the development costs for 2011 and 25% of the development costs in 2012 and beyond. Our development costs are subject to annual and aggregate caps. In addition, GSK is purchasing approximately 6.9 million shares of the Companys common stock at a price of $4.56 per share for a total purchase price of approximately $31 million. The total cash up-front to us from GSK for the upfront license payment and equity investment is approximately $61 million.
On November 7, 2007, we entered into a license and collaboration agreement with Shire. Under the agreement, Amicus and Shire were jointly developing three of our pharmacological chaperone compounds for lysosomal storage disorders: Amigal, Plicera and AT2220. In connection with this agreement, Shire paid us an initial, non-refundable license fee of $50 million and reimbursed us for certain research and development costs associated with these clinical development programs. The license fee was classified as deferred revenue and was being recognized as Collaboration Revenue on a straight line basis over the period of the performance obligations. We also recognized any reimbursed research and development costs as Research Revenue. In October 2009, we mutually terminated our collaboration agreement with Shire and received a cash payment of $5.2 million as full and final settlement of all amounts due under the collaboration agreement. This final payment was recorded as Research Revenue net of a cost sharing receivable. As a result of the termination of the agreement and as there were no further obligations under the original agreement, we recognized all previously deferred revenue as Collaboration Revenue in the fourth quarter of 2009.
Research and Development Expense. Research and development expense was $8.9 million for the three months ended September 30, 2010 representing a decrease of approximately $3.7 million or 29% from $12.6 million for the three months ended September 30, 2009. The variance was primarily attributable to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009, a decrease in consulting costs and a decrease in contract research costs due to the reduced activity within the Gaucher program.
General and Administrative Expense. General and administrative expense was $3.9 million for the three months ended September 30, 2010, representing a decrease of $1.3 million or 25% from $5.2 million for the three months ended September 30, 2009. The variance was primarily due to lower personnel costs a
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Amicus Therapeutics, Inc. has a market cap of $120.2 million; its shares were traded at around $4.35 with and P/S ratio of 1.9. FOLD is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
In June 2007, we completed our initial public offering (IPO) of 5,000,000 shares of common stock at a public offering price of $15.00 per share. Net cash proceeds from the initial public offering were approximately $68.1 million after deducting underwriting discounts, commissions and offering expenses payable by us. In connection with the closing of the IPO, all of Amicus shares of redeemable convertible preferred stock outstanding at the time of the offering were automatically converted into 16,112,721 shares of common stock.In March 2010, we sold 4.95 million shares of our common stock and warrants to purchase 1.85 million shares of common stock in a registered direct offering to a select group of institutional investors. The shares of common stock and warrants were sold in units consisting of one share of common stock and one warrant to purchase 0.375 shares of common stock at a price of $3.74 per unit. The warrants have a term of four years and are exercisable any time on or after the six month anniversary of the date they were issued, at an exercise price of $4.43 per share. The net proceeds of the offering were approximately $17.1 million after deducting the placement agency fee and all other estimated offering expenses.
In October 2010, we entered into the License and Collaboration Agreement with GSK and in connection therewith will receive and upfront license payment of $30 million and are eligible to receive further payments of approximately $170 million upon the successful achievement of development and commercialization milestones, as well as tiered double-digit royalties on global sales of Amigal. We will jointly fund development costs with GSK in accordance with an agreed upon development plan. This plan provides that we will fund 100% of the development costs for the remainder of 2010; 50% of the development costs for 2011 and 25% of the development costs in 2012 and beyond. Our development costs are subject to annual and aggregate caps. In addition, GSK is purchasing approximately 6.9 million shares of the Companys common stock at a price of $4.56 per share for a total purchase price of approximately $31 million. The total cash up-front to us from GSK for the upfront license payment and equity investment is approximately $61 million.
On November 7, 2007, we entered into a license and collaboration agreement with Shire. Under the agreement, Amicus and Shire were jointly developing three of our pharmacological chaperone compounds for lysosomal storage disorders: Amigal, Plicera and AT2220. In connection with this agreement, Shire paid us an initial, non-refundable license fee of $50 million and reimbursed us for certain research and development costs associated with these clinical development programs. The license fee was classified as deferred revenue and was being recognized as Collaboration Revenue on a straight line basis over the period of the performance obligations. We also recognized any reimbursed research and development costs as Research Revenue. In October 2009, we mutually terminated our collaboration agreement with Shire and received a cash payment of $5.2 million as full and final settlement of all amounts due under the collaboration agreement. This final payment was recorded as Research Revenue net of a cost sharing receivable. As a result of the termination of the agreement and as there were no further obligations under the original agreement, we recognized all previously deferred revenue as Collaboration Revenue in the fourth quarter of 2009.
Research and Development Expense. Research and development expense was $8.9 million for the three months ended September 30, 2010 representing a decrease of approximately $3.7 million or 29% from $12.6 million for the three months ended September 30, 2009. The variance was primarily attributable to lower personnel costs associated with the workforce reduction completed in the fourth quarter of 2009, a decrease in consulting costs and a decrease in contract research costs due to the reduced activity within the Gaucher program.
General and Administrative Expense. General and administrative expense was $3.9 million for the three months ended September 30, 2010, representing a decrease of $1.3 million or 25% from $5.2 million for the three months ended September 30, 2009. The variance was primarily due to lower personnel costs a
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