G&A operating and occupancy expenses decreased 42% to $1.3 million for the nine month period ended September 30, 2010 as compared to $2.3 million for the same period in the prior year. The decrease is primarily due to a decrease in professional services and consulting expenses.
Total revenues and other income increased to $85,000 for the three month period ended September 30, 2010 as compared to zero for the same period in the prior year and increased to $138,000 for the nine month period ended September 30, 2010 as compared to $4,000 for the same period in the prior year. The increase for the three month and nine month periods ended September 30, 2010 was primarily due to an increase of $85,000 and $138,000, respectively, in non-cash other income related to debt relief from settlements with certain vendors in the second and third quarters of 2010.
As of September 30, 2010 we had 8,930,057 shares of common stock outstanding.
Liquidity, Capital Resources and Going Concern Uncertainty
As of September 30, 2010, we had cash and cash equivalents of approximately $4.2 million as compared to $1.9 million as of December 31, 2009. The amount of cash on hand is not sufficient to fund each of the clinical trials currently planned for our two drug candidates, Proellex and Androxal. Based on these planned clinical trials, we will need to raise additional capital no later than the first quarter of 2011. Our Annual Report on Form 10-K for the year ended December 31, 2009 includes an explanatory paragraph in the report of its independent registered public accounting firm that there is substantial doubt about Repros' ability to continue as a "going concern". Repros also received a similar going concern opinion for the years ended December 31, 2008 and 2007.
On February 12, 2010, we entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with Ladenburg Thalmann & Co. Inc. ("Ladenburg"), pursuant to which we may issue and sell from time to time through Ladenburg, as sales agent and/or principal, shares of our common stock having an aggregate offering price of up to $10 million (the "ATM Shares"). As of September 30, 2010, we have sold 2,448,572 ATM Shares at a weighted average share price of $2.77, for proceeds of approximately $6.4 million, net of expenses. Between July 1, 2010 and August 4, 2010, we have sold an aggregate of 277,164 ATM Shares at a weighted average share price of $1.51, for proceeds of approximately $401,000, net of expenses. Pursuant to General Instruction I.B.6. of Form S-3, we may not sell more than one-third of the aggregate market value of our common stock held by non-affiliates during a period of 12 calendar months immediately prior to, and including, the date of such sale of such common stock. Due to this limitation, we announced on August 3, 2010 that we have suspended this ATM offering of Company securities.
SOURCE Repros Therapeutics Inc.