Rafael Holdings focuses on ‘very strong’ balance sheet after posting fiscal 3Q results

Rafael Holdings Inc (NYSE:RFL) reported a small loss for the fiscal third quarter after completing a successful spin-off from IDT Corporation (NYSE:IDT) in March this year.

The company posted a loss per share of $0.04 for the third quarter of its 2018 fiscal year on revenue of $1.1 million.

This marked Newark, New Jersey-based Rafael Holding’s first quarterly results as an independent public company after being spun off from IDT Corp.

“Financial results for the third quarter were in line with our expectations and reflected the added expense of being a public company. Our balance sheet remains very strong, with $44 million in working capital — current assets less current liabilities — and no debt,” said Rafael Holdings CEO Howard Jonas.

“With a successful spin-off in our rear-view mirror, we are focused on both of our operating segments to maximize value for our stockholders,” added Jonas.

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Rafael Holdings is a diversified company with investments in a portfolio of commercial real estate and interests in two clinical stage research-driven oncology pharmaceutical companies.

“On the real estate side, we are working to optimize our property portfolio.  In Newark, New Jersey, where we hold a 20-story commercial property and an associated garage property, we are seeking experienced real estate development partners to take advantage of the buoyant local market,” said Jonas.

The CEO said that on the pharma side, the company was encouraged by Rafael Pharmaceuticals’ results from its Phase II clinical trial of its lead drug, CPI-613 in Acute Myeloid Leukemia, which is a type of cancer of the blood and bone marrow. He said the drug company was planning the launch of its global, randomized Phase III trials of CPI-613 for patients with Stage IV metastatic pancreatic cancer and relapsed Acute Myeloid Leukemia.

“LipoMedix is making good progress on the development and study of its flagship prodrug, Promitil and was recently awarded a patent for the use of Promitil in conjunction with radiotherapy,” added Jonas.  

Shares of Rafael Holdings traded 4.8% higher to close at $8.44 on Friday and were flat in premarket trade Monday.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors