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Feb 8 2007, 6:00 AM EST

Bioenvision Reports Second Quarter 2007 Financial Results; Evoltra(R) Sales Double over Last Quarter

News source: Business Wire

Bioenvision, Inc. (NasdaqGM:BIVN) today announced financial results for the second quarter ended December 31, 2006.

Results and recent events include:

-- Bioenvision marks record quarterly revenue of $4.5 million as Evoltra(R) (clofarabine) sales doubled from the first quarter of 2007

-- Bioenvision files with the EMeA for label extension of Evoltra(R) in elderly AML

-- ASH conference spotlights pivotal filing data from study BIOV-121

-- Bioenvision appoints new Chief Financial Officer

-- Bioenvision appoints General Manager for Bioenvision JapanCo.

-- Bioenvision out-licenses worldwide rights to its Oligon(R) technology

"We are very pleased with the impact our sales and marketing organization has had since the formal launch of Evoltra(R) in September," said Christopher B. Wood, M.D., Bioenvision's Chairman and Chief Executive Officer. "The revenue growth in the pediatric indication, our filing for a label extension into adult Acute Myeloid Leukemia (AML) and our progress towards bringing Evoltra into Japan are significant achievements for Bioenvision, and we remain focused on continuing to execute on our global development and commercialization strategy for Evoltra in the months ahead."

Financial Review

Total revenue for the quarter ended December 31, 2006 was $4.5 million, compared to $1.1 million for the same period in 2005. This increase of approximately 309% is due to an increase in net product sales of Evoltra(R), as well as an increase in license and royalty revenue of approximately $265,000. Net product sales of Evoltra(R) for the quarter ended December 31, 2006 totaled $3.6 million compared to $1.8 million for the previous quarter ending September 30, 2006 representing an increase of 100%.

Revenues for the six months ended December 31, 2006 were approximately $7.4 million and $1.8 million, respectively, representing an increase of 311%. This increase is due to the approval of Evoltra(R) in May 2006 and commercial sales commencing in the fourth quarter of 2006.

Selling, general and administrative expenses for the quarter ended December 31, 2006 were $6.3 million, compared to $2.6 million for the same period in 2005 representing an increase of 142%. The increase is primarily due to the expansion of the sales force in Europe. The Company also recognized an increase in stock-based compensation of $712,000.

Selling, general and administrative expenses for the six months ended December 31, 2006 and 2005 were approximately $11.8 million and $5.5 million, respectively, representing an increase of 115%. This increase is due to the build out of the sales force in the EU after receiving marketing authorization for Evoltra(R) in May of 2006 as well as the launch of Evoltra(R) during the first quarter of 2007, and increased overhead costs of the company. The Company also recognized an increase in stock-based compensation of $923,000.

Research and development costs for the three months ended December 31, 2006 and 2005 were approximately $4.3 million and $2.0 million, respectively. This increase of 115% is due to the Company's increased development activities, including the cost of participation in the ongoing AML-16 study, BIOV-111, BIOV-121, and psoriasis studies.

Research and development costs for the six months ended December 31, 2006 and 2005 were approximately $13.6 million and $4.4 million, respectively. This increase of 209% is due to the signing of the Japanese license agreement of approximately $4.0 million during the first quarter of fiscal 2007, along with the costs associated with clinical development and regulatory activities.

Net loss applicable to shareholders was approximately $7.0 million or $0.16 loss per share for the three months ended December 31, 2006 compared with net loss

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