Nov 9 2007, 9:12 AM EST
News source: Business Wire
Introgen Therapeutics, Inc. (NASDAQ:INGN) announced today its financial results for the third quarter ended September 30, 2007.
During the quarter, the Company used cash, cash equivalents and short-term investments of $6.0 million. Introgen's cash, cash equivalents, short-term investments and marketable securities were $38.1 million at September 30, 2007.
Revenue was $139,000 for the quarter ended September 30, 2007, compared to revenue of $733,000 for the quarter ended September 30, 2006. Operating expenses were $8.1 million for the quarter ended September 30, 2007, compared to $6.8 million for the quarter ended September 30, 2006. These operating expenses include $1.1 million and $1.2 million for the quarters ended September 30, 2007, and September 30, 2006, respectively, of expense related to share-based compensation.
Net loss was $7.5 million, or $0.17 per share, for the third quarter of 2007 compared to a net loss of $5.7 million, or $0.15 per share, for the same quarter last year.
Nine Months Financial Results
Revenue was $543,000 for the nine months ended September 30, 2007, compared to revenue of $1.1 million for the nine months ended September 30, 2006. Operating expense was $22.8 million for the nine months ended September 30, 2007 and $23.8 million for the nine months ended September 30, 2006, which includes $3.9 million and $5.0 million, respectively, of expense related to share-based compensation.
Introgen reported a net loss of $20.9 million, or $0.48 per share, for the nine months ended September 30, 2007. These results compare to a net loss of $21.6 million, or $0.58 per share, for the nine months ended September 30, 2006.
"These results are consistent with our expectations and guidance," said David G. Nance, Chairman and CEO of Introgen. "We are on track to achieve our major milestones of ADVEXIN registration submissions for two oncology indications, Li-Fraumeni Syndrome cancers and recurrent head and neck cancer, before the end of the year."
About ADVEXIN
ADVEXIN p53 therapy is a targeted molecular therapy with broad applicability in a wide range of tumor types and clinical settings because it targets one of the most fundamental and common molecular defects, abnormal p53 tumor suppressor function, associated with cancer initiation, progression and treatment resistance. Introgen believes that ADVEXIN has demonstrated increased survival and tumor growth control in recurrent head and neck cancer patients. In addition, ADVEXIN has demonstrated clinical activity in a number of solid tumor types in multiple phase 1, 2 and 3 clinical trials conducted worldwide. Introgen's first clinical trial was initiated in 1995 and approximately 30 clinical trials have been conducted to date in more than ten different oncology indications.
About Introgen Therapeutics
Introgen Therapeutics, Inc. is a biopharmaceutical company focused on the development, manufacturing and commercialization of targeted tumor suppressors, a new class of therapies for the treatment of cancer. Introgen's technology delivers targeted molecular therapies that increase production of normal cancer-fighting proteins and cytokines. The Company is developing a proprietary pipeline of product candidates utilizing molecular biomarkers to identify patients most likely to benefit from its therapies which target central cancer-causing mechanisms. ADVEXIN(R), its lead product candidate, targets abnormal p53, a fundamental cancer defect present in over 50 percent of all tumors. Introgen is analyzing its phase 3 clinical trial for recurrent head and neck cancer using ADVEXIN as a monotherapy. The Company plans to complete regulatory filings in both the United States and in Europe by the end of 2007. For more information about the Company, please vi
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