GenStar Therapeutics Reports Second Quarter 2002 Financial Results
BUSINESS WIRE - August 14, 2002 07:01
SAN DIEGO, Aug 14, 2002 (BW HealthWire) -- GenStar Therapeutics (AMEX: GNT) today reported a net loss of $5.6 million, or $0.24 per share, for the six months ended June 30, 2002. This compares with a net loss of $5.6 million, or $0.24 per share, for the six months ended June 30, 2001. For the three months ended June 30, 2002 the net loss was $2.9 million, or $0.12 per share, as compared to a net loss of $3.0 million, or $0.13 per share, for the same period in 2001. The Company had grant revenues of $440,000 for the six months ended June 30, 2002 compared with $72,000 for the six months ended June 30, 2001. For the three months ended June 30, 2002 grant revenues equaled $172,000, compared to $40,000 for the same period of 2001. Total operating expenses for the six months ended June 30, 2002 were $6.4 million compared with $6.0 million for the six months ended June 30, 2001. For the three months ended June 30, 2002 and 2001 operating expenses were $3.2 million.
GenStar reported cash, cash equivalents, and short-term investments of $10.4 million at June 30, 2002, down from $13.1 million as of March 31, 2002. The decrease in cash is attributable to the funding of on-going operations.
GenStar Therapeutics (www.genstar-rx.com) is a biopharmaceutical company developing innovative gene therapy products for the treatment of serious medical disorders. The Company's research and development efforts, utilizing advanced gene delivery technologies, are focused on hemophilia, cancer and vaccines. The Company has research agreements with Baxter Healthcare and Centocor, a Johnson & Johnson company. GenStar's hemophilia, prostate cancer and HIV/AIDS product development programs are supported, in part, by grants from the National Cancer Institute and the National Institutes of Health. |
