Third Quarter Financial Results Reported By Vion Pharmaceuticals
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Looks like the stock it heading south, under $5/sh. Any comments?
Sorry that the formatting gets messed up, i.e. column alignment
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NEW HAVEN, Conn., Nov. 13 /PRNewswire/ -- Financial results for the third quarter of 1997 were announced today by Vion Pharmaceuticals, Inc. (Nasdaq: VION - news).
In the third quarter of 1997 the Company reported research and development expenses for the third quarter of 1997 of $1,591,310 compared to $2,872,857 in the previous quarter, reflecting lower costs for expanded Phase III clinical trials of Promycin(R). General and administrative expenses were $553,844 for the third quarter compared to $491,058 for the second quarter, reflecting higher patent expenses. The Company earned $60,153 in interest income on invested funds during the third quarter of 1997. Effective July 24,1997, the Company and Yale University (Yale) amended certain licensing agreements between the parties pursuant to which, Yale agreed to reduce certain amounts payable under such agreements. As a result, the Company issued 150,000 shares of common stock to Yale.
The net loss for the quarter was $2,694,697, or $0.30 per share, compared to $3,287,383, or $0.38 per share, in the previous quarter.
Cash, cash equivalents and marketable securities were $5,474,315 for the third quarter of 1997, compared to $4,682,077 at the end of the previous quarter.
''Our Phase III Promycin clinical trial is progressing as expected with 40 centers participating in both the U.S. and Europe,'' said John Spears, President and CEO. ''We were also very pleased that our first major publication of TAPET(TM) in the journal 'Cancer Research' was well received by the scientific community.''
Statements included in this press release which are not historical in nature are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward- looking statements regarding the Company's future business prospects, plans, objectives, expectations and intentions are subject to certain risks, uncertainties and other factors that could cause actual results to differ materially from those projected or suggested in the forward-looking statements, including, but not limited to those contained in the Company's Registration Statement filed on Form S-3 (file no. 333-37941).
Vion Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to discovering, developing and commercializing novel products and technologies for the treatment of cancer and viral diseases. The Company has focused its research efforts in five principal areas: hypoxic cancer cell therapeutics, TAPET cancer therapy, alkylating agent prodrugs, ribonucleotide reductase inhibitors and nucleoside analogs. Vion's lead anti-cancer agent Promycin (porfiromycin) is currently in a Phase III clinical trial. For additional information on Vion and its research and product development programs, visit the Company's Internet web site at vionpharm.com.
VION PHARMACEUTICALS, INC.
(A Development Stage Company)
Condensed Statements of Operations
Three Months Ended
June 30, September 30,
1997 1997
(Unaudited) (Unaudited)
Revenues:
Contract research grants $ 8,481 $ 0
Operating expenses:
Research and development 2,872,857 1,591,310
General and administrative 491,058 553,844
Nonrecurring collaboration restructuring fee 0 600,000
Net interest income (68,051) (50,457)
Net loss (3,287,383) (2,694,697)
Net loss per share $ (0.38) $ (0.30)
Weighted average common stock and common
stock equivalents outstanding 8,758,708 8,905,594
Cash, cash equivalents and
marketable securities -- $5,474,315
Total assets -- 7,213,320
Total liabilities -- 881,759
Stockholders' equity -- 6,331,561
Total liabilities and stockholders' equity -- $7,213,320
SOURCE: Vion Pharmaceuticals, Inc. |
