Vion Pharmaceuticals, Inc. reports first quarter financial results
NEW HAVEN, Conn.--(BUSINESS WIRE)--May 15, 1997--Vion Pharmaceuticals, Inc. (Nasdaq:VION) today announced financial results for the first quarter of 1997.
In the first quarter of 1997 the Company reported research and development expenses for the first quarter of 1997 of $1,521,779 compared to $1,954,573 in the previous quarter, reflecting fulfillment of a pledge of a research grant of $345,000 to Yale University and accruals for expanded clinical trials. General and administrative expenses decreased from $785,104 in the previous quarter to $491,534 for the first quarter, due to lower audit, patent and professional fees. The Company earned $99,234 in interest income on invested funds during the first quarter of 1997. Revenues of $39,740 were recognized from an SBIR grant to develop water soluble prodrug formulations of its ribonucleotide reductase inhibitor OCX-191.
The net loss for the quarter was $1,885,397, or $0.23 per share, compared to $2,560,234 or $0.32 per share, in the previous quarter.
Cash, cash equivalents and marketable securities were $6,676,782 for the first quarter of 1997, compared to $8,416,815 at the end of the previous quarter.
``We made some exciting progress on our TAPET(TM) technology during the first quarter,'' said John Spears, President and CEO of Vion. ``We presented our TAPET data for the first time at the American Association for Cancer Research annual meeting. The response to our data from both the scientific and business community has so far been quite positive and we are encouraged to aggressively continue this area of research.''
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(TM) cancer therapy, alkylating agent prodrugs, ribonucleotide reductase inhibitors and nucleoside analogs. Vion's lead anti-cancer agent Promycin(TM) (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
December 31, March 31,
1996 1997
(unaudited) (unuadited)
Revenues:
Contract research grants $ 51,779 $ 39,740
Operating expenses:
Research and development 1,954,573 1,521,779
General and administrative 785,104 491,534
Net interest income (127,664) (88,176)
Net loss (2,560,234) (1,885,397)
Net loss per share $ (0.32) $ (0.23)
Weighted average common stock
and common stock equivalents
outstanding 7,932,203 8,098,969
Cash, cash equivalents
and marketable securities $6,676,782
Total assets 8,052,265
Total liabilities 839,831
Stockholders' equity 7,212,434
Total liabilities and
stockholders' equity $8,052,265 |
