Oct. 31 /PRNewswire/ VION today announced results for the third quarter and the nine-month period ended September 30, 2001. The Company reported a loss applicable to common shareholders of $3.7 million, or $0.13 per share, for the third quarter of 2001, compared with a loss of $3.2 million, or $0.13 per share, for the same period in 2000. Total operating expenses for the 2001 third quarter were $4.2 million versus $4.1 million for the comparable 2000 period.
For the nine-month period ended September 30, 2001, the loss applicable to common shareholders was $10.7 million, or $0.40 per share, compared with a loss of $9.7 million, or $0.42 per share, for the same period in 2000. Weighted average common shares outstanding were 26.7 million and 23.5 million for the respective nine-month periods. Total operating expenses for the first three quarters of 2001 were $12.2 million versus $10.9 million for the comparable 2000 period, primarily as a result of expanded clinical trials.
Alan Kessman, Vion President and CEO commented, "During the third quarter we continued to advance the Company's clinical human trial programs. Triapine(R) is currently in two Phase II single agent trials, for breast cancer and leukemia, and in three Phase I combination trials with Cisplatin, Cisplatin/Taxol(R) and Gemzar(R). Three additional Phase II single agent trials, for prostate, head & neck and uterine cancers, are planned to begin in Q1 2002.
"TAPET(R) trials continue in the unarmed direct injection Phase I trials and with the unarmed four hour systemic infusion in the UK and the US, as we modify schedule and dose toward optimizing colonization of the TAPET(R) bacteria in tumors. We received approval to begin the first armed trial using TAPET(R) with cytosine deaminase via direct injection into tumors, and expect this trial to begin shortly. We now have 12 ongoing clinical trials for our three product candidates."
Mr. Kessman added, "Despite a difficult financing environment, we completed a secondary offering in August, raising $11.4 million. This will primarily be used to fund our research and clinical development activities for our three anticancer agents as well as for manufacturing development. Based on current plans and projected patient accrual, we expect this to be sufficient to fund the Company through 2002." |
