Vion Reports 2004 First Quarter Financial Results
NEW HAVEN, Conn., May 13 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (Nasdaq Smallcap: VION - News) today announced results for the three-month period ended March 31, 2004.
The Company reported a net loss of $3.3 million, or $0.07 per share, for the three-month period ended March 31, 2004, compared with a net loss of $2.4 million, or $0.08 per share, for the same period in 2003. Weighted-average common shares outstanding for the three-month periods ended March 31, 2004 and 2003 were 47.3 million and 28.9 million, respectively. Total operating expenses were $3.4 million and $2.5 million for the three-month periods ended March 31, 2004 and 2003, respectively. The increase in operating expenses was primarily due to higher patient enrollment in clinical trials of Triapine® and CLORETAZINE(TM) (VNP40101M) and additional drug production expense.
The Company reported ending the quarter with $51.2 million in cash, cash equivalents and short-term investments, including net proceeds of $32.9 million from a private placement of common stock and warrants completed in February 2004 as well as proceeds of $5.6 million from the issuance of 2,337,154 shares of its common stock upon exercises of warrants issued in connection with two private placements in 2003.
Vion Pharmaceuticals, Inc. is developing novel agents for the treatment of cancer. Vion has two agents in Phase II clinical trials: Triapine®, a potent inhibitor of a key step in DNA synthesis and CLORETAZINE(TM) (VNP40101M), a unique sulfonylhydrazine alkylating agent. Vion is also developing and has an option to license several heterocyclic hydrazones which have demonstrated potent anti-tumor activity in preclinical studies. Additional agents in preclinical studies include: KS119, a hypoxia-selective compound from the sulfonylhydrazine class and TAPET®, a modified Salmonella vector used to deliver anticancer agents directly to tumors. For additional information on Vion and its product development programs, visit the Company's Internet web site at www.vionpharm.com. |
