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Biotech / Medical : Kosan BioSciences -- KOSN
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From: Extra Pale2/24/2005 8:03:41 AM
   of 933
 
From today's Fiscal '04' Financial Release: (notice the projected increased cash burn. This time last year I took comfort in cash horde, now wondering if KOSN will require dilutive financing this year.)

Kosan's Financial Outlook for 2005

Kosan provides the following financial guidance for 2005, which reflects the anticipated expansion of clinical testing of KOS-953 and DMAG, geldanamycin analogs in the Company's Hsp90 inhibitor program.

Revenues: Kosan anticipates 2005 revenues in the range of $7 million to $10 million. Lower revenues in 2005 primarily reflect the contractual expiration of Roche's funding of the epothilone analog program, one segment of the overall Roche-Kosan partnership that was devoted to identifying follow-on compounds to KOS-862 and KOS-1584, as well as the discontinuation of funding for the KOS-862 Phase II clinical trial in non-small cell lung cancer that was terminated in Q4 2004.
Operating Expenses: Kosan expects 2005 operating expenses in the range of $45 million to $50 million. Such expenses reflect the anticipated clinical advancement of its Hsp90 inhibitor and epothilone programs, as well as the Company's continued efforts to strengthen and advance its pipeline.
Net Loss: Kosan expects to report a net loss in 2005 in the range of $35 million to $40 million.
Cash and Investments: Kosan expects to end 2005 with cash and investments in excess of $40 million, reflecting a net cash use in the range of $40 million to $45 million.
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