Introgen Therapeutics Reports Third Quarter 2006 Financial Results in Line With Expectations
Monday November 6, 4:36 pm ET
AUSTIN, Texas, Nov. 6 /PRNewswire-FirstCall/ -- Introgen Therapeutics, Inc. (Nasdaq: INGN - News) announced today its results for the quarter ended September 30, 2006, reporting progress during the period in its research and development, clinical and regulatory programs.
During the quarter, Introgen used cash, cash equivalents and short-term investments of $5.0 million to conduct its operations. Introgen's cash, cash equivalents, marketable securities and short-term investments were $18.9 million at September 30, 2006.
Revenue was $733,000 for the quarter ended September 30, 2006, compared to revenue of $98,000 for the quarter ended June 30, 2006 and $398,000 for the quarter ended September 30, 2005.
Operating expense was $6.8 million for the quarter ended September 30, 2006 and $8.2 million for the quarter ended June 30, 2006, which includes $1.2 million and $1.6 million, respectively, of expense related to stock options primarily resulting from the implementation of Statement of Financial Accounting Standard No. 123R, "Share-Based Payments." Operating expense was $6.7 million for the quarter ended September 30, 2005, including no expense related to stock options.
Introgen reported a net loss of $5.7 million, or $0.15 per share, for the quarter ended September 30, 2006. These results compare to a net loss of $7.7 million, or $0.21 per share, for the previous quarter ended June 30, 2006 and a net loss of $6.1 million, or $0.18 per share, for the comparable quarter ended September 30, 2005.
Introgen reported a net loss of $21.6 million, or $0.58 per share, for the nine months ended September 30, 2006. These results compare to a net loss of $19.4 million, or $0.61 per share, for the nine months ended September 30, 2005.
Revenue was $1.1 million for the nine months ended September 30, 2006, compared to revenue of $1.2 million for the nine months ended September 30, 2005.
Operating expense was $23.8 million for the nine months ended September 30, 2006, which includes $5.0 million of expense related to stock options primarily resulting from the implementation of Statement of Financial Accounting Standard No. 123R, "Share-Based Payments." Operating expense was $21.5 million for the nine months ended September 30, 2005, including $799,000 of expense related to stock options.
Upcoming Conference Call
The company is announcing today that it will schedule a conference call before the end of the year to review the financial results reported today and to discuss regulatory developments concerning ADVEXIN as well as other research and development programs. Details of the conference call will be announced at a later time.
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