Vion Reports 2007 First Quarter Results
Tuesday May 8, 4:15 pm ET ====Yes, loss greater per share than before, but read carefully where they spent it. I usually never object to meaningful spending on R&D or things of that nature....
NEW HAVEN, Conn., May 8 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (Nasdaq: VION - News) today announced results for the three-month period ended March 31, 2007.
ADVERTISEMENT
The Company reported a net loss of $8.0 million, or $0.12 per share, for the three-month period ended March 31, 2007, compared to a net loss of $6.0 million, or $0.09 per share, for the same period in 2006. Weighted-average common shares outstanding for the three months ended March 31, 2007 and 2006 were 66.4 million and 66.2 million, respectively.
Total operating expenses were $7.9 million and $6.5 million for the three months ended March 31, 2007 and 2006, respectively. The increase in operating expenses was primarily due to higher total research and development expenses resulting from (i) late-stage clinical development of Cloretazine® (VNP40101M), including higher spending for clinical trials and development costs in support of a potential registration filing; (ii) preclinical development costs related to the Company's anticancer agent, VNP40541; (iii) stock-based compensation expense; and (iv) a gift to support research projects at a Yale University research laboratory. In addition, sales, general and administrative expenses were higher than the previous period, primarily due to increased stock-based compensation expense and patent fees. |
