Nothing new in the the 3rd Q PR:
>>Sonus Pharmaceuticals Highlights Corporate Progress and Reports Second Quarter Financial Results
Friday August 3, 11:00 am ET
Results from Pivotal Phase 3 Trial of TOCOSOL(R) Paclitaxel, Lead Oncology Product Candidate, Expected to Be Available by End of Third Quarter
Quarterly Conference Call to Be Held Today at 8:30 A.M. PT/11:30 A.M. ET
BOTHELL, Wash.--(BUSINESS WIRE)--Sonus Pharmaceuticals, Inc. (NASDAQ: SNUS - News) today highlighted corporate progress and reported financial results for the second quarter of 2007. At 8:30 A.M. PT/11:30 A.M. ET today, Sonus will host its quarterly conference call.
"As we move into the second half of 2007, we remain focused on two key strategic objectives, the most important of which is to secure independently-reviewed data from the pivotal Phase 3 trial of TOCOSOL Paclitaxel," said Michael A. Martino, President and Chief Executive Officer of Sonus Pharmaceuticals. "The results from the Phase 3 trial are still expected to be available by the end of the third quarter. We continue to believe in the opportunity for TOCOSOL Paclitaxel, and our ultimate goal is to bring the potential benefits of this drug to patients and health care providers. We also remain focused on the implementation of the Phase 1 study for TOCOSOL Camptothecin, our second product candidate, with an objective of obtaining preliminary safety and efficacy data by year-end."
Second Quarter 2007 Financial Results
For the second quarter of 2007, Sonus reported a net loss of $6.0 million, or $0.16 per share, compared with a net loss of $4.9 million, or $0.14 per share, in the second quarter of 2006.
For the first six months of 2007, the Company reported a net loss of $9.2 million, or $0.25 per share, compared with a net loss of $10.2 million, or $0.31 per share, in the same period of 2006. The lower net loss for the first half of 2007 is primarily due to reduced expenses related to the Phase 3 pivotal trial for TOCOSOL Paclitaxel and reduced manufacturing costs for TOCOSOL Paclitaxel as responsibility shifted to Sonus' partner, Bayer Schering Pharma AG, Germany ("Bayer Schering"). These lower expenses also resulted in reduced reimbursement revenue from Bayer Schering.
For the second quarter of 2007, the Company recognized $3.3 million in revenue under its collaboration agreement with Bayer Schering, including $1.9 million from reimbursable expenses for work related to the development of TOCOSOL Paclitaxel and $1.4 million for amortization of the upfront license fee that Sonus received under its agreement with Bayer Schering.
For the first half of 2007, the Company recognized $8.3 million in revenue under its collaboration agreement with Bayer Schering, including $5.5 million from reimbursable expenses for work related to the development of TOCOSOL Paclitaxel and $2.8 million for amortization of the upfront license fee that Sonus received under its agreement with Bayer Schering.
Cash and investments totaled $44.3 million at June 30, 2007. Under current forecasts, the Company has sufficient cash to fund operations through the second quarter of 2008.
Conference Call Information
The quarterly conference call will be web cast live on August 3 at 8:30 A.M. PT/11:30 A.M. ET and can be accessed at www.sonuspharma.com/events.html. The call will be archived at the same link. A telephone replay will be available on August 3 at 10:30 A.M. PT/1:30 P.M. ET for one week at 800-405-2236 or 303-590-3000 for international calls; Pass code: 11094009.<<
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Cheers, Tuck |
