>>Panacos Reports Third Quarter 2007 Financial Results
Thursday October 25, 4:03 pm ET
WATERTOWN, Mass.--(BUSINESS WIRE)--Panacos Pharmaceuticals, Inc. (NASDAQ:PANC - News), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, today announced its financial results for the quarter ended September 30, 2007 and reviewed progress in its development programs.
Recent Business Highlights:
The Company announced preliminary results today from the 300 mg cohort of a Phase 2b dose escalation study of bevirimat (PA-457) in patients failing HIV therapy due to drug resistance. The results from this cohort showed a mean viral reduction of 1.02 log10, with a continuation of predictable and linear pharmacokinetics. The results support further dose escalation to determine the dose or doses of bevirimat to take into pivotal clinical trials in 2008.
Panacos announced that it had completed a Phase 1 study with two distinct liquid formulations of bevirimat suitable for long-term dosing in HIV patients. Both formulations have similar bioavailability to the solution formulation currently being used in the Phase 2b dose escalation study. The Company intends to commercialize both a liquid and a solid version of bevirimat, and continues to evaluate a number of novel solid formulation options with the goal of selecting a formulation candidate to take into human trials in 2008. Preliminary market research indicates that a majority of the HIV-positive adult market would consider a liquid formulation of bevirimat to be an attractive option.
The Company drew down the remaining $10 million of the $20 million loan facility announced in June. The second $10 million tranche was received on October 1, 2007 and therefore is not reflected in the 3Q financials.
Third Quarter Financial Highlights:
For the third quarter of 2007, Panacos reported a net loss of $7.9 million, or $0.15 per share, versus a net loss of $7.9 million, or $0.16 per share, for the third quarter of 2006. Revenue from research funding in the third quarter of 2007 decreased to $30,000 from $33,000 for the third quarter of 2006.
Research and development expenses in the third quarter of 2007 decreased to $5.0 million from $5.7 million in the third quarter of 2006, primarily as a result of timing-related decreased expenses in the Company's pipeline research and development programs. General and administrative expenses in the third quarter of 2007 were $3.2 million, the same amount as reported in the third quarter of 2006.
Unrestricted cash, cash equivalents and marketable securities were $48.2 million at September 30, 2007. As of September 30, 2007 the Company had approximately 53.5 million common shares outstanding.
“With positive new data for bevirimat and a strong financial position, we look forward to the remainder of 2007 and beyond," commented Alan W. Dunton, M.D., Panacos’ President and Chief Executive Officer. ”Our search for a new Chief Financial Officer is underway, and in the meantime, Robert Pelletier continues to provide excellent financial leadership to the Company.”
Panacos will hold a conference call today to discuss the second quarter results and the Company's development programs at 4:30 p.m. (EDT). The conference call can be accessed via the web at www.panacos.com or by dialing 866.831.6234 (domestic) or 617.213.8854 (international), between 4:15 and 4:25 p.m. and entering the passcode 67813660. A replay of the conference call will be available from 6:30 p.m. on October 25, 2007 through November 26, 2007, and can be accessed via the web at www.panacos.com or by dialing toll-free 888.286.8010, and outside the U.S. 617.801.6888 with passcode 14818744.<<
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So the 300mg cohort results look solid, good. But I haven't many that think the liquid formulation is commercially viable, no matter what PANC's market research says. Might depend on the taste.
Anyhow, PANC enjoying a bit of an after hours bounce, presumably on the clinical news.
Cheers, Tuck |
