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Biotech / Medical : Vion (formerly Oncorx) interesting play on Gene Therapy -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (189)	5/4/2000 12:39:00 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 370

NEW HAVEN,May 4 Vion Pharmaceuticals. Inc. (Nasdaq: VION) today announced first quarter financial results for the period ended March 31, 2000. With the recent exercise of the Class B Warrants, the company currently has cash of approximately $28,000,000. Cash and cash equivalents were $18,244,560, at the end of the 2000 first quarter, which include proceeds of approximately $5.3 million from the exercise of the company's Class A Warrants and proceeds of approximately $4.6 million from the exercise of Class B Warrants (additional proceeds of $10.5 million from exercises of Class B Warrants were recorded after the end of the first quarter, and reported today in a separate press release.) This compares with cash, cash equivalents and short-term investments of $11,105,262 at the end of the first quarter of 1999. ....Alan Kessman, president and CEO of Vion, stated, "The company's present financial condition is the strongest in its history. Under our current plans, we now have sufficient cash resources through 2001, which include the initiation of additional Phase I trials of TAPET(R), our drug delivery platform for the treatment of cancer. With Promycin(R) development costs now assumed by our partner Boehringer Ingelheim International GmbH, we plan to increase spending from $11.6 million last year to $15.0 million in 2000 to accelerate the research and development of our other programs. We hope that by the end of this year, Phase I trials of TAPET would yield sufficient safety and biological data to support further development of unarmed TAPET and the introduction of at least one armed TAPET vector into clinical trials in 2001. The demonstration that TAPET can be administered safely to humans and accumulate preferentially in metastatic cancer would be a significant milestone for the company. We also hope to make significant progress in our early trials of Triapine(R)." siliconinvestor.com