Boy, I don't know. We need an actual clinical update, not legal gyrations, to move the stock. If that's not forthcoming, delisting will happen. If I can divine anything from a recent presentation, I'll post about it. Right now, I'd be cautious in front of the delisting issue:
>>BOSTON--(BUSINESS WIRE)--Nov. 17, 2004-- GlycoGenesys, Inc. (NASDAQ:GLGS - News), a biotechnology company focused on carbohydrate drug development, today announced results from its Form 10-Q for the quarter ended September 30, 2004.
Select Financial Highlights:
The net loss applicable to common stock for the three months ended September 30, 2004 and 2003 was $(2,799,576), or $(0.05) per share, and $(1,934,519), or $(0.05) per share, respectively. For the nine months ended September 30, 2004 and 2003 the net loss applicable to common stock was $(8,288,125), or $(0.15) per share, and $(5,499,521), or $(0.14) per share, respectively. The net loss applicable to common stock for the three months ended September 30, 2004 and 2003 included a $115,021 and $104,562 charge for the accretion of dividends on the Company's Series B preferred stock, respectively. The net loss applicable to common stock for the nine months ended September 30, 2004 and 2003 included a $342,564 and $310,277 charge for the accretion of dividends on the Company's Series B preferred stock, respectively.
John W. Burns, SVP and CFO of GlycoGenesys, Inc. stated, "Higher clinical trial costs this quarter were the largest single component to the approximately $865,000 increase in the Company's net loss applicable to common stock over the same period last year. Other expense categories contributing to the increase were legal, consulting, laboratory and payroll-related costs, all partially offset by decreases in drug production costs and rent."
"Moreover, the $2.8 million increase in net loss applicable to common stock experienced for the first three quarters of 2004 over 2003 was primarily due to increases in expenses for legal, drug development and production for clinical trials, consulting, clinical trials, payroll, laboratory and investor relations," added Mr. Burns.
"We recently achieved major milestones through the favorable arbitration decision and poster presentations to be given at the American Society of Hematology annual meeting in early December," stated Mr. Burns. "We received a delisting notice from the Nasdaq Stock Market for failure to meet its $1 bid price listing requirement by November 15th. We will take advantage of the hearing process afforded to listed companies. Our stock will remain listed pending Nasdaq's hearing which we expect to take place within 45 days of our request. We are evaluating the alternatives available to us and will work on a solution in the best interest of current shareholders," he added. <<
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Cheers, Tuck |
