surgery. There were approximately 565,000 total knee replacement
procedures performed in the U.S. in 2005, and the number of
replacements is expected to grow as the average age of the population
increases and as people maintain active lives. The American Academy of
Orthopedic Surgeons projects that approximately 3.5 million of these
procedures will be performed annually by 2030.
First Quarter 2008 Financial Results and 2008 Outlook
Total operating expenses in the first quarter of 2008 were $21.8 million, including $1.6 million of non-cash stock-based compensation, compared to total operating expenses of $12.7 million, including $2.0 million of non-cash stock-based compensation, in the first quarter of 2007.
Operating expenses during the quarter primarily related to the continued development and commercial preparations to launch the company's lead product candidate, Zingo, a fast-acting, needle-free, local anesthetic. Additional operating expenses related to the ongoing development of Adlea, which has been shown in clinical studies to provide site-specific, moderate-to-severe pain relief for weeks to months following a single application.
For the first quarter of 2008, the net loss was $21.6 million, or $0.54 per share. In the first quarter of 2007, the net loss was $11.7 million, or $0.43 per share. Common shares outstanding were 40.4 million at March 31, 2008.
As of March 31, 2008, cash, cash equivalents and short-term investments were $70.0 million compared to $90.8 million at December 31, 2007. The company believes it has sufficient resources to fund anticipated expenses for the remainder of 2008 and into 2009.
Conference Call Details
Anesiva will conduct a webcast conference call with the investment
community at 4:30 p.m. EDT, today, May 8, 2008 to discuss its financial
results and to review the co
|SOURCE Anesiva, Inc.|
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