FAIRFIELD, N.J., Aug. 18 /PRNewswire-FirstCall/-- Arno Therapeutics, Inc. (OTC Bulletin Board: ARNI), a clinical-stage biopharmaceutical company focused on oncology therapeutics, today announced financial results for the second quarter ended June 30, 2008.
Net loss was $3.8 million, or $0.29 per share, for the three months ended June 30, 2008, compared to $0.5 million, or $0.05 per share, for the same period in 2007. Net loss was $7.5 million, or $0.65 per share, for the six months ended June 30, 2008, compared to $0.8 million, or $0.08 per share, for the same period in 2007. Research and development expenses were $2.1 million and $5.3 million for the three and six months ended June 30, 2008, respectively. General and administrative expenses were $0.7 million and $1.2 million for the three and six months ended June 30, 2008. Cash used in operations was $4.9 million for the six months ended June 30, 2008.
At June 30, 2008, Arno had cash and cash equivalents of $14.4 million compared to $1.6 million on December 31, 2007. The increase in cash is attributed to the net proceeds of approximately $17.8 million resulting from Arno's June 2008 private placement of common stock.
"We are very pleased with the first half of the year results, as we continued to advance our Phase I lead compound AR-67, as well as in-license our two additional compounds AR-12 and AR-42," said Scott Z. Fields, MD, President and Chief Medical Officer of Arno. "With the additional capital from our June 2008 financing, we are excited to further advance the development of our three compounds."
Key Achievements for the Six Months Ended June 30, 2008
-- Expanded our product portfolio by in-licensing AR-12, a PDK1 inhibitor, and AR-42, a Pan-DAC inhibitor which also inhibits the Akt pathway
-- Appointed Arie S. Belldegrun, MD as Chairman of the Board of Directors
-- Appointed Robert I. Falk as member of the Board of Directors
-- Completed priv
|SOURCE Arno Therapeutics, Inc.|
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