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Arno Therapeutics Reports 2008 Year-End Financial Results

PARSIPPANY, N.J., March 31 /PRNewswire-FirstCall/ -- Arno Therapeutics, Inc. (OTC Bulletin Board: ARNI), a clinical-stage biopharmaceutical company focused on oncology therapeutics, today announced its financial results for the year ended December 31, 2008.

For the year ended December 31, 2008, Arno reported a net loss of $12.9 million, or $0.81 per share, compared to a net loss of $3.4 million, or $0.34 per share, for the year ended 2007. Total operating expenses for the year ended December 31, 2008 were $12.1 million, an increase of $8.8 million compared to the year ended 2007. Included in operating expenses for the years ended December 31, 2008 and 2007 were non-cash stock-based compensation expenses of $1.1 million and $0.1 million, respectively. The increase in operating expenses in 2008 was primarily attributed to clinical and pre-clinical development expenses of our three drug candidates, merger related fees and increased headcount.

Total research and development expenses for the year ended December 31, 2008 were $9.8 million, compared to $2.9 million in 2007. Research and development expenses for the years ended 2008 and 2007 included non-cash stock-based compensation expenses of $0.5 million and $0.1 million, respectively. The increase in research and development expenses of $6.9 million for the year ended 2008 compared to 2007 was primarily attributed to clinical development costs associated with AR-67, our lead clinical development compound which has completed Phase I enrollment, in addition to the in-licensing and pre-clinical development costs associated with our other two drug candidates AR-12 and AR-42, which we in-licensed in 2008.

General and administrative expenses for the year ended 2008 were $2.3 million compared to $0.4 million for the year ended 2007. General and administrative expenses for the years ended 2008 and 2007 included non-cash stock-based compensation expenses of $0.7 million and $39K, respectively. The increase in general and administrative expenses of $1.9 million for the year ended 2008 compared to 2007 was primarily attributed to merger related fees incurred in June 2008, in addition to the hiring of our Chief Executive and Chief Financial Officers during 2008.

Net cash used in operating activities for the year ended December 31, 2008 was $8.9 million, compared to $1.8 million in 2007. The increased use of cash for the year ended 2008 compared to 2007 is primarily driven by the development costs associated with the progress of our three drug candidates, in addition to increased headcount costs during 2008. As of December 31, 2008, cash and cash equivalents totaled $10.4 million, compared to $1.6 million as of December 31, 2007. The increase of cash from 2007 is a result of receiving $17.8 million in gross proceeds from the private placement of our common stock in June 2008, offset by expenditures required to complete Phase I enrollment of our drug candidate AR-67, costs associated to in-licensing and pre-clinical development efforts for AR-12 and AR-42, in addition to infrastructure support.

"We are very pleased with our progress in 2008 and achievements for Arno, as our lead drug candidate, AR-67 completed Phase I enrollment, and we in-licensed our other two drug candidates AR-12 and AR-42. We look forward to advancing AR-67 into Phase II trials, as well as initiating a Phase I trial for AR-12 during 2009," stated Roger Berlin, MD, Chief Executive Officer.

About Arno Therapeutics

Arno Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops and commercializes innovative products for the treatment of cancer patients. Arno's lead clinical development compound is AR-67, a novel, third-generation camptothecin analogue which has completed patient enrollment of its Phase I studies in patients with advanced solid tumors, that has demonstrated high preclinical potency and improved pharmacokinetic properties when compared with marketed second-generation products in its class. Arno is also developing two pre-clinical compounds. AR-12 is a potential first-in-class, orally available PDK1 inhibitor that blocks the PI3K/Akt pathway undergoing IND-enabling studies. AR-42 is an orally available, targeted inhibitor of the Pan-DAC and Akt pathways that received FDA acceptance of its IND in the first quarter of 2009.

For more information on Arno please visit

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding the timing, progress and anticipated results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings, as well as our strategy, future operations, outlook, milestones, the success of Arno's product development, future financial position, future financial results, plans and objectives of management, are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including those described under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008. Arno is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

                               ARNO THERAPEUTICS, INC.
                            (a development stage company)

                                    BALANCE SHEETS

                                      December 31, 2008    December 31, 2007

      Current assets
          Cash and cash equivalents       $10,394,749        $1,646,243
          Prepaid expenses                    315,014            74,092
              Total current assets         10,709,763         1,720,335
      Deferred financing fees, net                  -            13,541
      Property and equipment, net              63,584            38,193
      Restricted cash                          44,276                 -
      Security deposit                         12,165            12,165
      TOTAL ASSETS                        $10,829,788        $1,784,234

      Current liabilities
          Accounts payable                 $2,493,658          $111,474
          Accrued expenses and other
           liabilities                        450,713         1,120,028
          Due to related party                  5,616               583
           Total current liabilities        2,949,987         1,232,085
          Deferred rent                        17,393               151
           Convertible notes and Accrued
            interest payable                        -         4,179,588
      TOTAL LIABILITIES                     2,967,380         5,411,824


         Preferred stock, $0.0001
          par value:  20,000,000
           shares authorized, 0
          shares issued and outstanding             -                 -
         Common stock, $0.0001 par
          value:  80,000,000 shares
           authorized, 20,392,024
          and 9,968,797 shares
          issued and outstanding,
          respectively                          2,039               997
          Additional paid-in capital       24,504,525           102,003
          Deficit accumulated during
           the development stage          (16,644,156)       (3,730,590)
      (DEFICIENCY)                          7,862,408        (3,627,590)
       EQUITY (DEFICIENCY)                $10,829,788        $1,784,234

                                ARNO THERAPEUTICS, INC.
                              (a development stage company)

                                 STATEMENTS OF OPERATIONS

                                                           Cumulative Period
                             Year Ended    Year Ended     from August 1, 2005
                            December 31,   December 31,  (inception) Through
                                2008           2007         December 31, 2008

    Research and
     development             $9,768,389     $2,899,264       $13,033,486
     General and
     administrative           2,315,178        360,349         2,680,587
    Total Operating Expenses 12,083,567      3,259,613        15,714,073

    LOSS FROM OPERATIONS    (12,083,567)    (3,259,613)     (15,714,073)

      Interest income           206,054        123,962           330,016
      Interest expense       (1,036,053)      (224,046)      (1,260,099)
       Total Other Income
        (Expense)              (829,999)      (100,084)         (930,083)

    NET LOSS               $(12,913,566)   $(3,359,697)     $(16,644,156)

     BASIC AND DILUTED           $(0.81)         (0.34)

     SHARES OUTSTANDING      16,022,836      9,968,797

SOURCE Arno Therapeutics, Inc.
Copyright©2009 PR Newswire.
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