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Arno Therapeutics Reports 2008 Year-End Financial Results
Date:3/31/2009

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
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SOURCE Arno Therapeutics, Inc.
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