The Company reported a net loss of $9.7 million, or $0.29 per share, for the first quarter of 2008, compared with a net loss of $5.6 million, or $0.21 per share, for the first quarter of 2007. (All share and per-share data have been retroactively adjusted to account for the effect of a 1-for-6 reverse stock split on July 13, 2007.)
Research and development expenses were $6.4 million for the three months ended March 31, 2008, compared with $3.4 million for the three months ended March 31, 2007. This increase was primarily due to the recognition in March 2008 of $2.5 million for license payments on tesetaxel, as well as expenses from the AGENDA clinical trial. Selling, general and administrative expenses were $3.6 million for the three months ended March 31, 2008, compared with $4.1 million for the three months ended March 31, 2007. Share-based compensation expenses recognized under Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment, ("SFAS 123R") declined $0.3 million.
In the fourth quarter of 2006, the Company recorded an expense of $5.3
million that provides for the issuance of 2.0 million shares of Genta
common stock, for a settlement in principle of certain class action
litigation. At March 31, 2007, the revised estimated value of the common
shares portion of the litigation settlement was $3.7 million, based on a
closing price of Genta's common st
|SOURCE Genta Incorporated|
Copyright©2008 PR Newswire.
All rights reserved