G4544: A New Oral Drug for Skeletal Diseases
G4544 is the Company's proprietary small molecule that is intended to treat diseases associated with accelerated bone loss. G4544 contains the active ingredient in the Company's marketed product, Ganite(R). Genta completed a Phase 1 single-dose study of G4544, and the pharmacokinetics of G4544 were presented at the 2008 ASCO meeting. These data showed oral bioavailability in a range that may be effective for therapy of various bone diseases.
For the second quarter of 2008, the Company reported a net loss of $738.4 million, or $(20.10) per share, compared with a net loss of $8.2 million, or ($0.27) per share, for the second quarter of 2007. For the six months ended June 30, 2008, the Company reported a net loss of $748.0 million, or ($21.21) per share, compared with a net loss of $13.8 million, or ($0.48) per share, for the six months ended June 30, 2007. (All 2007 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.)
Net product sales of Ganite for the second quarter and six months ended June 30, 2008 of $0.1 million and $0.2 million, respectively, were virtually unchanged from the comparison periods one year ago. The Company has indicated it intends to seek a buyer for Ganite.
Research and development expenses were $4.5 million for the second
quarter of 2008, compared with $4.1 million for second quarter of 2007.
This increase was primarily due to higher expenses from the AGENDA clinical
trial, partially offset by lower payroll costs. The Company reduced its
workforce to conserve cash in both April and May 2008. Research and
development expenses were $1
|SOURCE Genta Incorporated|
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