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ImaRx Therapeutics Reports Business Update and Financial Results for Fourth Quarter and Full Year 2007
Date:3/31/2008

agreement with Abbott regarding payment of the note on terms that will enable it to continue commercializing urokinase. Upon execution, the Company will hold full title to the asset including the remaining urokinase inventory and will receive 100% of proceeds generated from future sales. The Company expects to close this transaction in the second quarter of 2008.

Financial Results

Revenue for the fourth quarter ended December 31, 2007 rose to $2.7 million from $0.7 million for the fourth quarter ended December 31, 2006. Full year 2007 revenue increased to $8.4 million from $1.3 million for the full year 2006. Sales of urokinase, which ImaRx began commercializing in October 2006, drove the revenue increase for the most recent quarter and full year.

Net loss for the fourth quarter of 2007 was $2.2 million compared to net income of $10.7 million in the year ago period. This change was primarily a result of a $16.1 million gain on extinguishment of debt associated with the relinquishment of the recombinant thrombolytic drug assets to Abbott in the fourth quarter of 2006. Net loss per share attributable to common shareholders of $0.24 for the fourth quarter of 2007 was based on weighted average shares of approximately 9.1 million, compared to net income per share attributable to common shareholders of $3.94 in the fourth quarter of 2006 based on weighted average shares of approximately 2.6 million.

Net loss for the full year 2007 was $8.8 million compared to $0.7 million for the full year 2006. This change was primarily a result of a $16.1 million gain on extinguishment of debt associated with the relinquishment of the recombinant thrombolytic drug assets to Abbott in the fourth quarter of 2006, partially offset by increased sales of urokinase in 2007 over 2006. Net loss per share attributable to common shareholders of $3.16 for the full year 2007 was based on weighted average shares of approximately 5.9 million compared to a net loss per sha
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SOURCE ImaRx Therapeutics, Inc.
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