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

d for the full year 2007.

General and administrative expenses in the fourth quarter of 2007 decreased to $1.8 million from $3.0 million in the year ago period resulting mainly from cost controls and less outsourced services. General and administrative expenses for the full year 2007 decreased to $6.1 million from $7.7 million for the full year 2006. This decrease was principally a result of legal and consulting expenses capitalized upon the completion of the IPO in 2007 compared to costs related to the unsuccessful IPO attempt in 2006 that were expensed.

On December 31, 2007, ImaRx had $12.9 million in cash, cash equivalents and investments, excluding $0.4 million in restricted cash, compared to $4.3 million in cash, cash equivalents and investments on December 31, 2006. The increase in the cash balance was primarily related to the $9.0 million sale of Abbokinase, net of discounts and fees, to two primary wholesale distributors and the $12.4 million in net proceeds received from the common stock offering in connection with the Company's July 2007 IPO. Assuming the tentative agreement with Abbott regarding the remaining balance of the $15.0 million note is executed and a strategic financing alternative for SonoLysis is achieved, the Company believes it will have sufficient cash resources for at least the next 12 months.

Additionally, in connection with the filing of its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2008, Ernst & Young LLP, the Company's independent registered public accounting firm, noted that the Company has recurring losses, which has resulted in a significant accumulated deficit at December 31, 2007. In addition, the Company has a significant note payable balance due on March 31, 2008. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern.

Conference Call and Webcast Information

Management will host a conferen
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SOURCE ImaRx Therapeutics, Inc.
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