TUCSON, Ariz., May 15 /PRNewswire-FirstCall/ -- ImaRx Therapeutics,
Inc. (Nasdaq: IMRX), a biopharmaceutical company developing and
commercializing therapies for vascular disorders, today reported financial
results for the first quarter ended March 31, 2008 and discussed recent
-- Entered into agreement with Abbott Laboratories satisfying remaining
debt obligation under non-recourse promissory note issued in connection
with the Company's urokinase acquisition.
-- Signed letter of intent to sell urokinase inventory and related assets
to Microbix Biosystems for $17 million in cash: $12 million at closing
and $5 million upon achievement of an inventory stability milestone.
-- Identified strategic funding to continue advancement of its core
SonoLysis program upon closing of urokinase divestiture with Microbix
Bradford A. Zakes, President and CEO of ImaRx stated, "Through the satisfaction of our debt obligation with Abbott under favorable terms and the pending divestiture of our urokinase asset to Microbix, we will have successfully gained access to operating capital that is non-dilutive to our shareholders. Taken together, these events have provided us the strategic alternative to continue the advancement of our core SonoLysis technology within ImaRx."
Revenue for the first quarter ended March 31, 2008 rose to $1.9 million from $1.2 million for the first quarter ended March 31, 2007. Increased sales of urokinase, which ImaRx began commercializing in October 2006, drove the revenue increase for the quarter.
Net loss for the first quarter of 2008 was $2.5 m
|SOURCE ImaRx Therapeutics, Inc.|
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