ImaRx Therapeutics Reports First Quarter Ended 2008 Financi...(illion compared to anet loss of $2.4 mil...)

Date:5/15/2008

illion compared to a net loss of $2.4 million for the same period last year. This change was primarily a result of increased selling, general and administrative expenses offset partially by increased urokinase sales. Net loss per share attributable to common shareholders for the first quarter of 2008 was $0.25 based on weighted average shares of approximately 10.0 million, compared to net loss per share attributable to common shareholders in the same period last year of $1.09 based on weighted average shares of approximately 2.6 million.

Cost of product sales for the first quarter of 2008 totaled $0.8 million compared to $0.5 million for the first quarter of 2007. The cost of product sales includes the price paid to acquire the urokinase inventory as well as labeling costs directly incurred in bringing the product to market.

Research and development expenses for the first quarter of 2008 increased to $1.6 million from $1.5 million in the prior year period. This increase was principally a result of increased outside contract work performed on grants and stock-based compensation expense, partially offset by reduced contract manufacturing and pre-clinical study costs.

General and administrative expenses for the first quarter of 2008 increased to $2.0 million from $1.4 million for the same period last year resulting mainly from an increase in outside accounting and audit fees related to maintaining public company status, expenses related to marketing materials for the re-branding of urokinase under the Kinlytic(TM) brand name, salaries for additional sales and general administrative staff offset partially by a decrease in amortization expense due to the trade name being fully amortized prior to 2008.

On March 31, 2008, ImaRx had $10.3 million in cash and cash equivalents compared to $12.9 million in cash and cash equivalents on December 31, 2007. The decrease in the cash balance was primarily related to cash used in performing operating activ
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SOURCE ImaRx Therapeutics, Inc. Copyright©2008 PR Newswire. All rights reserved

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