The net loss was $18.5 million, or $0.14 per common share, in the first nine months of 2007, compared to a net loss of $31.7 million, or $0.24 per common share, for the same period in 2006. Included in these results were substantial non-cash items, which are described below under "Non-GAAP Proforma Results." On a non-GAAP proforma basis, adjusted for these non-cash items, the net loss was $25.6 million, or $0.19 per share, in the first nine months of 2007 compared to a net loss of $15.3 million, or $0.12 per share, in the same period of 2006.
The Company had approximately $30 million in cash resources (comprised of cash, cash equivalents and short-term investments) at September 30, 2007.
Monogram's Trofile Assay and Pfizer's maraviroc
"This has been a pivotal quarter for our HIV business," said William Young, Monogram chief executive officer. "Several positive developments, including FDA approval of Pfizer's maraviroc, culminated in the commercial introduction of Trofile and the rapid establishment of coverage and reimbursement by Medicare. This important reimbursement benchmark bodes well for ongoing discussions with other public and private payers."
Pfizer has announced several positive developments for maraviroc, know as Selzentry(TM) in the U.S. and Celsentri(R), outside of the U.S. These include:
-- positive clinical results from 48 week follow up of patients enrolled
in both the phase III trial of maraviroc in treatment-experienced
patients and the separate trial in treatment-naive patients
-- approval, by both the FDA and the European Commission (EC), of
maraviroc for use in treatment-experienced patients selected by tropism
-- availability, in mid September, of maraviroc throughout the U.S.
|SOURCE Monogram Biosciences, Inc.|
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