Third Quarter and Nine Months ended September 30, 2008 Financial Results
All amounts referenced below are in Canadian dollars.
Nventa reported a net loss of $1,864,000, or $0.01 per share, for the third quarter of 2008, compared to a net loss of $3,085,000, or $0.01 per share, for the third quarter of 2007. The $1,221,000 decrease in net loss in the third quarter of 2008, compared to the third quarter of 2007, principally was due to a $930,000 improvement in foreign exchange and to a $468,000 reduction in SG&A expenses. These favorable net loss items were partially offset by a $155,000 reduction in collaborative R&D revenue and reduced interest and other income of $125,000 during the third quarter of 2008.
Nventa reported a net loss of $7,659,000, or $0.03 per share, for the nine months ended September 30, 2008, compared to a net loss of $10,094,000, or $0.05 per share, for the same period of 2007. The reduced loss of $2,435,000 in the first nine months of 2008, compared to the first nine months of 2007, principally was due to a $2,041,000 improvement in foreign exchange, an $814,000 reduction in corporate restructuring expenses, and a $1,029,000 reduction in SG&A expenses. The lower expenses for corporate restructuring and SG&A were principally the result of cost savings associated with the closure of the Victoria facility in June 2007. These cost reductions, however, were partially offset by an increase in R&D expenses of $760,000, due to significantly higher spending in 2008 for clinical trials and adjuvant development costs and to lower collaborative R&D revenue of $465,000 because the amortization of upfront license fees from the Roche agreement ended in December 2007, and to lower interest and other income of $224,000, because of lower average cash balances in 2008, as compared to 2007.
The company had cash and cash equivalents of $6,166,000 as of September
30, 2008, compared to $
|SOURCE Nventa Biopharmaceuticals Corporation|
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