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Nventa Biopharmaceuticals Announces Third Quarter 2008 Financial Results and Recent Corporate Highlights

ties to best create shareholder value."

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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