In September 2010, we revised our sublease income assumptions used to estimate the excess lease facility liability associated with our office space located in Bothell, Washington. This change in estimate resulted in an increase of the excess lease liability and $4.0 million in restructuring expense recorded in September 2010. This is a non-cash item and does not impact the Company's cash flow projections going forward. The estimated liability remaining with respect to excess facilities was $7.8 million as of September 30, 2010.
The net loss for the third quarter was $6.9 million compared to a $2.4 million net loss in the same period 2009. This increase is primarily due to the non-cash restructuring expense related to our facilities lease. For the nine months ended September 30, 2010 the net loss increased to $9.8 million from $9.4 million in 2009.
The Company had $42.1 million in cash and investment securities as of September 30, 2010, compared to $64.6 million at December 31, 2009. Together with the estimated $46.7 million net proceeds from the public offering completed in October 2010, we anticipate ending the year with cash, cash equivalents, short-term investments, and amounts receivable of between $83 million and $85 million.
The Company had 9,658,591 shares outstanding as of November 4, 2010.
Conference Call Today at 4:30 p.m. ET
OncoGenex management will host a conference call at 4:30 p.m. Eastern Time today to provide a business update and discuss the third quarter results. A live webcast will be available through the Events and Presentations Web page found in the Investor Relations section of the OncoGenex Web site at www.ir.o
|SOURCE OncoGenex Pharmaceuticals, Inc.|
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