Research and development expenses were $4.0 million in 2008, down from $5.9 million in 2007. The Phase 3 clinical trial for Naturlose as a stand-alone drug to treat diabetes started in April 2007, and the 2007 expenses included start-up costs for the trial, including approximately $2 million for drug packaging, warehousing, and shipping. The 2008 R&D expenses consisted of both the Phase 3 clinical trial and the related Phase 2 Dose Range trial.
The Company's losses from continuing operations were $5.6 million and $5.9 million for the years ended 2008 and 2007, which include income tax benefit allocations of $553,000 and $3.4 million each. Incomes from discontinued operations were $1.5 million and $4.9 million for the years 2008 and 2007, net of income tax expense allocations of $587,000 and $4.2 million each. Income from discontinued operations in 2008 included a $2.0 million pre-tax gain upon the release of the escrow balance related to the 2007 sale of the InfoSpherix subsidiary. Income from discontinued operations in 2007 included an $8.6 million pre-tax gain on the sale of InfoSpherix.
The net loss for the year ended 2008 was $4.1 million or $0.29 per share, compared with a net loss of $938,000 or $0.07 per share in 2007. As of December 31, 2008, the Company's total cash, cash equivalents and short-term investments on hand was $11.3 million, compared to $15.8 million at December 31, 2007. Working capital as of December 31, 2008, was $10.8 million, a decrease
|SOURCE Spherix Incorporated|
Copyright©2009 PR Newswire.
All rights reserved