Company Achieves 2007 Net Income of $13.1 Million
DUBLIN, Calif., March 3 /PRNewswire-FirstCall/ -- SuperGen Inc., (Nasdaq: SUPG), a pharmaceutical company dedicated to the discovery, rapid development and commercialization of therapies for solid tumors and hematological malignancies, today reported financial results for the fourth quarter and year ended December 31, 2007.
The Company reported net income for the 2007 fourth quarter of $5.1
million, or $0.09 per fully diluted share, compared with a net loss of $6.3
million, or $0.11 per fully diluted share, for the same prior year period.
The Company reported net income for the year ended December 31, 2007 of
$13.1 million, or $0.23 per fully diluted share, compared with a net loss
of $16.5 million, or $0.31 per fully diluted share, for the same prior year
Highlights for 2007 include:
-- Dacogen royalty revenue was $22.3 million compared to $3.4 million for
-- A major contributor to net income during 2007 was the gain on
disposition of non-core assets including the sale of worldwide rights
for Nipent(R) (pentostatin for injection) and Surface Safe(R),
resulting in a reported gain on sale of products of $33.7 million.
-- The Company closed the year with unrestricted cash, cash equivalents,
and marketable securities totaling approximately $91 million.
"SuperGen has again achieved several significant milestones during 2007
including the start of Phase 1 and Phase 1b clinical trials of MP470, a
novel, oral, multi-targeted tyrosine kinase inhibitor (TKI)," said Dr.
James Manuso, President and Chief Executive Officer. "We entered 2008 with
a strong financial position. Our lice
|SOURCE SuperGen Inc.|
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