Loss from operations for the six months ended June 30, 2008 was $4.2 million compared with income from operations of $6.4 million for the same prior year period. The Company reported a net loss for the six months ended June 30, 2008 of $5.9 million, or $0.10 per share, compared with net income of $7.7 million, or $0.14 per share, for the same prior year period. The net loss for the six months ended June 30, 2008 includes a non-operating charge of $3.1 million that reflects an other than temporary decline in value of the Company's equity investments. There was no similar non-operating charge in the same prior year period.
As of June 30, 2008, the Company had approximately $87.6 million in current and non-current unrestricted cash, cash equivalents and marketable securities.
2008 Revised Annual Financial Guidance
The Company has not changed significantly its annual financial guidance from the 2008 first quarter conference call. Selected elements of our revised annual financial guidance include the following:
-- Royalty revenue for 2008 remains unchanged and is forecasted in a range from $32 million to $35 million.
-- Research and development expenses remain unchanged for 2008 and are expected to total approximately $34 million to $36 million.
-- Selling, general and administrative expenses have been reduced slightly from the previous annual guidance and are expected to total approximately $13 million for 2008.
-- The Company is forecasting to record a non-cash charge in the amount
of $5.2 million to acquired in-process research and development during 2008
representing a potential milestone payment to the former Montigen
stockholders. This payment made in the form of equity is contingent on the
filing of an Inve
|SOURCE SuperGen, Inc.|
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