There was no gain on sale of products for the 2008 third quarter compared with $1.8 million for the same prior year period. The gain on sale of products for the 2007 third quarter related to the receipt of a milestone payment in the amount of $1.8 million due to the achievement of Nipent(R) (pentostatin for injection) sales targets by Mayne Pharma (acquired by Hospira, Inc. in February 2007).
Loss from operations for the 2008 third quarter was $1.1 million compared with $1.3 million for the same prior year period. The Company reported a net loss for the 2008 third quarter of $569,000, or $0.01 per fully diluted share, compared with net income of $192,000, or $0.00 per fully diluted share, for the same prior year period. The net loss for the 2008 third quarter includes an income tax benefit of $42,000 compared with $427,000 for the same prior year period.
"In a troublesome economic climate, particularly for biotechnology companies in SuperGen's valuation range, our third quarter and year-to-date financial performance was positive," said James S. Manuso, Ph.D., President and Chief Executive Officer. "Our cash, cash equivalents and marketable securities at the end of the third quarter was approximately $88.7 million dollars. We continue to manage our financial resources to maximize the impact every dollar has on our drug discovery and development objectives. Our operational results for the quarter include the clinical advancement of MP-470, our oral tyrosine kinase inhibitor, and further preparations for entering SGI-1776, our oral PIM kinase inhibitor, into Phase 1 clinical trials."
Total revenues for the nine months ended September 30, 2008 were $26.5
million compared with $15.2 million for the same prior year period. Total
|SOURCE SuperGen, Inc.|
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