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SuperGen Reports 2008 Third Quarter Financial Results
Date:11/4/2008

ion, or $0.11 per share, compared with net income of $7.9 million, or $0.14 per share, for the same prior year period. The net loss for the nine months ended September 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.

As of September 30, 2008, the Company had approximately $88.7 million in current and non-current unrestricted cash, cash equivalents and marketable securities.

2008 Financial Guidance

The Company has revised its royalty revenue upward from previous guidance for 2008 to range from $33 million to $36 million. The Company recognizes royalty revenue on a cash basis when it is received. The Company has reduced its anticipated milestone receipts relating to the sale of products to Mayne Pharma to $1.8 million for 2008. Research and development expenses for 2008 have been revised downward and are expected to total approximately $33 million to $35 million. The growth over 2007 continues to be influenced by increasing costs related to clinical trial programs such as MP-470, ongoing pre-clinical product development efforts and investments in the discovery, pre-clinical, manufacturing, regulatory and clinical development operations of the Company. The Company expects to record a charge during 2008 of approximately $5.2 million for acquired in-process research & development resulting from a milestone payment to the former Montigen stockholders. This payment is contingent on the filing of an Investigational New Drug (IND) application (and upon the IND going into effect) with the Food and Drug Administration (FDA) of a second drug emanating from the acquired technology. Selling, general and administrative expenses are expected to be lower from previous guidance and are forecasted to be approximately $12 million for 2008. Included in 2008 total operating expenses are non-cash stock-based compensation expenses of approximately $3 million. Based on th
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SOURCE SuperGen, Inc.
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