NEW HAVEN, Conn., May 5 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (Nasdaq: VION) today announced financial results for the three-month period ended March 31, 2008.
The Company reported a net loss of $8.2 million, or $1.14 per share, for the three-month period ended March 31, 2008, compared with a net loss of $8.0 million, or $1.20 per share, for the same period in 2007. Weighted-average common shares outstanding for the three months ended March 31, 2008 and 2007 were 7.2 million and 6.6 million, respectively.
Operating expenses were reduced by $679,000 from $7.9 million in the 2007 quarter to $7.2 million in 2008. Interest expense increased by $766,000 over the prior year as the Company's Convertible Senior Notes, issued in February 2007, were outstanding for the entire quarter in 2008.
The Company reported ending the quarter with $55.2 million in cash and cash equivalents, sufficient to fund the Company's operations through the third quarter of 2009 based on the current operating plan. The Company also announced that it will pay the interest payment due August 15, 2008 on its Convertible Senior Notes in cash.
Alan Kessman, Chief Executive Officer, commented, "We continue to work on the New Drug Application (NDA) for Cloretazine(R) (VNP40101M). It remains our plan to file the NDA with the U.S. Food and Drug Administration in 2008."
On February 20, 2008, the Company implemented a one-for-ten reverse split of all outstanding shares of its common stock and a corresponding decrease in the number of shares of authorized common stock. Share and per share amounts contained herein are provided on a post-split basis.
Vion Pharmaceuticals, Inc. is committed to extending the lives and
|SOURCE Vion Pharmaceuticals, Inc.|
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