Cell Genesys Reports Fourth Quarter and Year-End 20... ( Conference Call Schedul...)

Cell Genesys Reports Fourth Quarter and Year-End 2007 Results

Date:2/28/2008

Conference Call Scheduled for 5:00 p.m. ET Today

SOUTH SAN FRANCISCO, Calif., Feb. 28 /PRNewswire-FirstCall/ -- Cell Genesys, Inc. (Nasdaq: CEGE) today reported financial results for the fourth quarter and full year ended December 31, 2007. The company reported a net loss of $33.4 million ($0.43 per fully diluted share), for the fourth quarter of 2007, compared to a net loss of $30.3 million ($0.54 per fully diluted share) for the corresponding period in 2006. The net loss for the year ended December 31, 2007 was $99.3 million ($1.39 per fully diluted share), compared to a net loss of $82.9 million ($1.67 per fully diluted share) for the year ended December 31, 2006.

The increase in net loss in the fourth quarter of 2007 is attributed primarily to an increase in research and development costs. The increase in net loss for the 12 months ending December 31, 2007 is primarily due to a $9.8 million increase in research and development expenses as well as the net gain of $35.9 million realized in 2006 from the sale of the company's remaining shares of stock in its former subsidiary, Abgenix, Inc., which was partly offset in 2007 by $26.4 million from a favorable settlement with the Internal Revenue Service relating to the company's 2000 tax return.

The company's research and development costs were $28.5 million and $106.1 million in the fourth quarter and year ended December 31, 2007, respectively, compared to $24.6 million and $96.3 million for the comparable periods of 2006. The increase in research and development spending in the fourth quarter and the year ended December 31, 2007 is primarily due to expenses related to the ongoing Phase 3 clinical trials of GVAX immunotherapy for prostate cancer, the company'
'/>"/>

0

GOOD

Page: 1 2 3 4 5 6
Related medicine news :

1. Cardiac Science Reports Record Fourth Quarter and Full Year 2007 Results
2. MAP Pharmaceuticals Reports 2007 Fourth Quarter and Year End Financial Results
3. Pharmos Corporation Reports 2007 Fourth Quarter and Year-end Results
4. Public Health Officials Warn About the Unrecognized Health Hazards of Smoking from a Hookah, Reports the Harvard Mental Health Letter
5. inVentiv Health Reports Record Financial Results for Fourth Quarter and Full Year 2007
6. Hospira Reports Fourth-Quarter and Full-Year 2007 Results
7. KV Pharmaceutical Reports Record Revenues for Fiscal 2008 Third Quarter and Year-to-Date on a Preliminary Basis
8. Darwin Professional Underwriters, Inc. Reports Record Net Income of $10.9 Million for the Fourth Quarter
9. Mylan Reports Adjusted Diluted Cash EPS of $0.11 for the Quarter
10. J.D. Power and Associates Reports: Riverview Medical Center Recognized for Providing an Emergency Department Experience
11. LifeCell Reports Fourth Quarter and Full Year 2007 Financial Results

Post Your Comments:

Cell Genesys Reports Fourth Quarter and Year-End 20...( Conference Call Schedul...),Health