Mr. Ron Hosking, who has been with PreMD over 11 years is retiring as Chief Financial Officer, but will continue to act as a consultant to the Company. "Ron has been a significant asset to PreMD and we are very grateful for his years of dedication and contribution," said Dr. Brent Norton. "He will really be missed, so we are pleased that he has agreed to continue as a consultant."
Financial Review (All amounts are in Canadian dollars)
The consolidated net loss for the three months ended September 30, 2008 (Q3 2008) was $1,879,000 or $(0.07) per share compared with a loss of $1,635,000 or $(0.07) per share for the quarter ended September 30, 2007 (Q3 2007).
Total product sales were $7,000 for both Q3 2008 and Q3 2007.
Similarly, license revenue was $27,000 for Q3 2008 and Q3 2007. Product
sales reflect direct sales to customers. The license revenue consisted of
the upfront cash payment received in accordance with the 2007 licensing
agreement with AstraZeneca Pharmaceuticals LP ("AstraZeneca") which was
deferred and recognized into income on a straight-line basis over five
years. This agreement was terminated subsequent to September 30, 2008.
Research and development expenditures for the quarter decreased by $122,000 to $615,000 from $737,000 in Q3 2007. Significant causes of the variance include:
- a decrease of $13,000 in spending on clinical trials for cancer;
- a decrease of $17,000 in R&D related travel;
- an increase of $22,000 in legal fees on intellectual property;
- a decrease of $37,000 on product development related to manufacturing
validation for the new cordless reader, as this project nears
- a decrease of $69,000 in stock compensation costs;
- a decrease of $218,000 in salaries and benefits
|SOURCE PreMD Inc.|
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