Company Provides Update on Oncology Pipeline Progress
SAN DIEGO, Nov. 13 /PRNewswire-FirstCall/ -- SGX Pharmaceuticals (Nasdaq: SGXP) today announced financial results for the three and nine months ended September 30, 2007. For the three months ended September 30, 2007, the Company posted revenues of $7.6 million and a net loss of $4.8 million. For the nine months ended September 30, 2007, revenues were $27.1 million and the net loss was $9.9 million. Cash, cash equivalents and short-term investments totaled $21.4 million at September 30, 2007 compared to $33.9 million at December 31, 2006.
* The IND submission for SGX523, the Company's lead MET inhibitor, is
expected to be made prior to year end, with Phase 1 clinical trials
anticipated to begin in early 2008. The Company is also moving
forward a number of other MET inhibitors with differing profiles to
SGX523 to further broaden the scope of the program.
* SGX393, a BCR-ABL inhibitor the Company is developing for the
relapsed/refractory Chronic Myelogenous Leukemia (CML) patient
population, is in formal toxicology studies and an IND submission is
targeted for the first half of 2008. Initial clinical studies are
planned to focus on patients with the most clinically challenging
CML mutation, known as the T315I mutant.
* Other BCR-ABL inhibitors, with potential to target the front-line
patient population, are undergoing preclinical studies in
collaboration with Novartis.
"We are excited about the progress of our pipeline candidates this
quarter, particularly in our M
|SOURCE SGX Pharmaceuticals|
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