Conference call scheduled today at 8:00 a.m. Pacific Time
SAN DIEGO, March 12 /PRNewswire-FirstCall/ -- SGX Pharmaceuticals
(Nasdaq: SGXP) today announced financial results for the year and fourth
quarter ended December 31, 2007. For the full year 2007, the Company posted
total revenues of $34.7 million and a net loss of $16.0 million, or $1.01
per share. For the quarter ended December 31, 2007, the Company posted
total revenues of $7.7 million and a net loss of $6.1 million, or $0.35 per
share. Cash and cash equivalents totaled $39.0 million at December 31, 2007
compared to $33.9 million at December 31, 2006.
2007 Overview and Pipeline Update
-- SGX523: In November 2007, the Company submitted an investigational new
drug application (IND) to the FDA, only ten months after designating
this small-molecule MET receptor tyrosine kinase inhibitor as a
development candidate. Two Phase I studies were initiated in January
2008 in subjects with solid tumors; patient enrollment is ongoing.
-- SGX126: Expanding the MET program, in November 2007, SGX designated
SGX126 as its next MET development candidate. Like SGX523 and the
Company's BCR-ABL inhibitors, this development candidate was discovered
using the Company's FAST(TM) platform. This orally-bioavailable small
molecule shows potent and selective in vitro and in vivo activity with
a profile complementary to that of SGX523.
-- SGX393: This selective, orally-bioavailable BCR-ABL inhibitor is
currently in IND enabling studies and, pending successful completion,
an IND submission is planned during the second quarter of 2008. SGX393
is a potent inhibi
|SOURCE SGX Pharmaceuticals|
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