SuperGen Reports 2007 Third Quarter Financi...(ogen(R) (decitabine) for Injection. The ...),Health

Date:10/29/2007

ogen(R) (decitabine) for Injection. The Company recognizes royalty revenue on a cash basis when it is received. Total revenues for the 2006 third quarter included $5.1 million of development and license revenue pursuant to the license agreement with MGI PHARMA and net product revenue of $2.2 million. There was no similar development and license revenue for the 2007 third quarter. The decrease in net product revenue during the 2007 third quarter is primarily due to the sale of the Company's worldwide rights for Nipent(R) (pentostatin for injection) and Surface Safe(R) to Mayne Pharma (acquired by Hospira Inc. in February 2007).

Excluding the gain on sale of products, total costs and operating expenses for the 2007 third quarter were $9.2 million compared with $11.9 million for the same prior year period. The primary reasons for the decrease in total costs and operating expenses for the 2007 third quarter were reductions in cost of product revenue and sales and marketing expenses resulting from the sale of the Company's worldwide rights for Nipent and Surface Safe to Mayne Pharma offset in part by higher research and development costs related to product development activities. Included on a separate line item in total costs and operating expenses for the 2007 third quarter is the recognition of additional milestone payments on the sale of products to Mayne Pharma. There were no similar milestone payments for the same prior year period.

The Company reported net income for the 2007 third quarter of $192,000, or $0.00 per fully diluted share, compared with a net loss of $2.3 million, or $0.04 per fully diluted share, for the same prior year period. Included in net income for the 2007 third quarter is a gain on sale of products for additional milestone payments of $1.8 million, a non-cash charge of $904,000 for stock-based compensation expense and an income tax benefit of $427,000 resulting primarily from a change in the anticipated timing of a milestone payme
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SOURCE SuperGen Inc. Copyright©2007 PR Newswire. All rights reserved

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