SuperGen Reports 2007 Third Quarter Financi...(nt to the former Montigen Pharmaceutical...),Health

Date:10/29/2007

nt to the former Montigen Pharmaceuticals shareholders. Included in the 2006 third quarter net loss is a non-cash gain for a change in valuation of derivatives of $654,000. There was no similar non-cash gain during the 2007 third quarter since the related derivatives expired at the end of 2006.

Total revenues for the nine months ended September 30, 2007, were $15.2 million compared with $35.2 million for the same prior year period. Royalty revenue for the nine months ended September 30, 2007, was $14.5 million compared with $1.0 million for the same prior year period. Royalty revenue is earned pursuant to the license agreement previously entered into with MGI PHARMA. The Company recognizes royalty revenue on a cash basis when it is received. Total revenues for the nine months ended September 30, 2006, included $25.1 million of primarily milestone payments included in development and license revenue pursuant to the license agreement with MGI PHARMA. There was no similar development and license revenue for the 2007 third quarter. Net product revenue for the nine months ended September 30, 2007, was $621,000 compared to $9.1 million for the same prior year period. The reduction in net product revenue for the nine months ended September 30, 2007, was primarily due to the sale of the Company's worldwide rights for Nipent and Surface Safe to Mayne Pharma.

Excluding the gain on sale of products, total costs and operating expenses for the nine months ended September 30, 2007, was $37.7 million compared with $49.0 million for the same prior year period. The primary reasons for the decrease in total costs and operating expenses for the nine months ended September 30, 2007, were a lower net non-cash operating charge relating to acquired in-process research and development associated with the acquisition of Montigen Pharmaceuticals and reductions in the cost of product revenue and sales and marketing expenses resulting primarily from the sale of the Company's worldw
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SOURCE SuperGen Inc. Copyright©2007 PR Newswire. All rights reserved

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