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SuperGen Reports 2008 Fourth Quarter and Year-End Financial Results
Date:3/2/2009

Annual Royalty Revenue Increases 72% from Prior Year

DUBLIN, Calif., March 2 /PRNewswire-FirstCall/ -- SuperGen Inc., (Nasdaq: SUPG), a pharmaceutical company dedicated to the discovery and development of novel cancer therapies, today reported financial results for the fourth quarter and year ended December 31, 2008.

The Company reported a net loss for the 2008 fourth quarter of $2.6 million, or $0.04 per share, compared with net income of $5.1 million, or $0.09 per share, for the same prior year period. The Company reported a net loss for the year ended December 31, 2008 of $9.1 million, or $0.16 per share, compared with net income of $13.1 million, or $0.23 per share, for the same prior year period.

Highlights for 2008 include:

  • Dacogen(R) (decitabine) for Injection royalty revenue was $38.4 million for 2008 compared to $22.3 million for 2007, an increase of 72% from the prior year.
  • The Company ended the year with unrestricted cash, cash equivalents, and current and non-current marketable securities totaling approximately $88.3 million.
  • The Company remained debt-free during 2008, and used approximately $1.7 million of net cash in operating activities during the year as compared to net cash used in operating activities of approximately $5.8 million in the prior year.
  • MP-470, a DNA repair suppressor, advanced in the clinic with Phase 1 and 1b data presented at several scientific forums.
  • The Company received clearance from the Food and Drug Administration, or FDA, to initiate clinical trials with SGI-1776, an inhibitor of PIM kinases.

"SuperGen continued to make significant progress during 2008 with advances in the clinic and in pre-clinical development and discovery o
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SOURCE SuperGen Inc.
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