Merger-related transaction costs of approximately $2.2 million were expensed during the quarter ended March 31, 2009.
Net loss attributable to common stockholders in the quarter ended March 31, 2009 was $8.5 million or $0.95 per share, compared to a net loss of $5.1 million or $14.11 per share for the quarter ended March 31, 2008. The weighted average common shares used to calculate earnings per share were 9,003,067 and 359,602 respectively for the quarters ended March 31, 2009 and 2008. At March 31, 2009 there were 13,064,398 common shares outstanding and 2,228,061 outstanding options, warrants and common stock subject to repurchase.
After giving effect to the merger of Transcept and Novacea, the combined cash, cash equivalents and marketable securities of the company on January 30, 2009 was estimated to be approximately $92 million. Subsequent to the close of the merger, and during the first quarter of 2009, Transcept paid non-recurring merger related expenses including financial advisory fees of $2.0 million and legal fees, audit fees, consulting fees and financial printing costs totaling approximately $1.1 million. In February 2009, Transcept also retired all principal and interest owed to Hercules Technology Growth Capital in the amount of $3.4 million. Cash, cash equivalents and marketable securities totaled $81.0 million at March 31, 2009.
Transcept continues to expect full year 2009 research and development expenses to remain consistent with 2008 levels until such time as Transcept initiates development of pipeline product candidates or any post approval clinical development activities of Intermezzo(R). Full year 2009 general and administrative expenses are expected to increase as compared to 2008 as Transcept has increased its administrative infrastructure to comply with the requirements of bei
|SOURCE Transcept Pharmaceuticals, Inc.|
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