Quarterly Conference Call to be Held on Thursday November 6 at 8:30 a.m.
NEW HAVEN, Conn., Nov. 3 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (OTC Bulletin Board: VION) today announced financial results for the three-month and nine-month periods ended September 30, 2008.
The Company reported a net loss of $6.8 million, or $0.92 per share, for the three-month period ended September 30, 2008, compared to a net loss of $9.0 million, or $1.33 per share, for the same period in 2007. Weighted-average common shares outstanding for the three months ended September 30, 2008 and 2007 were 7.4 million and 6.8 million, respectively.
Operating expenses were reduced by $3.0 million from $8.6 million in the third quarter of 2007 to $5.6 million in the comparable quarter in 2008. Interest expense for the three months ended September 30, 2008 and 2007 was $1.5 million and $1.4 million, respectively. Interest income for the three months ended September 30, 2008 and 2007 was $224,000 and $938,000, respectively.
For the nine-month period ended September 30, 2008, the net loss was $22.9 million, or $3.12 per share, compared to a net loss of $25.8 million, or $3.87 per share, for the same period in 2007. Weighted-average common shares outstanding for the nine months ended September 30, 2008 and 2007 were 7.4 million and 6.7 million, respectively.
Operating expenses were reduced by $5.7 million, from $25.1 million for the nine-month period in 2007, to $19.4 million in the comparable period in 2008. Interest expense related to the Company's Convertible Senior Notes issued in February 2007 increased by $887,000 over the prior year. Interest income for the first nine months of 2008 decreased by $1.6 million over the comparable 2007 period.
The Company reported ending the quarter with $42.8 million in cash and cash equivalents, sufficient to fund its operations through the fourth quarter of 2009 based on the current operating plan.
Alan Kessman, Chief Executive Officer, commented, "We continue to focus on the preparation of the New Drug Application (NDA) for our lead anticancer agent laromustine (Cloretazine, VNP40101M). The NDA filing will be based on our two Phase II trials in elderly patients with acute myelogenous leukemia. Our plan is to file this NDA in early 2009."
Third Quarter Conference Call
The Company announced that it would hold a conference call on Thursday, November 6, 2008 to discuss its 2008 third quarter financial results. The call will begin at 8:30 a.m. Eastern Time.
To participate in the conference call, please dial (800) 831-6270 in the U.S. ((617) 213-8858 for international callers) at least 15 minutes before the start of the call. When prompted for a pass code, please enter 85439318.
An audio webcast of the call will be accessible at http://www.vionpharm.com. Those who wish to listen to the conference call on the Web should visit the Investor Relations section of the Company's website at least 15 minutes prior to the event broadcast, and follow the instructions provided to assure that the necessary audio applications are downloaded and installed. These programs can be obtained at no charge to the user.
A replay of the call will be available two hours after the completion of the call at (888) 286-8010 in the U.S., ((617) 801-6888 for international callers), pass code 37383579. The replay will be available through Thursday, November 20, 2008.
Vion Pharmaceuticals, Inc. is committed to extending the lives and improving the quality of life of cancer patients worldwide by developing and commercializing innovative cancer therapeutics. Vion has two agents in clinical trials. Laromustine (Cloretazine(R), VNP40101M), a unique alkylating agent, is being evaluated in a Phase II pivotal trial as a single agent in elderly patients with previously untreated de novo poor-risk acute myelogenous leukemia. Clinical trials of laromustine (Cloretazine(R), VNP40101M) with cytarabine in elderly patients with acute myelogenous leukemia, with temozolomide in brain tumors, and with stem cell transplantation in advanced hematologic malignancies, are also being conducted. Triapine(R), a potent inhibitor of a key step in DNA synthesis, is being evaluated in clinical trials sponsored by the National Cancer Institute. For additional information on Vion and its product development programs, visit the Company's Internet web site at http://www.vionpharm.com.
This news release contains forward-looking statements. Such statements
are subject to certain risk factors which may cause Vion's plans to differ
or results to vary from those expected, including Vion's potential
inability to file a New Drug Application or obtain regulatory approval for
its products, particularly laromustine (Cloretazine,VNP40101M), delays in
the regulatory approval process or delays or unfavorable results of drug
trials, the possibility that favorable results of earlier preclinical
studies, clinical trials or interim clinical trial data are not predictive
of safety and efficacy results in later or final clinical trials, the need
for additional research and testing, the inability to manufacture product,
the potential inability to secure external sources of funding to continue
operations, the inability to access capital and funding on favorable terms,
continued operating losses and the inability to continue operations as a
result, and a variety of other risks set forth from time to time in Vion's
filings with the Securities and Exchange Commission, including but not
limited to the risks attendant to the forward-looking statements included
under Item 1A, "Risk Factors" in Vion's Form 10-K for the year ended
December 31, 2007 and Form 10-Q for the quarter ended June 30, 2008. In
particular, there can be no assurance as to the results of any of the
Vion's clinical trials, that any of these trials will continue to full
accrual, or that any of these trials will not be discontinued, modified,
delayed or ceased altogether. Except in special circumstances in which a
duty to update arises under law when prior disclosure becomes materially
misleading in light of subsequent events, Vion does not intend to update
any of these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
COMPANY CONTACT: Vion Pharmaceuticals, Inc.
Alan Kessman, Chief Executive Officer
Howard B. Johnson, President & CFO
VION PHARMACEUTICALS, INC.
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except
per share data) 2008 2007 2008 2007
Technology license fee
revenue $8 $6 $35 $16
Clinical trials 2,060 3,490 7,867 10,781
Other research and
development 1,620 2,786 5,892 7,898
Total research and
development 3,680 6,276 13,759 18,679
Marketing, general and
administrative 1,872 2,279 5,655 6,387
Total operating expenses 5,552 8,555 19,414 25,066
Loss from operations (5,544) (8,549) (19,379) (25,050)
Interest income 224 938 991 2,603
Interest expense (1,521) (1,423) (4,539) (3,652)
Other expense, net (3) -- (15) (4)
Loss before income taxes (6,844) (9,034) (22,942) (26,103)
Income tax provision
(benefit) -- 3 -- (269)
Net loss ($6,844) ($9,037) ($22,942) ($25,834)
Basic and diluted loss
per share(1) ($0.92) ($1.33) ($3.12) ($3.87)
Weighted-average number of
shares of common stock
outstanding(1) 7,449 6,774 7,355 6,683
(1) Adjusted for all periods presented to reflect the Company's one-for-
ten reverse stock split effected February 20, 2008.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
Sept 30, Dec. 31,
(In thousands) 2008 2007
Cash and cash equivalents $42,755 $61,067
Total assets 44,216 63,195
Convertible senior notes 55,139 54,275
Total liabilities 61,629 61,988
Shareholders' (deficit) equity (17,413) 1,207
|SOURCE Vion Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved