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Coronado Biosciences Reports Third Quarter 2011 Financial Results
Date:11/15/2011

BURLINGTON, Mass., Nov. 15, 2011 /PRNewswire/ -- Coronado Biosciences, Inc., a company focused on novel immunotherapy biologic agents for the treatment of autoimmune diseases and cancer, today announced financial results for the third quarter ended September 30, 2011.

The Company's cash and cash equivalents as of September 30, 2011 were approximately $26.7 million. Coronado incurred a net loss of approximately $29.6 million for the nine month period ended September 30, 2011, compared to a net loss of $8.4 million for the same period in 2010. This increase in net loss was due primarily to a $20.7 million charge in 2011 for in-process research and development expense relating to the acquisition of CNDO-201. Net loss for the three month period ended September 30, 2011 was $3.4 million compared to a net loss of $2.1 million for the same period in 2010.

"Over the last few months we have achieved several important milestones and objectives," stated Dr. Bobby W. Sandage, Jr., President and CEO of Coronado Biosciences. "Coronado completed its transition from a private company to a public reporting company.  We anticipate the trading of our common stock to commence on the OTC Bulletin Board soon, with the goal of listing on a national exchange shortly thereafter.  On the clinical front, the IND for CNDO-201 was filed with the FDA and we expect to initiate a Phase I dose-ranging trial in Crohn's disease patients in the next few weeks.  For CNDO-109, final data from the Phase I trial in AML will be presented at the American Society of Hematology annual meeting in December."

Upcoming EventsNovember 15-16

Lazard Capital Markets 8th Annual Healthcare Conference, New York CityCorporate presentationDecember 10-13

American Society of Hematology Annual Meeting, San DiegoPresentation of Phase I data for CNDO-109 in Acute myeloid leukemiaDecember 13-15

Oppenheimer 22nd Annual Healthcare Conference, New York City
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SOURCE Coronado Biosciences, Inc.
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