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Tapestry Reports Second Quarter 2007 Results
Date:8/19/2007

Results Reflect Continued Investment in Clinical Development of TPI 287

BOULDER, Colo., Aug. 9 /PRNewswire-FirstCall/ -- Tapestry Pharmaceuticals, Inc. (Nasdaq: TPPH) announced today financial results for the second quarter ended June 27, 2007.

The net loss for the second quarter of 2007 was $6.2 million, or $0.37 per share. This compares to a net loss for the second quarter of 2006 of $4.2 million, or $0.28 per share. Included in the net loss for the second quarter of 2007 and 2006 is non-cash equity compensation expense totaling $893,000 and $1.3 million, respectively.

The net loss for the six-months ended June 27, 2007 was $10.6 million, or $0.64 per share. This compares to a net loss for the six-months ended June 28, 2006 of $8.6 million, or $0.92 per share. Included in the net loss for the six-months ended June 27, 2007 and June 28, 2006 is non-cash equity compensation expense totaling $1.7 million and $1.9 million, respectively.

As of June 27, 2007, Tapestry had $14.4 million in cash, cash equivalents, and short-term investments.

"The first half of 2007 has been an extremely exciting time at the company, as we initiated our first Phase 2 trial for TPI 287, in hormone refractory prostate cancer, and shared promising preclinical and Phase I clinical data at AACR and ASCO," commented Leonard Shaykin, Chairman and CEO. "We plan to build on this momentum in the second half of the year as we initiate our second and third Phase 2 trials in pancreatic cancer and in glioblastoma multiforme and our first oral Phase 1b/2 PK study in man. By early 2008, we expect to have preliminary results from the first arm of our Phase 2 trial in hormone refractory prostate cancer and begin an additional expl
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SOURCE Tapestry Pharmaceuticals, Inc.

Copyright©2007 PR Newswire.

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