Thallion Announces 2011 Second Quarter Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 07/13/11 -- Thallion Pharmaceuticals Inc. (TSX: TLN) today announced its operational and financial results for the three-month and six-month periods ended May 31, 2011.
Operational Highlights
"Although disappointed with the temporary suspension of screening and enrollment in the SHIGATEC study, we are also mindful that this situation is occurring during the seasonal low period for STEC infection in the southern hemisphere when the rate of patient recruitment is slower," said Dr. Allan Mandelzys, Thallion's Chief Executive Officer. "We remain absolutely committed to this core development program and ongoing clinical study, and we are doing everything possible to re-initiate patient enrollment in the most expeditious manner. As the recent devastating outbreak in Europe clearly demonstrates, the need for a viable treatment for Shiga toxin-producing E. coli (STEC) infections is an urgent one."
Financial Highlights
Collaboration and licensing revenues for the three-month and six-month periods ended May 31, 2011 were $1,021,034 and $1,854,916, respectively, compared to $1,011,316 for the three-month and $1,047,316 for the six-month periods ended May 31, 2010. Revenue recognized in the first half of 2010 and 2011 is related to the development and license agreement signed with LFB in February 2010 for the Company's ongoing development of Shigamabs®.
Research and development expenses before tax credits (R&D) for the three-month and six-month periods ended May 31, 2011 were $1,085,332 and $2,246,195, a decrease of two percent from the three-month and six-month periods of 2010, $1,115,674 and $2,287,173 respectively. R&D expenses remained relatively stable with the completion of substantially all activities related to the first cohort of the Phase II SHIGATEC trial and the second quarter initiation of patient enrollment in the second, high dose cohort of the trial, compared to the clinical, regulatory and CMC activities occurring in the second quarter of fiscal 2010.
General and administrative (G&A) expenses for the three-month and six-month periods ended May 31, 2011 were $666,079 and $1,278,653, respectively. G&A expenses decreased by 26 percent during the three-month period primarily due to reduced head office and lease related expenses as the part of the relocation of the Company's corporate headquarters. G&A expenses decreased by 40 percent during the six-month period, after excluding one-time costs related to incentive bonuses and severance costs recorded in the first quarter of fiscal 2010.
The Company recorded a net loss of $797,908 or $0.02 per share in the three-month period ended May 31, 2011, compared with $841,219 or $0.03 per share in the corresponding period in 2010. For the six-month period ended May 31, 2011, the Company recorded a net loss of $1,816,674 or $0.06 per share, compared to $3,400,586 or $0.11 per share for the same period last year. The decrease in net loss is primarily due to higher collaboration and licensing revenues and a reduction in G&A expenses.
As at May 31, 2011, the Company's unrestricted cash position amounted to $7,902,827 which consists of cash and short-term investments. The Company's liquidity availability amounted to $8,527,063 compared with $10,981,096 on November 30, 2010. The decrease in liquidity is primarily due to the reduction of accounts payable and accrued liabilities, in addition to cash expenses relating to operations for the first half of 2011 offset by Shigamabs® development funding received from LFB. Furthermore, the Company's working capital amounted to $7,713,925 as at May 31, 2011 compared to $8,485,919 as at November 30, 2010, a decrease of $771,994 due primarily to activities related to the Company's first six months of operations.
As of July 13, 2011, Thallion had 32,194,566 common shares outstanding. The number of stock options and common share purchase warrants outstanding at July 13, 2011 were 2,871,950 and 530,000, respectively.
About Thallion Pharmaceuticals Inc.
Thallion Pharmaceuticals Inc. (TSX: TLN) is a biotechnology company developing pharmaceutical products in the areas of infectious disease and oncology. The Company's clinical programs include Shigamabs® and TLN-4601, a novel anti-cancer therapy. Shigamabs® is a dual antibody product being evaluated in a Phase II clinical trial for the treatment of Shiga toxin producing E. coli bacterial infections. Additional information about Thallion can be obtained at .
Forward-Looking Statements
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements reflect Thallion's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, the satisfaction of conditions provided in the development and commercialization agreement with LFB, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time-to-time in Thallion's ongoing filings with the Canadian securities regulatory authorities which filings can be found at . Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Thallion undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.
Financial results included below:
Contacts:
Thallion Pharmaceuticals Inc.
Michael Singer
Chief Financial Officer
(514) 940-3600
(514) 228-3622 (FAX)
Investor Relations
Stephen Kilmer
Kilmer Lucas Inc.
Office: (212) 618-6347
Media Relations
Leonard Zehr
Kilmer Lucas Inc.
Office: (905) 690-2400 X41
(FAX)
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Datum: 13.07.2011 - 21:00 Uhr
Sprache: Deutsch
News-ID 31644
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MONTREAL, QUEBEC
Kategorie:
Biotech
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