Aeolus Pharmaceuticals Announces Third Quarter Fiscal Year 2009 Financial Results.MISSION VIEJO Mission Vi·e·jo
A community of southern California southeast of Irvine. It is mainly residential. Population: 96,300. , Calif. -- Aeolus Pharmaceuticals, Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :AOLS (All-Optical Label Switching) An optical packet switching technology that tags data streams with optical labels (headers). AOLS splits off and analyzes the label using electronic circuits in initial systems (photonic circuits are expected later). ) announced today financial results for the three months ended June 30, 2009. The Company reported a net loss of $426,000, or $0.01 per share, compared to a loss of $580,000, or $0.02 per share, for the three months ended June 30, 2008, a decrease of 27%.
During the nine months ended June 30, 2009, the Company reported a net loss of $1,550,000, or $0.05 per share, compared to a loss of $1,918,000, or $0.06 per share, for the nine months ended June 30, 2008, a decrease of 19%.
"The third quarter was a very exciting quarter for us; not only did our financial results continue to improve, but AEOL 10150 was chosen by the NIH/NIAID for evaluation in their MCART (Medical Countermeasures Against Radiological Threats) program for the treatment of Acute Radiation Syndrome radiation syndrome Any condition induced by radiation Examples Radiation arthropathy, radiation carditis, radiation cytitis, radiation dermatitis, radiation enteropathy, radiation fibrosis, radiation hepatitis, radiation nephritis, radiation pneumonitis. . The decrease in our expenses occurred during a time in which we had active studies ongoing in seven separate treatment areas, demonstrating the capital efficiency of our strategy to partner with the government and academia to efficiently develop our compounds," stated John L. McManus, President and Chief Executive Officer. "During the remainder of 2009, we expect to report the results from these studies and to initiate additional studies including non-human primate studies for acute radiation syndrome in the lungs and GI tract, as well as follow on studies for mustard gas mustard gas, chemical compound used as a poison gas in World War I. The burning sensation it causes on contact with the skin is similar to that caused by oil from black mustard seeds. and chlorine gas exposure."
Research and development expenses were lower in the third quarter of fiscal year 2009 when compared to the third quarter of fiscal year 2008 as a result of a decline in research expenses. While the Company's research activities have increased, most of the research underway is being funded by government grants whereas during the prior year quarter, the Company was funding the majority of the research activities. The Company currently has seven studies under way; the study of its drug candidates as a potential countermeasure against the effects of mustard gas on the lung and skin, as a countermeasure against the effects of radiation on the lungs and the gastro-intestinal tract, as a countermeasure against the effects of chlorine gas; for the potential treatment for epilepsy and for the potential treatment of Parkinson's disease Parkinson's disease or Parkinsonism, degenerative brain disorder first described by the English surgeon James Parkinson in 1817. When there is no known cause, the disease usually appears after age 40 and is referred to as Parkinson's disease. .
General and administrative expenses decreased in the third quarter of fiscal year 2009 compared to the third quarter of fiscal year 2008 as a result of a decline in Board of Directors expense and legal fees. Board of Directors expense decreased as the Board of Directors adopted a stock option based compensation plan in July 2008 whereas during the quarter ended June 30, 2008, the Board of Directors received cash and stock option based compensation. Legal fees declined due to management's continued efforts to reduce costs by performing regulatory and compliance activities in-house when possible.
As of June 30, 2009, the Company had $1,179,000 in cash and cash equivalents and 37,467,855 common shares outstanding.
About Aeolus Pharmaceuticals
Aeolus is developing a variety of therapeutic agents based on its proprietary small molecule catalytic antioxidants Antioxidants
Substances that reduce the damage of the highly reactive free radicals that are the byproducts of the cells.
Mentioned in: Aging, Nutritional Supplements
n. , with AEOL 10150 being the first to enter human clinical evaluation clinical evaluation Medtalk An evaluation of whether a Pt has symptoms of a disease, is responding to treatment, or is having adverse reactions to therapy . AEOL 10150 is a patented, small molecule catalytic antioxidant antioxidant, substance that prevents or slows the breakdown of another substance by oxygen. Synthetic and natural antioxidants are used to slow the deterioration of gasoline and rubber, and such antioxidants as vitamin C (ascorbic acid), butylated hydroxytoluene that has shown the ability to scavenge scav·enge
v. scav·enged, scav·eng·ing, scav·eng·es
1. To search through for salvageable material: scavenged the garbage cans for food scraps.
2. a broad range of reactive oxygen species reactive oxygen species,
n molecules and ions of oxygen that have an unpaired electron, thus rendering them extremely reactive. Many cellular structures are susceptible to attack by ROS contributing to cancer, heart disease, and cerebrovascular disease. , or free radicals. As a catalytic antioxidant, AEOL 10150 mimics and thereby amplifies the body's natural enzymatic systems for eliminating these damaging compounds. Because oxygen-derived free radicals are believed to have an important role in the pathogenesis of many diseases, Aeolus' catalytic antioxidants are believed to have a broad range of potential therapeutic uses.
The statements in this press release that are not purely statements of historical fact are forward-looking statements. Such statements include, but are not limited to, those relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc Aeolus' product candidates, as well as its proprietary technologies and research programs. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Aeolus' actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Important factors that could cause results to differ include risks associated with uncertainties of progress and timing of clinical trials, scientific research and product development activities, difficulties or delays in development, testing, obtaining regulatory approval, the need to obtain funding for pre-clinical and clinical trials and operations, the scope and validity of intellectual property protection for Aeolus' product candidates, proprietary technologies and their uses, and competition from other biopharmaceutical companies. Certain of these factors and others are more fully described in Aeolus' filings with the Securities and Exchange Commission, including, but not limited to, Aeolus' Annual Report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. for the year ended September 30, 2008. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
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