Affymax(R) Reports Third Quarter 2007 Financial Results.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif. -- Affymax, Inc. (Nasdaq:AFFY) today announced financial results for the third quarter ended September 30, 2007. The net loss for the third quarter of 2007 was $12.7 million, compared to a net loss of $6.4 million for the third quarter of 2006. The net loss for the first nine months of 2007 was $29.1 million compared to a net loss of $41.3 million for the first nine months of 2006. Affymax recognized revenue for the quarter ended September 30, 2007 of $10.5 million compared to $4.1 million for the quarter ended September 30, 2006. The increase in revenue was the result of higher collaboration revenue from its partnership with Takeda Pharmaceutical Company Takeda Pharmaceutical Company Limited (武田薬品工業株式会社 Limited, under their 2006 collaboration for development of Affymax's lead compound, Hematide[TM]. Research and development expenses for the quarter ended September 30, 2007 were $18.6 million compared to $9.3 million for the quarter ended September 30, 2006. The increase was primarily due to expenses related to clinical development of Hematide in chronic renal failure chronic renal failure Chronic kidney failure Nephrology A slow decline in renal function, which may be 2º to chronic HTN, DM, CHF, SLE, or sickle cell anemia and, if extreme, leads to ESRD, mandating kidney dialysis; an abrupt decline in renal function may be as well as increased personnel costs and stock-based compensation expense. General and administrative expenses for the quarter ended September 30, 2007 were $5.8 million compared to $3.0 million for the quarter ended September 30, 2006. The increase was primarily due to increased personnel costs, stock-based compensation expense and consulting fees. The company's cash and investments balance as of September 30, 2007 was $204.1 million. "According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan, we have begun enrolling patients in our Phase 3 program of Hematide for the treatment of anemia anemia (ənē`mēə), condition in which the concentration of hemoglobin in the circulating blood is below normal. Such a condition is caused by a deficient number of erythrocytes (red blood cells), an abnormally low level of hemoglobin in patients with chronic renal failure," said Arlene M. Morris, president and chief executive officer of Affymax, Inc. "Hematide is well positioned in late-stage development and may represent the next, new treatment option for many patients suffering with anemia." About Affymax, Inc. Affymax, Inc. is a biopharmaceutical company developing novel drugs to improve the treatment of serious and often life-threatening conditions. Affymax's lead product candidate, Hematide[TM], is currently in Phase 3 clinical trial phase 3 clinical trial Phase 3 study. See Phase study. stage for the treatment of anemia associated with chronic renal failure and in clinical trials for the treatment of anemia in cancer patients. For additional information, please visit www.affymax.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including statements regarding the timing, design and results of the Company's clinical trials and drug development program and the timing and likelihood of the commercialization of Hematide. The Company's actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties, including risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the continued safety and efficacy of Hematide in clinical development, the potential for once per month dosing, regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. and approvals, research and development efforts, industry and competitive environment, intellectual property rights and disputes and other matters that are described in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement in this press release. [TABLE OMITTED] [TABLE OMITTED] |
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