CombinatoRx Reports Financial Results for the First Quarter 2007.-- Product Candidate Portfolio Advancing -- CAMBRIDGE, Mass. -- CombinatoRx, Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CRXX), today reported financial results for the first quarter ended March 31, 2007. "We made significant progress this quarter in advancing our product candidate portfolio into later-stage development," commented Alexis Borisy, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CombinatoRx. "We continue to focus our efforts on CRx-102 in rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. and osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. and the many other promising programs within the CombinatoRx portfolio. In addition, the phase 2 clinical trial phase 2 clinical trial Phase 2 study. See Phase study. for CRx-150 is now fully enrolled and remains on track to report results late in the second quarter." First Quarter 2007 and Recent Accomplishments * CRx-150 completed enrollment for a 64 subject phase 2 clinical trial in rheumatoid arthritis and remains on track to report results late in the second quarter of 2007. * CRx-102 was selected to move into later stage clinical development and remains on-track to initiate phase 2b clinical trials in rheumatoid arthritis and osteoarthritis in mid-2007. * CRx-170 was also selected to move into later stage clinical development and is expected to begin a phase 2 clinical trial for pain in the second half of 2007. * CRx-191 was selected as a product candidate and is expected to begin a phase 2 clinical trial in psoriasis in mid-2007. * CRx-197 was selected as a product candidate and is expected to begin a phase 2 clinical trial in atopic dermatitis Atopic Dermatitis Definition Eczema is a general term used to describe a variety of conditions that cause an itchy, inflamed skin rash. Atopic dermatitis, a form of eczema, is a non-contagious disorder characterized by chronically inflamed skin and during the second half of 2007. * CRx-401 was selected as a product candidate and is expected to begin a phase 2 clinical trial for type 2 diabetes type 2 diabetes n. See diabetes mellitus. in mid-2007. * CRx-139 missed its primary endpoint of ACR See riser card. 20 response at day 70 in a phase 2 clinical study for rheumatoid arthritis. This development program is currently on hold pending completion of the ongoing data analysis. * Presented synergistic combination screening data on TRAIL and targeted novel agents at the 98th Annual meeting of the American Association for Cancer Research Wikipedia is not the place for advertisement or self-advertising. The American Association for Cancer Research (AACR) is an organization based in Philadelphia, Pennsylvania, that focuses on all aspects of cancer research including basic, clinical and translational April 14-18, 2007 in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . * Published combination systems biology Systems biology, a field of study in the biosciences, focuses on the systematic study of complex interactions in biological systems. Particularly from 2000 onwards, the term is used widely in the biosciences, and in a variety of contexts. data in the online journal Molecular Systems Biology Molecular Systems Biology is a scientific journal which covers systems biology at the molecular level with research in the fields of genomics, proteomics, metabolomics, bioinformatics, microbial systems, and the integration of cell signaling and regulatory networks. , a NATURE Publishing Group Nature Publishing Group (NPG) is an international publishing company that publishes scientific journals. It is a division of Macmillan Publishers Ltd, which in turn is owned by the Georg von Holtzbrinck Publishing Group. journal. First Quarter 2007 Financial Results (Unaudited): As of March 31, 2007, CombinatoRx had cash, cash equivalents, restricted cash and short-term investments of $107.7 million compared to $121.1 million on December 31, 2006. Total revenue was $3.6 million in the first quarter of 2007 compared to $3.2 million reported in the first quarter of 2006. Net loss for the quarter ended March 31, 2007 was $12.5 million or $0.44 per share as compared to $6.9 million or $0.29 per share in the first quarter of 2006. Research and development expenses totaled $12.8 million in the first quarter of 2007 compared to $7.2 million in the first quarter of 2006. The increase in R&D expense for the first quarter is due primarily to increased personnel-related expenses to support expanded research, clinical development and regulatory activities associated with an advancing pipeline of product candidates. General and administrative expenses were $4.5 million in the first quarter of 2007 compared to $4.0 million in the first quarter of 2006. 2007 Financial Guidance CombinatoRx expects to end 2007, based on current operating plans, with revenue between $13.0 and $15.0 million, a net loss in the range of $48.0 million to $53.0 million and cash, cash equivalents and short-term investments of between $70.0 and $80.0 million, consistent with the guidance provided in January 2007. Conference Call Information: Robert Forrester, Executive Vice President and Chief Financial Officer of CombinatoRx will provide an update on the company and discuss first quarter results via conference call at 8:30 a.m. ET on Monday, May 7, 2007. To access the call, please dial 866-578-5801 (domestic) or 617-213-8058 (international) five minutes prior to the start time and provide the passcode 52285120. A replay of the call will be available from 9:30 a.m. ET on May 7, 2007 until May 21, 2007. To access the replay, please dial 888-286-8010 (domestic) or 617-801-6888 (international), and provide the passcode 97448107. A live audio webcast of the call will also be available on the "Investors" section of the company's website, www.combinatorx.com. An archived webcast will be available on the CombinatoRx website approximately two hours after the event and will be archived for 14 days. About CombinatoRx CombinatoRx, Incorporated (CRXX) is pioneering the new field of synergistic combination pharmaceuticals and has a broad product portfolio in phase 2 clinical development. Going beyond traditional combinations, CombinatoRx creates product candidates with novel mechanisms of action striking at the biological complexities of human disease. The lead programs in the CombinatoRx portfolio are advancing into later stage clinical trials based on the strength of multiple positive phase 2a results. This portfolio is internally generated from the CombinatoRx proprietary drug discovery technology which provides a renewable and previously untapped source of novel drug candidates. The Company was founded in 2000 and is located in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. . To learn more about CombinatoRx please visit www.combinatorx.com. Forward-Looking Statement 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. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 concerning CombinatoRx, its financial condition and results of operations, financial guidance for the fiscal year 2007, its product candidates and their clinical potential, its plans for clinical and formulation development of its product candidates, its business plans and its drug discovery technology. These forward-looking statements about future expectations, plans and prospects of CombinatoRx involve significant risks, uncertainties and assumptions, including risks related to the unproven nature of the CombinatoRx drug discovery technology, the Company's ability to initiate and successfully complete clinical trials of its product candidates, the Company's ability to develop a modified release formulation of CRx-102, potential difficulty and delays in obtaining regulatory approval for the sale and marketing of its product candidates, the Company's ability to obtain additional financing or funding for its research and development and those other risks that can be found in the "Risk Factors" section of the CombinatoRx 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. Form 10-K See 10-K. on file with the Securities and Exchange Commission and the other reports that CombinatoRx periodically files with the Securities and Exchange Commission. Actual results may differ materially from those CombinatoRx contemplated by these forward-looking statements. CombinatoRx does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release. (c) 2007 CombinatoRx, Incorporated. All rights reserved. [TABLE OMITTED] [TABLE OMITTED] |
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