Duska Therapeutics, Inc. Reports 2005 First Quarter Financial Results.BALA CYNWYD, Pa. -- Duska Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. , Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:DSKT) today reported its financial results for the first quarter ended March 31, 2005. For the first quarter of 2005, Duska reported a net loss of $447,622 ($.02 per share) compared to a net loss of $559,679 ($.04 per share) for the comparable period in 2004. Research and development expenses were $245,126 for the 2005 first quarter, as compared to $93,659 for the corresponding period in 2004. Research and development expenses consisted principally of costs directly associated with Duska's activities related to initiation of the Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II of ATPace(TM). General and administrative expenses were $213,945 for the 2005 first quarter as compared to $268,201 for the corresponding period in 2004. Interest expense was $0 for the 2005 first quarter, as compared to $197,969 for the comparable period in 2004. Interest expense in 2004 relates to $500,000 of convertible subordinated notes issued in 2002. These notes were converted into common stock in March 2004 and, upon their conversion, the note holders received additional warrants to purchase common stock. The additional warrants were valued at $190,846, which was treated as additional interest expense. On March 31, 2005, Duska had cash and cash equivalents of $1,918,753, compared to $2,422,775 at December 31, 2004. Working capital totaled $1,765,454 at March 31, 2005, compared to $2,080,439 at December 31, 2004. Commenting on Duska's activities during the first quarter, Dr. Amir Pelleg, Duska's President and Chief Scientific Officer stated, "I am extremely pleased with our progress so far during 2005. In March we enrolled our first patient in a Phase II clinical trial of ATPace(TM) aimed at diagnosing bradycardic bradycardic adjective Referring to bradycardia syncope syncope Effect of temporary impairment of blood circulation to a part of the body. It is often used as a synonym for fainting, which is loss of consciousness due to inadequate blood flow to the brain. . We eventually expect to enroll 550 patients in this important multi-center study." "We have also made progress in our development of our drug candidate Vagonixen(TM) for the treatment of chronic obstructive pulmonary disease chronic obstructive pulmonary disease n. Abbr. COPD A chronic lung disease, such as asthma or emphysema, in which breathing becomes slowed or forced. (COPD COPD chronic obstructive pulmonary disease. COPD abbr. chronic obstructive pulmonary disease Chronic obstructive pulmonary disease (COPD) )," Dr. Pelleg continued. "We recently announced results of a study that corroborates our target receptor in the lung and adds to the rationale behind the development of Vagonixen(TM). Our efforts now are focused on identifying and securing the rights to an appropriate compound for development of this drug." About Duska Therapeutics Duska Therapeutics, Inc., based in Bala Cynwyd, Pennsylvania Bala Cynwyd is a village in Lower Merion Township which is located in the Main Line in southeastern Pennsylvania, bordering the western edge of Philadelphia. It was originally two separate towns, Bala and Cynwyd, but is commonly treated as a single community. , is an emerging biopharmaceutical company that is focusing on the development of diagnostic and therapeutic products related to adenosine adenosine /aden·o·sine/ (ah-den´o-sen) a purine nucleoside consisting of adenine and ribose; a component of RNA. It is also a cardiac depressant and vasodilator used as an antiarrhythmic and as an adjunct in myocardial perfusion imaging 5'-triphosphate, or ATP ATP: see adenosine triphosphate. ATP in full adenosine triphosphate Organic compound, substrate in many enzyme-catalyzed reactions (see catalysis) in the cells of animals, plants, and microorganisms. , and ATP related P2 receptors. Duska currently carries out all of its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Duska Scientific Co. Duska owns or has exclusive license rights to a number of proprietary diagnostic and therapeutic applications, four of which are currently in various stages of development in the fields of syncope (fainting), male infertility infertility, inability to conceive or carry a child to delivery. The term is usually limited to situations where the couple has had intercourse regularly for one year without using birth control. , chronic obstructive pulmonary disease (COPD) and cough, and asthma. For more information, visit Duska's website: www.duskatherapeutics.com CAUTIONARY NOTICE ABOUT 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. This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and certainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the early stage of Duska's drug development projects, the need for future clinical testing of Duska's drug candidates, uncertainties regarding the scope of the clinical testing that may be required by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities and the outcomes of those tests, the significant time and expense that will be incurred in developing any of the potential commercial applications for Duska's P2R technologies, Duska's need for additional capital to fund its ongoing working capital and drug development needs, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the enforceability of any patents covering Duska's products and to the possible infringement of third party patents by those products, and the impact of third party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. policies on the use of and pricing for Duska's products. Additional uncertainties and risks are described in Duska's most recently filed SEC documents, such as its most recent annual report on Form 10-KSB, all quarterly reports on Form 10-QSB and any current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed since the date of the last Form 10-KSB. All forward-looking statements are based upon information available to Duska on the date the statements are first published. Duska undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
DUSKA THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share data)
Three Months Ended
March 31,
2005 2004
(unaudited) (unaudited)
----------- -----------
Revenues $ - $ -
Operating expenses:
Research and development 245 94
General and administrative 214 268
----------- -----------
459 362
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Other income (expense)
Interest income 11 -
Interest expense - (198)
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11 (198)
----------- -----------
Net loss $ (448) $ (560)
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Income (loss) per common share $ (0.02) $ (0.04)
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DUSKA THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(amounts in thousands)
March 31, Dec. 31
2005 2004
(unaudited)
----------- -----------
Assets:
Cash and cash equivalents $ 1,919 $ 2,423
Other current assets 64 92
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Total current assets 1,983 2,515
Property and other assets 70 70
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Total assets $ 2,053 $ 2,858
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Liabilities and stockholders' equity
Current liabilities $ 217 $ 435
Stockholders' equity 1,836 2,150
----------- -----------
Total liabilities and stockholders' equity $ 2,053 $ 2,585
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