SONUS REPORTS $3.5 MILLION 2ND QTR 2002 NET LOSS.Sonus Pharmaceuticals, Inc. (Nasdaq:SNUS SNUS Swedish National Union of Students ), Bothell, Wash., has announced financial results for the second quarter ended June 30, 2002. The company also reported progress with its Phase 2 clinical studies for TOCOSOL(TM) Paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); , Sonus' lead product for cancer therapy. TOCOSOL Paclitaxel is a novel formulation of paclitaxel, which is the active ingredient An active ingredient, also active pharmaceutical ingredient (or API), is the substance in a drug that is pharmaceutically active. Some medications may contain more than one active ingredient. in Taxol(R), the world's leading cancer drug. Formulated with the company's proprietary drug delivery technology, TOCOSOL Paclitaxel may have the ability to improve cancer therapy by delivering less toxic and more effective doses of paclitaxel. Second Quarter 2002 Financial Results The company reported a net loss of $3.5 million, or $0.26 per share, for the second quarter of 2002 compared with a net loss of $1.7 million, or $0.18 per share, in the second quarter of 2001. The higher net loss in the second quarter of 2002 was primarily attributable to the planned increase in clinical development and R&D spending. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $3.7 million in the second quarter of 2002 compared with $1.9 million in the prior year period. The increase in operating expenses reflects the broadened clinical development of TOCOSOL Paclitaxel, including the initiation of four Phase 2 efficacy studies, and an increased level of new product development activities utilizing Sonus' TOCOSOL drug delivery technology platform. For the first six months of 2002, the company reported a net loss of $6.0 million, or $0.44 per share, compared with a net loss of $2.5 million, or $0.27 per share, in the comparable period of 2001. Sonus expects that the net loss for the next several quarters will be consistent with or slightly higher than the net loss for the second quarter of 2002, with a resulting projected net loss for the full year 2002 of approximately $13.0 to $14.0 million. Cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has totaled $22.1 million at June 30, 2002 compared with $15.1 million at December 31, 2001. The increase from year-end reflects the $12.5 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from a private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. in January 2002, offset in part by the net loss of $6.0 million for the first six months of 2002. Additional Second Quarter Highlights Sonus announced in May 2002 that patient enrollment in the Phase 1 study for TOCOSOL Paclitaxel was complete. The primary endpoints of the study were to determine the maximum tolerated dose and to evaluate the safety of TOCOSOL Paclitaxel. The MTD MTD Mounted MTD Maximum Tolerated Dose MTD Memory Technology Device MTD Month To-Date MTD Methadone (drug screening) MTD motion to dismiss (legal) MtD Mountain Dew MTD Memory Technology Driver reached in the Phase 1 study was 200 mg/m2 for administration once every three weeks, which compares favorably to the approved dose of Taxol at 175 mg/m2. In the Phase 1 study, anti-tumor activity, including partial responses and halting of disease progression, has been demonstrated in 15 out of 36 patients, or a 42% clinical response rate. Phase 1 results also demonstrate that TOCOSOL Paclitaxel can be administered in 15 minutes or less compared to the three-hour infusion required with Taxol. There was no Grade 3 or 4 neuropathy reported in the Phase 1 study at doses of 200 mg/m2 or below. On July 1, 2002, the company announced the signing of a manufacturing agreement for TOCOSOL Paclitaxel with Gensia Sicor Pharmaceuticals, a leading pharmaceutical manufacturer. As Sonus continues to accelerate and broaden the clinical development of TOCOSOL Paclitaxel, the Gensia Sicor agreement provides a reliable supplier for pivotal clinical studies, stability samples for a New Drug Application filing and post-approval commercialization. With its experience and proven track record in the manufacture of injectable in·ject·a·ble adj. Capable of being injected. Used of a drug. n. A drug or medicine that can be injected. emulsion formulations, Gensia Sicor is an ideal partner to produce TOCOSOL Paclitaxel. About Sonus Pharmaceuticals Located near Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. , Sonus Pharmaceuticals, Inc. is focused on the development of therapeutic drugs utilizing its proprietary vitamin-E based TOCOSOL drug delivery technology platform. In addition to TOCOSOL Paclitaxel, the company is applying the TOCOSOL technology to the development of a number of other potential product candidates in applications to treat cancer, cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease , diabetes and infection. For more information, visit http://www.sonuspharma.com or call 425/487-9500. |
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