Vion Pharmaceuticals, Inc. reports first quarter financial results.NEW HAVEN New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn.--(BUSINESS WIRE)--May 15, 1997--Vion Pharmaceuticals, Inc. (Nasdaq: VION) today announced financial results for the first quarter of 1997. In the first quarter of 1997 the Company reported research and development expenses for the first quarter of 1997 of $1,521,779 compared to $1,954,573 in the previous quarter, reflecting fulfillment of a pledge of a research grant of $345,000 to Yale University and accruals for expanded clinical trials. General and administrative expenses decreased from $785,104 in the previous quarter to $491,534 for the first quarter, due to lower audit, patent and professional fees. The Company earned $99,234 in interest income on invested funds during the first quarter of 1997. Revenues of $39,740 were recognized from an SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) grant to develop water soluble prodrug prodrug /pro·drug/ (-drug) a compound that, on administration, must undergo chemical conversion by metabolic processes before becoming an active pharmacological agent; a precursor of a drug. formulations of its ribonucleotide reductase inhibitor OCX-191. The net loss for the quarter was $1,885,397, or $0.23 per share, compared to $2,560,234 or $0.32 per share, in the previous quarter. Cash, cash equivalents 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 were $6,676,782 for the first quarter of 1997, compared to $8,416,815 at the end of the previous quarter. "We made some exciting progress on our TAPET Tap´et n. 1. Worked or figured stuff; tapestry. (TM) technology during the first quarter," said John Spears, 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 Vion. "We presented our TAPET data for the first time at 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 annual meeting. The response to our data from both the scientific and business community has so far been quite positive and we are encouraged to aggressively continue this area of research." Vion Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to discovering, developing and commercializing novel products and technologies for the treatment of cancer and viral diseases. The Company has focused its research efforts in five principal areas: hypoxic hypoxic a state of hypoxia. hypoxic cell sensitizers compounds that selectively sensitize hypoxic tumor cells to the effects of radiation. cancer cell therapeutics, TAPET(TM) cancer therapy, alkylating agent al·kyl·at·ing agent n. Any of various highly reactive chemical compounds that bond with various nucleophilic groups in nucleic acids and proteins and cause mutagenic, carcinogenic, or cytotoxic effects. prodrugs, ribonucleotide reductase inhibitors and nucleoside nucleoside Any of a class of organic compounds, including structural subunits of nucleic acids. Each consists of a molecule of a five-carbon sugar (ribose in RNA, deoxyribose in DNA) and a nitrogen-containing base, either a purine or a pyrimidine. analogs. Vion's lead anti-cancer agent Promycin(TM) (porfiromycin) is currently in a Phase III clinical trial Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the . For additional information on Vion and its research and product development programs, visit the Company's Internet web site at http://www.vionpharm.com. -0-
VION PHARMACEUTICALS, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended
December 31, March 31,
1996 1997
(unaudited) (unuadited)
Revenues:
Contract research grants $ 51,779 $ 39,740
Operating expenses:
Research and development 1,954,573 1,521,779
General and administrative 785,104 491,534
Net interest income (127,664) (88,176)
Net loss (2,560,234) (1,885,397)
Net loss per share $ (0.32) $ (0.23)
Weighted average common stock
and common stock equivalents
outstanding 7,932,203 8,098,969
Cash, cash equivalents
and marketable securities $6,676,782
Total assets 8,052,265
Total liabilities 839,831
Stockholders' equity 7,212,434
Total liabilities and
stockholders' equity $8,052,265
CONTACT: Vion Pharmaceuticals Inc. Thomas E. Klein Chief Financial Officer 203/498-4210 Email: vioninfo@vionpharm.com or Harrison & Star Reva Jaffe Wayman 212/727-1330 Email: rwayman@hswb.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion