Vion Pharmaceuticals reports fourth quarter and year end 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 , CT--(BW HealthWire)--Feb. 25, 1997--Vion Pharmaceuticals, Inc. (Nasdaq: VION) today announced financial results for the fourth quarter, and year end of 1996. In the fourth quarter of 1996 the Company reported revenues of $51,779 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 Ribonucleotide reductase (RNR) is an enzyme that controls the cellular concentration of deoxyribonucleotides. Biosynthesis begins with the building up of essential molecules that RNR processes in a catalyzed reaction to make deoxyribonucleotides. inhibitor OCX-191. Research and development expenses for the fourth quarter of 1996 totaled $1,954,573 compared to $974,569 for the third quarter, reflecting planned staff and equipment build-ups in chemistry and biological laboratories as well as fulfillment of a pledge of a research grant of $345,000 to Yale University Yale University, at New Haven, Conn.; coeducational. Chartered as a collegiate school for men in 1701 largely as a result of the efforts of James Pierpont, it opened at Killingworth (now Clinton) in 1702, moved (1707) to Saybrook (now Old Saybrook), and in 1716 was , accruals for expanded clinical trials, and resumption of funding of microfiltration research at the University of California at Berkeley (body, education) University of California at Berkeley - (UCB) See also Berzerkley, BSD. http://berkeley.edu/. Note to British and Commonwealth readers: that's /berk'lee/, not /bark'lee/ as in British Received Pronunciation. . General and administrative expenses increased from $441,834 in the third quarter to $785,104 for the fourth quarter, reflecting the cost of additional staff, options grants recognized as compensation expense for non-employees, and annual audit fees. For the year, general and administrative expenses increased from $2,031,790 in 1995 to $2,113,077 in 1996. 1995 general and administrative expenses included a one time charge of $540,000 for an options grant recognized as compensation expense, and higher patent expenses. The Company earned $437,993 in interest income on invested funds during 1996, compared to $84,044 in 1995, reflecting short term investment of the proceeds of its May, 1996 private placement. The net loss for the quarter was $2,560,234, or $0.32 per share, and for the year ending Dec. 31, 1996 totaled $7,608,679 or $0.96 per share. The net loss for 1995 was greater primarily because it included a charge of $4,481,405 for purchased research and development arising from the merger between MelaRx Pharmaceuticals, Inc. and Vion Pharmaceuticals, Inc., which occurred prior to the Company's August, 1995 initial public offering. 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 $8,416,815 at year end, compared to $10,767,441 at the end of the previous quarter. "We had a very productive year on all of our research and development fronts," 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. . "We expanded our Phase III pivotal registrational trial on Promycin(TM) which will ensure the most rapid patient accrual for this potentially important anti-cancer product in both the U.S. and Europe. The TAPET Tap´et n. 1. Worked or figured stuff; tapestry. (TM) program progressed from a very early stage development project to one very close to identifying a lead preclinical candidate." 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 Phase III clinical trials. For additional information on Vion and its research and product development programs, visit the Company's Internet web site at http://www.vionpharm.com. Note to Editors: Promycin and TAPET are registered trademarks of Vion Pharmaceuticals Inc.
VION PHARMACEUTICALS, INC.
(A Development Stage Enterprise)
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Year Ended Dec. 31,
9/30 12/31 12/31
1996 1996 1995 1996 1995
Revenues:
Contract research
grants $ 0 $ 51,779 $ 0 $ 51,779 $ 0
Operating expenses:
Research and
development 974,569 1,954,573 1,268,203 5,975,089 2,710,783
General and
administrative 441,834 785,104 633,760 2,113,077 2,031,790
Purchased
research and
development 0 0 0 0 4,481,405
Amortization of
finance charges 0 0 0 0 345,439
Interest (income) (165,272) (130,526) (75,962) (437,993) (84,044)
Interest expense 2,538 2,862 928 10,285 45,162
Net loss ($1,253,669)($2,560,234)($1,826,929)($7,608,679)($9,530,535)
Net loss per share ($0.16) ($0.32) ($0.30) ($0.96) ($1.59)
Weighted average
common stock and
common stock
equivalents
outstanding 7,857,354 7,932,203 6,007,154 7,932,203 6,007,154
Cash, cash
equivalents
and marketable
securities 10,767,441 8,416,815 4,642,041
Total assets 12,096,768 9,880,765 5,464,340
Total liabilities 522,976 808,793 501,108
Stockholders'
equity 11,573,792 9,071,972 4,963,232
Total liabilities
and
stockholders'
equity 12,096,768 9,880,765 5,464,340
CONTACT: Vion Pharmaceuticals Inc. Thomas E. Klein, 203/498-4210 Email: vioninfo@vionpharm.com or Harrison & Star Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Reva Jaffe Wayman, 212/727-1330 Email: rwayman@hswb.com |
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