Quarterly Conference Call to be Held Thursday August 7 at 8:30 a.m.
NEW HAVEN, Conn., Aug. 4 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS,
INC. (Nasdaq: VION) today announced financial results for the three-month and
six-month periods ended June 30, 2008.
The Company reported a net loss of $7.9 million, or $1.06 per share, for
the three-month period ended June 30, 2008, compared to a net loss of $8.8
million, or $1.33 per share, for the same period in 2007. Weighted-average
common shares outstanding for the three months ended June 30, 2008 and 2007
were 7.4 million and 6.6 million, respectively.
Operating expenses were reduced by $1.9 million from $8.6 million in the
2007 second quarter to $6.7 million in the comparable quarter in 2008.
Interest income for the three months ended June 30, 2008 and 2007 was $265,000
and $998,000, respectively.
For the six-month period ended June 30, 2008, the net loss was $16.1
million, or $2.20 per share, compared to a net loss of $16.8 million, or $2.53
per share, for the same period in 2007. Weighted-average common shares
outstanding for the six months ended June 30, 2008 and 2007 were 7.3 million
and 6.6 million, respectively.
Operating expenses were reduced by $2.6 million, from $16.5 million for
the six-month period in 2007, to $13.9 million in the comparable period in
2008. Interest expense increased by $789,000 over the prior year related to
the Company's Convertible Senior Notes issued in February 2007. Interest
income for the first half of 2008 decreased by $898,000 over the comparable
2007 period.
The Company reported ending the quarter with $49.9 million in cash and
cash equivalents, sufficient to fund its operations through the fourth quarter
of 2009 based on the current operating plan.
Alan Kessman, Chief Executive Officer, commented, 'We continue to make
progress on a New Drug Application for Cloretazine(R) (VNP40101M) based on our
two Phase II trials in elderly patients with acute myelogenous leukemia (AML).
We intend to file this NDA in the first half of 2009.'
In the quarter the Company exercised its right to appeal a delisting
determination to a Nasdaq Listings Qualification Panel and presented a plan
for compliance with listing requirements. The Company was notified that the
plan was accepted and that it had until August 15, 2008 to implement the plan.
The Company has contacted Nasdaq to indicate that it is unlikely that its plan
will be implemented by August 15, 2008.
