IRVINE, Calif., March 31 /PRNewswire-FirstCall/ -- IDM Pharma, Inc. (Nasdaq: IDMI) today reported financial results for the fourth quarter and full year ended December 31, 2008. Financial information presented represents the consolidated results of IDM Pharma, Inc. and its subsidiary, IDM Pharma S.A.
Total revenues in the quarter ended December 31, 2008 were $0.3 million, and net loss was $1.8 million or $0.07 per share for the quarter. Total revenues for the year ended December 31, 2008 were $3.1 million, and net loss was $18.6 million or $0.74 per share for the year. Cash and cash equivalents were $12.8 million as of December 31, 2008 compared to $18.4 million on September 30, 2008 and $28.4 million on December 31, 2007. In order to focus on those areas we believe can provide the most near term value to our stockholders and to ensure we have adequate cash to complete our review of strategic options for the Company, we are concentrating our near-term efforts on certain MEPACT pre-launch commercial activities in Europe and the review of such strategic options, including merger or acquisition opportunities, which may involve a change in control of our company. Consequently, we have placed the U.S. mifamurtide NDA amendment submission on hold until we complete our strategic review, which will allow us to operate into the third quarter of 2009. We have engaged JMP Securities, an investment bank, to advise us in exploring alternatives available to us with respect to a possible merger or acquisition transaction.
'2008 was a significant year for the Company with December's recommendation for approval of MEPACT for the treatment of osteosarcoma in Europe and the formal approval of the centralized marketing authorization following in early March of 2009,' said Timothy P. Walbert, president and chief executive officer, IDM Pharma. 'With the approval of MEPACT in Europe, many young patients and their families have a new treatment option for this devastating disease for the first time in nearly 20 years. We wish to thank the many patients, their families, patient advocates, clinicians and the European regulators who were instrumental in the approval of MEPACT. As we complete our evaluation of the strategic options available to the Company, we continue to believe that the survival benefit of MEPACT warrants U.S. regulatory approval as well and that it should ultimately be made available to patients.'
Details of Financial Results
Total revenues in the quarter ended December 31, 2008 were $0.3 million compared to total revenues of $5.6 million for the quarter ended December 31, 2007. Total revenues were $3.1 million for the year ended December 31, 2008, compared to total revenues of $14.6 million for the year ended December 31, 2007. Revenues in both the year ended December 31, 2008 and 2007 were primarily in connection with the Company's collaboration agreement with sanofi-aventis. As a result of sanofi-aventis' decision to terminate its participation in the UVIDEM development program in December 2007, we will not receive further payments or revenues from sanofi-aventis related to UVIDEM.
Research and development (R&D) expenses in the quarter ended December 31, 2008 decreased to $1.0 million from $5.2 million in the prior year period. For the year ended December 31, 2008, R&D expenses decreased to $11.2 million from $22.3 million in 2007. The decreased R&D spending during the periods was related to a reduction in spending on MEPACT (mifamurtide) and UVIDEM development, as well as reductions associated with lower headcount and closing of our Paris, France office.
Selling and marketing and general and administrative (SG&A) expenses were $3.0 million for the quarter ended December 31, 2008 compared with $2.9 million in the prior year period. SG&A expenses decreased to $10.1 million for the year ended December 31, 2008 from $12.6 million for the year ended December 31, 2007.
