Company to hold Conference Call on August 13, 2009
NEW HAVEN, Conn., Aug. 11 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. (OTC Bulletin Board: VION) today announced financial results for the three-month and six-month periods ending June 30, 2009.
For the second quarter of 2009, the Company reported a net loss of $6.6 million, or $0.83 per share compared with a net loss of $7.9 million, or $1.06 per share, for the same 2008 period. Weighted-average common shares outstanding for the three months ended June 30, 2009 and June 30, 2008 were 8.0 million and 7.4 million, respectively.
For the six-month period, the net loss was $10.9 million, or $1.37 per share, compared with a net loss of $16.1 million, or $2.20 per share, for the same 2008 period. Weighted-average common shares outstanding for the six months ended June 30, 2009 and June 30, 2008 were 8.0 million and 7.3 million, respectively.
The Company will make a presentation on its lead oncology therapeutic Onrigin (laromustine) Injection to the Oncologic Drugs Advisory Committee (ODAC) of the U.S. Food and Drug Administration (FDA) on September 1, 2009. The ODAC reviews and evaluates data concerning the safety and effectiveness of marketed and investigational human drug products for use in the treatment of cancer and makes appropriate recommendations to the FDA. In February 2009, the Company submitted a New Drug Application (NDA) to the FDA for Onrigin as remission induction treatment for patients sixty years of age or older with de novo poor-risk acute myeloid leukemia (AML). In April 2009, the Company announced that the FDA had accepted the NDA for review and that it had been assigned an end user fee date of December 12, 2009 for a decision on approval by the FDA.
Alan Kessman, Chief Executive Officer, commented, "This is an exciting time for our Company. We are preparing for the ODAC meeting at the beginning of September and looking forward to presenting our data to the Committee in support of Onrigin for its use as a new therapeutic agent for elderly poor-risk AML patients."
The Company reported ending the quarter with $26.1 million in cash and cash equivalents. Based on its current operating plan, management estimates that its existing cash and cash equivalents will be sufficient to fund operations through the second quarter of 2010. The Company's current operating plan assumes that Onrigin will be approved by the FDA in the fourth quarter of 2009 and has limited funds available for commercialization. If Onrigin is approved, the Company will either have to partner with another pharmaceutical company or raise additional capital for the commercialization of Onrigin.
Conference Call
The Company will hold a conference call at 8:30 a.m. Eastern Time on August 13, 2009 to discuss its operations and financial results.
To participate in the conference call, please dial (800) 901-5241 in the U.S. ((617) 786-2963 for international callers) at least 15 minutes before the start of the call. When prompted for a pass code, please enter 60356125.
An audio webcast of the call will be accessible at www.vionpharm.com.
