Hollis-Eden Pharmaceuticals Reports Fourth Quarter and Year-End 2008 Financial Results
31 Mars 2009 - 11:36PM
Business Wire
Hollis-Eden Pharmaceuticals, Inc. (NASDAQ:HEPH) today reported
financial results for the fourth quarter and year ended December
31, 2008.
For the quarter ended December 31, 2008, Hollis-Eden reported a
net loss of $5.0 million (or $0.17 per share), compared to a net
loss of $5.2 million (or $0.18 per share) in the fourth quarter of
2007. For the full year, the Company reported a net loss of $21.6
million (or $0.74 per share), compared to a net loss of $23.1
million (or $0.80 per share) for the full year 2007.
The net loss for the fourth quarter and full-year 2008 included
approximately $674,000 and $2.5 million, respectively, of
stock-based compensation expense related to the adoption of SFAS
No. 123R, compared to $673,000 and $3.2 million in the comparable
periods in 2007. Results for full-year 2007 include $645,000 in
revenue generated from funding of research and development expenses
by Cystic Fibrosis Foundation Therapeutics, Inc. under the
Company�s collaboration agreement with the Foundation. There was no
revenue recorded in 2008.
Research and development expenses for the fourth quarter of 2008
totaled $3.5 million, compared to $4.2 million in the fourth
quarter of 2007. For full-year 2008, research and development
expenses were $16.1 million compared to $18.3 million in 2007. The
decrease in research and development expenses was due primarily to
a decrease in head count, bonuses, and a decline in preclinical
development offset by an increase in clinical trial expenses.
Fourth quarter 2008 general and administrative expenses were
$1.5 million compared to $1.9 million in the fourth quarter of
2007, and full-year 2008 general and administrative expenses were
$6.5 million compared to $8.1 million in 2007. The decrease in
general and administrative expenses was due mainly to a decrease in
executive head count, bonuses, Directors and Officers insurance,
and in accounting and consulting fees.
Total other income and expenses were $1.0 million in 2008
compared to $2.7 million in 2007. The decrease in other income and
expense for 2008 compared to 2007 was due mainly to lower interest
rates and lower cash balances.
Cash used in operations for full-year 2008 totaled $19.0 million
versus $23.7 million for full-year 2007. Year-end 2008 cash and
equivalents totaled $24.2 million, compared to $43.2 million at
December 31, 2007.
More detailed information is available in the Company�s Form
10-K, which was filed today with the Securities and Exchange
Commission
(http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000899394).
About Hollis-Eden Pharmaceuticals, Inc.
Hollis-Eden Pharmaceuticals, Inc. is developing a new series of
small molecule compounds that are metabolites or synthetic analogs
of endogenous hormones derived by the adrenal glands from the
body�s most abundant circulating adrenal steroid. The Company�s
clinical drug development candidates include TRIOLEX� (HE3286), a
next-generation compound currently in clinical trials for the
treatment of type 2 diabetes, ulcerative colitis and rheumatoid
arthritis, and APOPTONE� (HE3235), a next-generation compound in a
clinical trial for the treatment of late-stage prostate cancer. For
more information on Hollis-Eden, visit the Company's website at
www.holliseden.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws concerning, among other
things, the potential and prospects of the Company's drug discovery
program and its drug candidates. Any statement included in this
press release that are not a description of historical facts are
forward-looking statements that involve risks, uncertainties,
assumptions and other factors which, if they do not materialize or
prove correct, could cause the Company's actual results to differ
materially from historical results or those expressed or implied by
such forward-looking statements. Such statements are subject to
certain risks and uncertainties inherent in the Company�s business,
including, but not limited to: the ability to complete preclinical
and clinical trials successfully and within specified timelines, if
at all; the ability to obtain regulatory approval for TRIOLEX
(HE3286), APOPTONE (HE3235) or any other investigational drug
candidate; the Company's future capital needs; the Company's
ability to obtain additional funding; the ability of the Company to
protect its intellectual property rights and to not infringe the
intellectual property rights of others; the development of
competitive products by other companies; and other risks detailed
from time to time in the Company's filings with the Securities and
Exchange Commission. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Except as required by law, the Company undertakes no obligation to
update or revise the information contained in this press release as
a result of new information, future events or circumstances arising
after the date of this press release.
Hollis-Eden Pharmaceuticals (MM) (NASDAQ:HEPH)
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