Nuvelo Reports Second Quarter 2008 Financial Results
23 Juillet 2008 - 10:05PM
PR Newswire (US)
SAN CARLOS, Calif., July 23 /PRNewswire-FirstCall/ -- Nuvelo, Inc.
(NASDAQ:NUVO) today announced second quarter 2008 financial results
and accomplishments. For the second quarter ended June 30, 2008,
Nuvelo reported a net loss of $0.2 million or $0.00 per share,
compared with net income of $29.0 million or $0.54 per share for
the same period in 2007. For the six months ended June 30, 2008,
Nuvelo reported a net loss of $18.6 million or $0.35 per share,
compared with net income of $13.7 million or $0.26 per share for
the same period in 2007. Net cash used in operating activities was
$11.0 million for the second quarter of 2008 and $27.4 million for
the first six months of 2008. As of June 30, 2008, Nuvelo had $76.0
million in cash and cash equivalents, marketable securities and
restricted cash. Revenues for the second quarter of 2008 were $15.1
million, compared with revenues of $45.8 million for the same
period in 2007. $15.0 million of the revenues for the second
quarter of 2008 was a result of the recognition of the termination
payment received from Bayer in June 2007. This payment had been
recorded as deferred revenue and was recognized as revenue in May
2008. The second quarter 2007 revenue was a result of the
termination of Nuvelo's collaboration agreement with Bayer in June
2007. Nuvelo recorded as revenue $45.8 million of the $50.0 million
up-front license fee that it received from Bayer in January 2006,
which was originally recorded as deferred revenue. Revenues for the
six months ended June 30, 2008 were $15.1 million, compared with
revenues of $46.7 million for the same period in 2007. Total
operating expenses for the second quarter of 2008, including a $4.7
million non-cash goodwill impairment charge, were $16.0 million,
compared with $18.5 million for the same period in 2007. Total
operating expenses for the six months ended June 30, 2008 were
$35.4 million, compared with $36.6 million for the same period in
2007. In the second quarter of 2008, the company recorded a $4.7
million charge for impairment of goodwill. The impairment was a
result of the continued significant decline in our market
capitalization subsequent to the company's announcement of its
decision to end alfimeprase clinical development. Research and
development expenses were $7.6 million for the second quarter of
2008 compared with $11.2 million for the same period in 2007. The
decrease in research and development expenses in 2008 was primarily
attributable to a decrease in personnel-related expenses as a
result of a reduction in headcount. General and administrative
expenses were $3.7 million for the second quarter of 2008, compared
with $7.3 million for the second quarter of 2007. The decrease in
general and administrative expenses in 2008 was primarily related
to a $1.8 million decrease in personnel-related expenses and a 2007
non-cash impairment charge totaling $1.1 million to write off
software implementation costs. Interest income was $0.7 million for
the second quarter of 2008, compared with $1.7 million for the same
period in 2007. "This past quarter, we achieved proof-of-concept
with our lead compound, NU172, a short-acting anticoagulant for the
potential treatment of medical or surgical procedures, such as
coronary artery bypass graft (CABG) surgery, percutaneous coronary
intervention and kidney dialysis, and we have already begun to see
data from our subsequent Phase 1b trial which should complete
soon," said Dr. Ted W. Love, chairman and chief executive officer
of Nuvelo. "We continue to maintain a strong financial foundation
with close to two years of operating cash on hand, and we
anticipate moving NU172 into a Phase 2 trial in the fourth quarter
of 2008 or first quarter of 2009." 2008 Guidance and Key Milestones
Nuvelo is reiterating its prior guidance for 2008 net cash used in
operating activities to be in the range of $43.0 to $48.0 million.
As a result of the goodwill impairment charge in the second quarter
of 2008, the guidance for total operating expenses in 2008 has been
revised to be in the range of $52.0 to $57.0 million. Nuvelo
anticipates accomplishing the following near-term milestones: --
Trial completion and top-line data from the Phase 1b bolus plus
infusion trial with NU172 within the next several weeks; --
Initiation of a Phase 2 trial with NU172 in CABG procedures in the
fourth quarter of 2008 or first quarter of 2009; -- Initiation of a
Phase 1 single ascending dose (SAD) trial with NU206 in healthy
volunteers within the next several weeks; -- Trial completion and
top-line data from the Phase 1 SAD trial with NU206 in healthy
volunteers in the second half of 2008; -- Initiation of a Phase 1b
multiple ascending dose (MAD) trial with NU206 in healthy
volunteers in the fourth quarter of 2008 or first quarter of 2009;
and -- Advancement of a new candidate from either the Wnt
Therapeutics or the Leukemia Therapeutics Program in 2008.
Conference Call Information Nuvelo will hold a conference call
today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss
this announcement. To participate in the conference call, please
dial 866-854-8095 for domestic callers and 706-634-8567 for
international callers and reference conference passcode, 52257433.
A telephone replay of the conference call will be available through
Saturday, July 26, 2008. To access the replay, please dial
800-642-1687 for domestic callers and 706-645-9291 for
international callers and reference conference passcode, 52257433.
In addition, this call is being webcast by Thomson/CCBN and can be
accessed at Nuvelo's website at http://www.nuvelo.com/. The webcast
is also being distributed through the Thomson StreetEvents Network.
Individual investors can listen to the call at
http://www.earnings.com/, Thomson's individual investor portal,
powered by StreetEvents. Institutional investors can access the
call via Thomson StreetEvents (http://www.streetevents.com/), a
password-protected event management site. About Nuvelo Nuvelo, Inc.
is dedicated to improving the lives of patients through the
discovery, development and commercialization of novel drugs for
acute cardiovascular disease, cancer and other debilitating medical
conditions. Nuvelo's development pipeline includes NU172, a direct
thrombin inhibitor in Phase 1 development for use as a potential
short-acting anticoagulant during medical or surgical procedures;
and preclinical candidate NU206, a Wnt pathway modulator for the
potential treatment of chemotherapy/radiation therapy- induced
mucositis and inflammatory bowel disease. In addition, Nuvelo is
pursuing research programs in leukemia and lymphoma therapeutic
antibodies and Wnt signaling pathway therapeutics to further expand
its pipeline and create additional partnering and licensing
opportunities. Information about Nuvelo is available at our website
at http://www.nuvelo.com/ or by phoning 650-517-8000. This press
release contains "forward-looking statements," which include
statements regarding the timing, progress and anticipated
completion of Nuvelo's clinical stage and research programs, the
potential benefits that patients may experience from the use of our
clinical stage compounds, and our anticipated use of cash, which
statements are hereby identified as "forward- looking statements"
for purposes of the safe harbor provided by the Private Securities
Litigation Reform Act of 1995. Such statements are based on our
management's current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation,
uncertainties relating to drug discovery and the regulatory
approval process; clinical development processes; enrollment rates
for patients in our clinical trials; changes in relationships with
strategic partners and dependence upon strategic partners for the
performance of critical activities under collaborative agreements;
and the impact of competitive products and technological changes.
These and other factors are identified and described in more detail
in Nuvelo's filings with the SEC, including without limitation
Nuvelo's quarterly report on Form 10-Q for the quarter ended March
31, 2008 and subsequent filings. We disclaim any intent or
obligation to update these forward-looking statements. NUVELO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share data) (unaudited) Three Months Six Months Ended Ended June
30, June 30, 2008 2007 2008 2007 Contract revenues $15,062 $45,825
$15,125 $46,735 Operating expenses: Research and development 7,630
11,233 19,148 23,958 General and administrative 3,653 7,273 7,662
12,639 Restructuring - - 2,470 - Facility exit charge - - 1,472 -
Impairment of goodwill 4,671 - 4,671 - Total operating expenses
15,954 18,506 35,423 36,597 Operating income (loss) (892) 27,319
(20,298) 10,138 Interest income, net 661 1,723 1,659 3,555 Net
income (loss) $(231) $29,042 $(18,639) $13,693 Net income (loss)
per share: Basic $(0.00) $0.54 $(0.35) $0.26 Diluted $(0.00) $0.54
$(0.35) $0.26 Shares used in computing net income (loss) per share:
Basic 53,535 53,317 53,496 53,285 Diluted 53,535 53,349 53,496
53,300 CONSOLIDATED BALANCE SHEET DATA (in thousands) (unaudited)
June 30, 2008 December 31, 2007* Cash and cash equivalents,
marketable securities and restricted cash $76,047 $103,567 Working
capital 55,446 81,799 Total assets 87,018 120,683 Non-current
liabilities 18,142 34,837 Accumulated deficit (489,152) (470,513)
Total stockholders' equity 52,346 67,659 * The consolidated balance
sheet data as of December 31, 2007 have been derived from the
audited financial statements. DATASOURCE: Nuvelo, Inc. CONTACT: Lee
Bendekgey, SVP and Chief Financial Officer of Nuvelo,
+1-650-517-8358, ; or Nicole Foderaro of WeissComm Partners,
+1-415-215-5643, , for Nuvelo, Inc. Web site:
http://www.nuvelo.com/
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