SEATTLE, WA today announced its financial results for the first
quarter ended March 31, 2008. The Company will hold a conference
call with analysts and investors to discuss its financial and
business results at 10:30 a.m. ET today.
For the first quarter of 2008, the Company reported a net loss
of $3.4 million, or $0.17 per common share, compared to net loss of
$3.8 million or $0.30 per common share for the first quarter of
2007. Per share results for 2007 reflect the issuance of 2.2
million shares in January 2007 and 6.7 million shares in June
2007.
Revenue for the first quarter of 2008 was $2.5 million, compared
to $1.7 million for the same quarter in 2007. Revenue for the first
quarter 2008 consists primarily of research and development revenue
earned under the Company's NIAID-funded subcontract to develop
adeno-associated viral (AAV)-based HIV/AIDS vaccines and under the
Company's heart failure collaboration with Celladon
Corporation.
Research and development expenses for the first quarter of 2008
were $3.9 million compared to $3.7 million in the first quarter of
2007. The higher first quarter 2008 research and development
expenses reflect higher outside services costs for the Company's
NIAID-funded subcontract. This increase was partially offset by
lower clinical trial costs for the inflammatory arthritis program
as it is reaching the end of a Phase I/II clinical trial.
General and administrative expenses for the first quarter of
2008 were $1.9 million compared to $1.6 million for the first
quarter of 2007. The increase was primarily related to higher
patent prosecution and issuance activities.
The Company's cash balance was $12.9 million at March 31, 2008,
as compared to $16.4 million at December 31, 2007.
"This was an exciting quarter for us and our academic
collaborators, with two key data publications that further fleshed
out the potential of gene therapy and of RNA interference
technology in diseases with no currently available treatments. Dr.
Robin Ali's team at University College of London showed proof of
concept in a rare eye disease using AAV delivery of a gene sequence
that improved visual function in one patient, and Dr. Beverly
Davidson's team at University of Iowa developed a generally
applicable approach to addressing the toxicity problem common to
delivery of small interfering RNA to the brain, which is a nice
step forward in researching this treatment method in Huntington's
disease," said H. Stewart Parker, president and chief executive
officer of Targeted Genetics. "We are working closely with both of
these scientific teams to move their research programs forward, and
anticipate announcing data from our own Phase 1/2 trial of tgAAC94
for the treatment of inflammatory arthritis at several conferences
this year."
First Quarter 2008 Highlights
-- In April 2008, the Company announced encouraging results from a Phase
1/2 clinical study demonstrating that treatment of three young adults with
Leber's congenital amaurosis (LCA) with an AAV vector containing the RPE 65
coding sequence resulted in improved visual function in one patient. The
study, titled "Effect of Gene Therapy on Visual Function in Leber's
Congenital Amaurosis," by Bainbridge, et al., conducted in collaboration
with University College London and Moorfields Hospital, will appear in the
May 22, 2008 issue of the New England Journal of Medicine.
-- In April 2008, preclinical data characterizing the novel use of AAV
vectors to deliver small interfering RNA (siRNA) for the treatment of
Huntington's disease were published in the April 15th issue of Proceedings
of the National Academy of Sciences of the United States of America.
-- In April 2008, the Company acquired full exclusive rights to its
preclinical Huntington's disease program from Sirna Therapeutics, a wholly
owned subsidiary of Merck & Co., Inc. and former collaborator on the
program. Sirna also assigned to Targeted Genetics a licensing agreement it
has with the University of Iowa that covers certain IP related to RNA
interference (RNAi) including AAV expressed RNAi.
-- In March 2008, the Company announced that dosing has been completed
for the Phase 1/2 clinical trial of tgAAC94 for the treatment of
inflammatory arthritis. The Company plans to report additional Phase 1/2
results during 2008 at the American Society of Gene Therapy (ASGT), the
European League Against Rheumatism (EULAR) and the American College of
Rheumatology (ACR) in May, June and October respectively.
Conference Call and Webcast Information
The Company will host a conference call reviewing financial
results, its product development portfolio and other business
developments today beginning at 10:30 a.m. Eastern Time / 7:30 a.m.
Pacific Time. You may access the live webcast via the "Events"
section found on the homepage of the Company's website at
www.targetedgenetics.com or via telephone at 800.257.7063
(domestic) or 303.262.2125 (international).
Replay Access
Webcast replay will be available for approximately 30 days at
www.targetedgenetics.com ; telephone replay will be available
following Wednesday's call at approximately 10:30 a.m. PT through
11:59 p.m. PT, Saturday, June 7, 2008, by calling 800.405.2236
(domestic) or 303.590.3000 (international); pass code
11112898#.
About Targeted Genetics
Targeted Genetics Corporation is a biotechnology company
committed to the development of innovative targeted molecular
therapies for the prevention and treatment of acquired and
inherited diseases with significant unmet medical need. Targeted
Genetics' proprietary Adeno-Associated Virus (AAV) technology
platform allows it to deliver genes that encode proteins to
increase gene function or RNAi to decrease or silence gene
function. Targeted Genetics' product development efforts target
inflammatory arthritis, AIDS prophylaxis, congestive heart failure
and Huntington's disease. To learn more about Targeted Genetics,
visit Targeted Genetics' website at www.targetedgenetics.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
This release contains forward-looking statements regarding the
Company's business strategy and product development, including
statements regarding the data collected in the Company's product
development programs and other statements about the Company's
plans, objectives, intentions and expectations. These statements
involve current expectations, forecasts of future events and other
statements that are not historical facts. Inaccurate assumptions
and known and unknown risks and uncertainties can affect the
accuracy of forward-looking statements. Factors that could affect
actual future events or results include, but are not limited to,
payments anticipated by the Company under product development
collaborations and contracts, the Company's actual expenses, the
Company's ability to raise capital when needed, the timing, nature
and results of the Company's clinical trials, potential development
of alternative technologies or more effective products by
competitors, the Company's ability to obtain and maintain
regulatory or institutional approvals, the Company's ability to
maintain its listing on the NASDAQ Capital Market and the Company's
ability to obtain, maintain and protect its intellectual property,
as well as other risk factors described in "Item 1A. Risk Factors"
in the Company's most recent quarterly report on Form 10-Q for the
period ended March 31, 2008 to be filed with the SEC. You should
not rely unduly on these forward-looking statements, which apply
only as of the date of this release. The Company undertakes no duty
to publicly announce or report revisions to these statements as new
information becomes available that may change the Company's
expectations.
TARGETED GENETICS CORPORATION
(in thousands, except per share information)
Quarter ended
March 31,
----------------------------
Statement of Operations Information: 2008 2007
------------- -------------
(unaudited) (unaudited)
Revenue from collaborative agreements $ 2,499 $ 1,661
Operating expenses:
Research & development 3,946 3,696
General & administrative 1,889 1,552
Restructure charges 202 184
------------- -------------
Total operating expenses 6,037 5,432
------------- -------------
Loss from operations (3,538) (3,771)
Investment income 125 (65)
Interest expense - -
------------- -------------
Net loss $ (3,413) $ (3,836)
============= =============
Net loss per common share $ (0.17) $ (0.30)
============= =============
Shares used in computation of net loss
per common share 19,814 12,865
============= =============
TARGETED GENETICS CORPORATION
(in thousands)
March 31, December 31,
Balance Sheet Information: 2008 2007
------------ ------------
(unaudited)
Cash and cash equivalents $ 12,862 $ 16,442
Other current assets 2,331 2,854
Property and equipment, net 929 1,052
Other assets 8,126 8,126
------------ ------------
Total assets $ 24,248 $ 28,474
============ ============
Current liabilities $ 3,804 $ 4,657
Long-term obligations and other liabilities 7,423 7,577
Shareholders' equity 13,021 16,240
------------ ------------
Total liabilities and shareholders' equity $ 24,248 $ 28,474
============ ============
Investor and Media Contact: Stacie D. Byars WeissComm Partners
for Targeted Genetics 415.946.1072 Email Contact
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