Conference call to begin at 11:00 a.m. Eastern Time today ATLANTA,
Nov. 10 /PRNewswire-FirstCall/ -- Corautus Genetics Inc.
(NASDAQ:VEGF), a clinical-stage biopharmaceutical company dedicated
to the development of new and innovative gene transfer technology
products for the treatment of cardiovascular (severe angina) and
peripheral vascular disease, today provided an update of its
therapeutic development program and reported its financial results
for the three and nine months ended September 30, 2005. GENASIS
Clinical Trial Highlights Corautus' GENASIS (GENetic Angiogenic
Stimulation Investigational Study) Phase IIb clinical trial, the
largest cardiovascular study of its kind, is evaluating the safety
and efficacy of Vascular Endothelial Growth Factor 2 ("VEGF-2") for
the treatment of severe angina associated with cardiovascular
disease. There are currently 30 clinical sites enrolling patients
in this double-blinded, placebo-controlled, dose ranging study.
Through November 9, 2005, 196 patients have been treated in the
study nationwide. Corautus anticipates completing the trial
enrollment in the first quarter of 2006. Corautus recently
announced the U.S. Food and Drug Administration ("FDA") granted
Fast Track designation to the company's VEGF-2 program for the
treatment of severe angina associated with cardiovascular disease
based upon the severity of the disease and the large unmet medical
need that the program addresses. Financial Highlights Corautus
improved its cash, cash equivalents and short-term investment
position to $35,851,000 as of September 30, 2005, compared with
$24,487,000 as of December 31, 2004. The increase resulted
primarily from the company's fundraising transactions, offset by
amounts spent on operations. Corautus expects that its existing
capital resources will be sufficient to fund its current and
planned operations through the first quarter of 2007. Revenues were
$21,000 for the three months ended September 30, 2005 and 2004 and
$62,500 for the nine months ended September 30, 2005 and 2004,
reflecting the amortization of a payment received for the
sublicense of certain patents to Boston Scientific concurrent with
its investment in Corautus in July 2003. Research and development
("R&D") expenses for the three months ended September 30, 2005
and 2004 were $3,684,000 and $1,003,000, respectively, and for the
nine months ended September 30, 2005 and 2004 were $11,485,000 and
$3,796,000, respectively. The increases in R&D expenses were
primarily related to the company's ongoing GENASIS clinical trial
and to costs incurred under the manufacturing agreement with
Boehringer Ingelheim in developing processes and procedures for the
intended production of the VEGF-2 therapeutic for both a Phase III
trial and commercialization. General and administrative expenses
for the three months ended September 30, 2005 and 2004 were
$932,000 and $800,000, respectively, and for the nine months ended
September 30, 2005 and 2004 were $2,879,000 and $2,813,000,
respectively. The increases in general and administrative expenses
were primarily due to additional personnel-related costs and
professional and consulting fees related to preparation for
compliance with internal controls reporting under Section 404 of
the Sarbanes-Oxley Act of 2002. The company reported a net loss for
the third quarter of 2005 of $4,562,000, or $0.25 per share,
compared with a net loss of $1,824,000, or $0.13 per share, in the
comparable quarter of 2004. The net loss for the nine months ended
September 30, 2005 was $14,318,000, or $0.89 per share, compared
with a net loss of $6,673,000, or $0.53 per share, for the
comparable period of 2004. Management Discussion Richard E. Otto,
President and Chief Executive Officer of Corautus, said, "We
believe the results and activities in the third quarter of 2005
demonstrate again that we continue to meet important objectives set
with our focus on the GENASIS trial and portfolio expansion
opportunities in the future. "In August, our shareholders
overwhelmingly approved the previously announced issuance of common
stock to Boston Scientific, with over 97% of the votes in favor.
Boston Scientific has become our largest shareholder with a 17%
equity ownership of Corautus, and has directly invested $33 million
in Corautus over the past two years. This transaction along with
another financing in the second quarter allowed us to achieve and
surpass our goal of completing the estimated funding needed for the
Phase IIb trial and also provided the funds needed through 2006 for
us to have the manufacturing processes and procedures established
and to manufacture the VEGF-2 required for a Phase III trial.
"During this quarter, we completed the development of our strategy
for a Type C meeting with the FDA to update them on the GENASIS
trial and to discuss our Phase III clinical strategy to support a
Biologic License Application ("BLA") filing for VEGF-2 for the
treatment of refractory angina associated with cardiovascular
disease. We believe this was an important objective for the quarter
to keep us on our development timeline. "Our sponsorship of two
symposia during the 17th annual Transcatheter Cardiovascular
Therapeutics Scientific Symposium in October highlighted the vast
potential for therapeutic angiogenesis in cardiology and provided
an update on the GENASIS trial to many of the country's leading
interventional cardiologists. As a result, interest expressed by
the physicians led to the identification of additional sites for
both the GENASIS trial and for a Phase III trial. These additional
sites should further support our objective of completing patient
enrollment in the GENASIS trial in the first quarter of 2006. "We
were pleased to obtain the Fast Track designation from the FDA
recognizing the severity and the unmet medical need for patients
suffering from refractory angina associated with cardiovascular
disease. This designation is a significant milestone in the
clinical development of our therapeutic. Receiving Fast Track
designation is another step in our regulatory strategy that is
intended to afford us the opportunity to accelerate the development
of our VEGF-2 therapeutic to commercialization. "During the quarter
we also announced a licensing agreement with Caritas St.
Elizabeth's Medical Center of Boston, Inc. for the development of
VEGF-2 for the treatment of Diabetic Neuropathy ("DN"), and more
recently two additional clinical sites were added to participate in
the ongoing Phase I DN trial. While not detracting from our major
focus on the GENASIS trial, this is an opportunity to expand our
portfolio in a prudent manner. "We remain committed to the
advancement and completion of our GENASIS Phase IIb trial for
severe angina, expanding our clinical pipeline and building value
for our shareholders," concluded Mr. Otto. Conference Call Corautus
will hold a conference call to discuss third quarter results and
the progress of its therapeutic development program today beginning
at 11:00 a.m. Eastern Time. Domestic callers may participate in the
live conference call by dialing (866) 202-3109, and international
callers may participate by dialing (617) 213-8844. The participant
passcode for access to the conference is "Corautus." To access the
live webcast, please log onto the company's website at
http://www.corautus.com/ and go to the Investor Relations section.
Telephone and webcast replays of the call will be available
approximately two hours after the completion of the call. Domestic
callers can access the replay by dialing (888) 286-8010, and
international callers should dial (617) 801-6888; the PIN access
number is 24706690. About Corautus Genetics Corautus Genetics is a
clinical-stage biopharmaceutical company dedicated to the
development of gene transfer therapy products for the treatment of
cardiovascular (severe angina) and peripheral vascular disease.
Corautus is currently developing and testing a gene transfer
product using the VEGF-2 gene to promote therapeutic angiogenesis
in ischemic muscle. In July 2003 Corautus entered into a strategic
alliance with Boston Scientific Corporation (NYSE:BSX) to develop,
commercialize and distribute the VEGF-2 gene therapy products. For
more information, please visit http://www.corautus.com/. Health
professionals or patients interested in inquiring about the GENASIS
trial are encouraged to visit the Clinical Trials section of our
web site, http://www.corautus.com/clinicaltrials.asp, or by calling
us at (404) 920-0755. Forward-Looking Statements This press release
may contain forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such statements are subject to certain factors, risks and
uncertainties that may cause actual results, events and
performances to differ materially from those referred to in such
statements. These risks include statements which address operating
performance, events or developments that we expect or anticipate
will occur in the future, such as projections about our ongoing
clinical trial, including its cost, projections about our future
results of operations or our financial condition, benefits of
achieving Fast Track designation, benefits from the alliance with
Boston Scientific, benefits from manufacturing agreements,
research, development and commercialization of our product
candidates, the potential of additional product candidates or
indications, sufficient and timely enrollment of suitable patients
in our clinical trial, whether early-stage clinical trial results
are any indication of results in subsequent clinical trials,
anticipated trends in our business, manufacture of sufficient and
acceptable quantities of our proposed products, approval of our
product candidates, meeting additional capital requirements, and
other risks that could cause actual results to differ materially.
These risks are discussed in Corautus Genetics Inc.'s Securities
and Exchange Commission filings, including, but not limited to, the
risk factors in Corautus' Annual Report on Form 10-K for 2004 filed
on March 22, 2005, which are incorporated by reference into this
press release. All forward-looking statements included in this
press release are based on information available to Corautus on the
date hereof, and Corautus assumes no obligation to update such
forward-looking statements. CONTACTS: Corautus Genetics Inc.
Lippert/Heilshorn & Associates Michael K. Steele Kim Golodetz
() (404) 526-6212 (212) 838-3777 Bruce Voss () (310) 691-7100
Corautus Genetics Inc. Condensed Consolidated Balance Sheets
(unaudited) September 30, December 31, 2005 2004 ASSETS Current
assets: Cash and cash equivalents $ 1,950,643 $ 371,882 Short-term
investments 33,900,000 24,115,000 Restricted cash 680,901 -
Accounts receivable and other current assets 289,487 715,336 Total
current assets 36,821,031 25,202,218 Property and equipment, net
101,792 92,832 Restricted cash - 680,901 Other assets 33,971 38,705
Total Assets $36,956,794 $26,014,656 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable and accrued
liabilities $ 3,535,991 $ 1,756,027 Deferred revenue, current
portion 83,333 83,333 Lease settlement obligation, current portion
1,122,627 736,378 Total current liabilities 4,741,951 2,575,738
Notes and interest payable 15,879,085 10,329,477 Lease settlement
obligation, net of current portion - 1,078,910 Other 3,808 -
Deferred revenue, net of current portion 736,111 798,611 Total
liabilities 21,360,955 14,782,736 Total stockholders' equity
15,595,839 11,231,920 Total Liabilities and Stockholders' Equity
$36,956,794 $26,014,656 Corautus Genetics Inc. Condensed
Consolidated Statements of Operations (unaudited) Three Months
Ended Nine Months Ended September 30, September 30, 2005 2004 2005
2004 Revenues $ 20,833 $ 20,833 $ 62,500 $ 62,500 Operating
Expenses: Research and development 3,683,869 1,003,291 11,484,998
3,795,951 General and administrative 932,246 799,522 2,879,394
2,813,250 Total costs and expenses 4,616,115 1,802,813 14,364,392
6,609,201 Loss from operations (4,595,282) (1,781,980) (14,301,892)
(6,546,701) Other income (expense), net (95) 5,809 15,598 10,063
Interest expense (243,308) (123,097) (583,339) (277,462) Interest
income 276,542 75,301 551,274 140,748 Net Loss $(4,562,143)
$(1,823,967) $(14,318,359) $(6,673,352) Basic and diluted loss per
share $(0.25) $(0.13) $(0.89) $(0.53) Number of weighted-average
shares used in the computation of basic and diluted loss per share
18,484,797 13,617,553 16,056,730 12,653,537 DATASOURCE: Corautus
Genetics Inc. CONTACT: Michael K. Steele of Corautus Genetics Inc.,
+1-404-526-6212, or ; or Kim Golodetz, +1-212-838-3777, or , or
Bruce Voss, +1-310-691-7100, or , both of Lippert-Heilshorn &
Associates Web site: http://www.corautus.com/
http://www.corautus.com/clinicaltrials.asp
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