Conference call to begin at 10:00 a.m. Eastern Time today ATLANTA,
Nov. 14 /PRNewswire-FirstCall/ -- Corautus Genetics Inc.
(NASDAQ:VEGF), a development stage company in the life sciences
industry, today reported financial results for the three and nine
months ended September 30, 2006. Financial Highlights Corautus had
cash, cash equivalents and short-term investments of $19,674,000 as
of September 30, 2006. Revenues were $21,000 for the three months
ended September 30, 2006 and 2005 and $62,500 for the nine months
ended September 30, 2006 and 2005, reflecting the amortization of a
payment received from the sublicense of certain patents to Boston
Scientific Corporation concurrent with their July 2003 investment
in Corautus. Research and development expenses for the three months
ended September 30, 2006 and 2005 were $1,828,000 and $3,684,000,
respectively, and for the nine months ended September 30, 2006 and
2005 were $7,960,000 and $11,485,000, respectively. The decreases
primarily related to decreases in costs incurred for the GENASIS
clinical trial and costs incurred under the manufacturing agreement
for VEGF-2 material partially offset by non-cash stock-based
compensation costs due to the implementation of FAS 123R.
Manufacturing costs decreased due to the completion of scheduled
production activities. General and administrative expenses for the
three months ended September 30, 2006 and 2005 were $1,350,000 and
$932,000, respectively, and for the nine months ended September 30,
2006 and 2005 were $4,376,000 and $2,879,000, respectively. The
third quarter increase was primarily due to non-cash stock- based
compensation costs due to the implementation of FAS 123R. The nine
month increase was primarily due to costs associated with our
planned common stock offering in March 2006 which was terminated
due to the suspension of enrollment in our GENASIS clinical trial,
in addition to non-cash stock-based compensation costs. Interest
income for the three months ended September 30, 2006 and 2005 was
$242,000 and $277,000, respectively, and for the nine months ended
September 30, 2006 and 2005 was $772,000 and $551,000,
respectively. The fluctuations in interest income are due to
changes in the average balances of the investments and to changes
in yields on cash equivalents and short-term investments during the
respective periods. Interest expense for the three months ended
September 30, 2006 and 2005 was $3,000 and $243,000, respectively,
and for the nine months ended September 30, 2006 and 2005 was
$496,000 and $583,000, respectively. The decrease in interest
expense was due primarily to Boston Scientific Corporation's
exchange of all of its notes payable with an aggregate principal
amount of $15,000,000, together with accrued interest of
approximately $1,600,000, on June 30, 2006 for 2,475,659 shares of
Corautus' Series E preferred stock. The Company reported a net loss
available to common stockholders for the third quarter of 2006 of
$3,167,000, or $0.16 per share, compared with a net loss of
$4,562,000, or $0.25 per share, for the third quarter of 2005. The
net loss available to common stockholders for the nine months ended
September 30, 2006 was $12,247,000, or $0.62 per share, compared
with a net loss of $14,318,000, or $0.89 per share, for the
comparable period of 2005. Management Discussion Richard E. Otto,
President and Chief Executive Officer of Corautus, said, "As we
previously announced on November 3, 2006, our Board of Directors
determined that it was in the best interests of the company and its
shareholders at this time to not conduct further clinical trials
for VEGF-2 for the treatment of cardiovascular and peripheral
vascular disease. We are working to immediately reduce cash
spending and to continue identifying other life sciences
technologies that we could acquire or in-license, or other life
sciences opportunities." "We are now devoting most of our time and
resources to identifying, evaluating and negotiating potential
strategic alternatives. These efforts are aimed at broadening our
development pipeline and delivering 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
development program today beginning at 10:00 a.m. Eastern Time.
Domestic callers may participate in the live conference call by
dialing 1 866 356 3095, and international callers may participate
by dialing 1 (617) 597 5391. 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 1 888 286 8010, and international callers should dial 1
(617) 801 6888; the PIN access number is 20060446. About Corautus
Genetics Corautus Genetics is a development stage company dedicated
to the development of innovative therapy products in the life
sciences industry. For more information, please visit
http://www.corautus.com/. 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 that address operating
performance, events or developments that we expect or anticipate
will occur in the future, such as the likelihood of identifying and
securing life sciences opportunities upon which to focus our
resources and the adequacy of our cash position to transition to
new opportunities if found, future results of operations or our
financial condition, adequacy of funding, benefits from the
alliance with Boston Scientific, research, development and
commercialization of any product candidates, anticipated trends in
our business, 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' 2005 Annual Report on Form 10-K which was filed on March
20, 2006 amended by Corautus' Form 10-Q for the period ended March
31, 2006 which was filed on May 15, 2006. All forward-looking
statements included in this document are based on information
available to Corautus on the date hereof, and Corautus assumes no
obligation to update any such forward-looking statements. CONTACTS:
Corautus Genetics Inc. Jack W. Callicutt (404) 526-6210 Corautus
Genetics Inc. Condensed Consolidated Balance Sheets (unaudited)
September 30, December 31, 2006 2005 ASSETS Current assets: Cash
and cash equivalents $ 2,049,004 $ 1,636,601 Short-term investments
17,625,000 29,325,275 Prepaid and other current assets 218,144
443,234 Total current assets 19,892,148 31,405,110 Property and
equipment, net 154,252 83,915 Other assets - 22,388 Total Assets
$20,046,400 $31,511,413 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable 683,721 538,193 Accrued
employees benefits 371,603 410,842 Accrued clinical liabilities
1,882,385 3,003,666 Other accrued liabilities 69,500 77,809
Deferred revenue, current portion 83,333 83,333 Total current
liabilities 3,090,542 4,113,843 Notes and interest payable -
16,118,464 Deferred revenue, net of current portion 652,778 715,278
Other 81,611 1,596 Total liabilities 3,824,931 20,949,181 Total
stockholders' equity 16,221,469 10,562,232 Total Liabilities and
Stockholders' Equity $20,046,400 $31,511,413 Corautus Genetics Inc.
Condensed Consolidated Statements of Operations (unaudited) Three
Months Ended Nine Months Ended September 30, September 30, 2006
2005 2006 2005 Revenues $ 20,833 $ 20,833 $ 62,500 $ 62,500
Operating Expenses: Research and development 1,827,816 3,683,869
7,960,340 11,484,998 General and administrative 1,350,238 932,246
4,376,311 2,879,394 Total costs and expenses 3,178,054 4,616,115
12,336,651 14,364,392 Loss from operations (3,157,221) (4,595,282)
(12,274,151) (14,301,892) Other income, net - (95) - 15,598
Interest income 242,281 276,542 772,427 551,274 Interest expense
(3,372) (243,308) (495,676) (583,339) Net loss (2,918,312)
(4,562,143) (11,997,400) (14,318,359) Series E preferred stock
dividend (249,175) - (249,175) - Net loss available to common
stockholders $(3,167,487) $(4,562,143) $(12,246,575) $(14,318,359)
Basic and diluted loss per share $(0.16) $(0.25) $(0.62) $(0.89)
Number of weighted-average shares used in the computation of basic
and diluted loss per share 19,728,854 18,484,797 19,719,612
16,056,730 DATASOURCE: Corautus Genetics Inc. CONTACT: Jack W.
Callicutt of Corautus Genetics Inc., +1-404-526-6210, or Web site:
http://www.corautus.com/
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