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Advexin maker reports better-than-expected second quarter results.
2003 SEP 10 - (NewsRx.com & NewsRx.net) -- Introgen Therapeutics, Inc., (INGN) announced that its results for the quarter ended June 30, 2003, were better than expected, due to a previously outlined cost reduction program that yielded a lower loss than anticipated.
During the quarter, Introgen reported progress in its research and development programs and clinical trial program for Advexin, its cancer product in phase III clinical trials, INGN 241 in phase II clinical trials, and its pipeline of products including INGN 225, a cancer vaccine candidate in phase I and INGN 007, an oncolytic virus.
Introgen reported a net loss of $4.1 million, or $0.19 per share, for the quarter ended June 30, 2003. These results compare to a net loss of $5.4 million, or $0.25 per share, for the previous quarter ended March 31, 2003, and a net loss of $6.9 million, or $0.32 per share for the comparable prior-year quarter ended June 30, 2002.
During the quarter ended June 30, 2003, cash and cash equivalents increased $7.6 million. This increase resulted from the private sale in June 2003 of 2 million shares of common stock for gross proceeds of $11.5 million and net proceeds of $10.8 million after expenses, offset by $3.2 million used for all other activities during the quarter ended June 30, 2003.
This amount of cash used for all other activities is a decrease of $1.2 million and $4.3 million in the amount of net cash and short term investments used for all activities as compared to the ...
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Source: HighBeam Research, Advexin maker reports better-than-expected second quarter results.