All amounts are in U.S. dollars QUEBEC CITY, Aug. 12
/PRNewswire-FirstCall/ -- AEterna Zentaris Inc.
(NASDAQ:AEZSNASDAQ:TSX:NASDAQ:AEZ), a global biopharmaceutical
company focused on endocrinology and oncology, today reported
financial and operating results for the second quarter ended June
30, 2008. Second Quarter 2008 Highlights - Advancement of
cetrorelix Phase 3 program in BPH; - First efficacy trial: patient
enrollment completed; - Second efficacy trial: patient enrollment
ongoing / completion planned for third quarter of 2008 remains on
target; - Safety trial: first patient dosing initiated. -
Completion of sale of Quebec City building for $7.1 million.
Juergen Ernst, Chairman, Interim President and CEO at AEterna
Zentaris commented, "During the quarter, we achieved our key
objectives as our Phase 3 program in BPH with our lead compound
cetrorelix met all recruitment goals and remains on track, with
first results expected in the third quarter of 2009. Furthermore,
we monetized our Quebec City building which provided additional
non-dilutive funding. Over the next few months, we will focus on
advancing our Phase 3 program in BPH with cetrorelix, while we
endeavour to conclude additional non-dilutive transactions and
strategic partnerships." CONSOLIDATED RESULTS FOR THE SECOND
QUARTER ENDED JUNE 30, 2008 Consolidated sales and royalties
increased to $8.2 million for the three-month period ended June 30,
2008, compared to $7.7 million for the same period in 2007. The
increase in sales and royalties for the three-month period ended
June 30, 2008 is related primarily to additional sales of
Cetrotide(R), partly offset by the exclusion of sales from
Impavido(R) in the second quarter of 2008. License fees revenues
decreased to $2.2 million for the three-month period ended June 30,
2008, compared to $3.9 million for the same period in 2007. The
decrease for the three-month period ended June 30, 2008, is mainly
attributable to the termination of the Company's licensing
agreement with Solvay in 2007, which triggered additional
amortization of upfront payments in the second quarter of 2007.
Consolidated R&D costs, net of tax credits and grants were
$17.3 million for the three-month period ended June 30, 2008
compared to $7.8 million for the same period in 2007. Additional
R&D expenses for the three-month period ended June 30, 2008,
are mainly related to the advancement of our Phase 3 program in BPH
with our lead product, cetrorelix. Consolidated selling, general
and administrative (SG&A) expenses were $6.6 million for the
three-month period ended June 30, 2008 compared to
$4.5 million for the same period in 2007. The increase in
SG&A expenses for the three-month period ended June 30, 2008 is
primarily due to non-recurring corporate expenses related to
organizational changes, including severance paid to the former
President and CEO as well as to the Senior Vice President and CBO
that were implemented in the second quarter of 2008. Consolidated
net loss for the three-month period ended June 30, 2008 was $20.6
million or $0.39 per basic and diluted share, compared to $4.8
million or $0.09 per basic and diluted share for the same period in
2007. The increase in net loss for the three-month period ended
June 30, 2008, compared to the same period in 2007, is primarily
attributable to the increased R&D costs related to the
advancement of cetrorelix into our Phase 3 program for the
treatment of BPH and non-recurring SG&A corporate costs. The
consolidated cash and short-term investments were $24.8 million as
at June 30, 2008. CONFERENCE CALL Management will be hosting a
conference call for the investment community beginning at 4:30 p.m.
Eastern Time today, Tuesday, August 12, to discuss second quarter
2008 results. To participate in the live conference call by
telephone, please dial 416-644-3430, 514-807-8791 or 800-814-4862.
Individuals interested in listening to the conference call on the
Internet may do so by visiting http://www.aezsinc.com/. A replay
will be available on the Company's Web site for 30 days. About
AEterna Zentaris Inc. AEterna Zentaris Inc. is a global
biopharmaceutical company focused on endocrine therapy and oncology
with proven expertise in drug discovery, development and
commercialization. News releases and additional information are
available at http://www.aezsinc.com/. Forward-Looking Statements
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the U.S. Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties include,
among others, the availability of funds and resources to pursue
R&D projects, the successful and timely completion of clinical
studies, the ability of the Company to take advantage of business
opportunities in the pharmaceutical industry, uncertainties related
to the regulatory process and general changes in economic
conditions. Investors should consult the Company's quarterly and
annual filings with the Canadian and U.S. securities commissions
for additional information on risks and uncertainties relating to
the forward-looking statements. Investors are cautioned not to rely
on these forward-looking statements. The Company does not undertake
to update these forward-looking statements. We disclaim any
obligation to update any such factors or to publicly announce the
result of any revisions to any of the forward-looking statements
contained herein to reflect future results, events or developments
except if we are requested by a governmental authority or
applicable law. Attachment: Financial summary (In thousands of US
dollars, except share and per share data) Three months ended Six
months ended CONSOLIDATED RESULTS June 30, June 30, Unaudited 2008
2007 2008 2007
-------------------------------------------------------------------------
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$ $ $ $ Revenues Sales and royalties 8,250 7,698 16,192 15,020
License fees 2,207 3,853 4,013 5,765
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10,457 11,551 20,205 20,785
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Operating expenses Cost of sales 4,758 3,075 9,362 6,385 R&D
costs, net of tax credits and grants 17,345 7,815 31,034 15,722
Selling, general and administrative 6,606 4,517 11,010 9,410
Depreciation and amortization Property, plant and equipment 397 392
766 757 Intangible assets 876 928 1,716 1,990
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29,982 16,727 53,888 34,264
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Loss from operations (19,525) (5,176) (33,683) (13,479) Other
revenues (expenses) Interest income 311 300 588 875 Interest
expense (53) (53) (68) (53) Foreign exchange (loss) gain (502)
(637) 1,753 (596) Loss on disposal of long-lived assets held for
sale (810) - (35) -
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(1,054) (390) 2,238 226
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Loss before income taxes (20,579) (5,566) (31,445) (13,253) Income
tax recovery - 731 - 3,275
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Net loss from continuing operations (20,579) (4,835) (31,445)
(9,978) Net (loss) earnings from discontinued operations - (11) -
22
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Net loss for the period (20,579) (4,846) (31,445) (9,956)
-------------------------------------------------------------------------
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Net loss per share from continuing operations Basic and diluted
(0.39) (0.09) (0.59) (0.19)
-------------------------------------------------------------------------
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Net loss per share Basic and diluted (0.39) (0.09) (0.59) (0.19)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average number of shares Basic and diluted 53,187,470
53,179,470 53,187,470 53,179,470 (In thousands of US dollars)
CONSOLIDATED BALANCE SHEETS June 30, December 31, Unaudited 2008
2007
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$ $ Cash and short-term investments 24,827 41,387 Other current
assets 18,018 18,193 ---------------------- 42,845 59,580 Long-term
assets 52,704 63,783 ---------------------- Total assets 95,549
123,363 ---------------------- ---------------------- Current
liabilities 24,046 22,255 Deferred revenues 3,112 3,333 Long-term
payable 235 - Employee future benefits 10,337 9,184
---------------------- 37,730 34,772 Shareholders' equity 57,819
88,591 ---------------------- Total liabilities and shareholders'
equity 95,549 123,363 ---------------------- ----------------------
DATASOURCE: AETERNA ZENTARIS INC. CONTACT: Investor Relations:
Dennis Turpin, CA, Senior Vice President and Chief Financial
Officer, (908) 626-5503, ; Media Relations: Paul Burroughs,
Director of Communications, (418) 652-8525 ext. 406,
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