New book by Larry Connors Click here Improve your trading - See how
In a release on August 4, the Company reported a net loss attributable to common stockholders of $8.5 million, or $0.25 per basic and diluted share, for the second quarter in 2009, compared to a net loss of $22.7 million, or $0.67 per basic and diluted share for the same period in 2008.
Collaboration revenue in the second quarter of 2009 was $4.7 million compared to net contra revenue of $0.6 million for the same period in 2008. Research and development expenses were $10.1 million for the second quarter in 2009 compared to $18.3 million for the same period in 2008. General and administrative expenses were $3.0 million for the second quarter in 2009 compared to $4.0 million for the same period in 2008.
As of June 30, the Company had $60.5 million in cash, cash equivalents, and marketable securities. This compares to $73.6 million in cash, cash equivalents and marketable securities as of December 31, 2008.
More detailed financial information and analysis may be found in the Company's Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on August 4.
Operational Highlights
"In the second quarter we focused on two near-term priorities: advancing the clinical program for STA-9090, our Hsp90 inhibitor, and initiating partnership discussions with the goal of concluding an agreement in the next six to nine months," said Safi Bahcall, Ph.D., President and Chief Executive Officer of Synta. "STA-9090 has the potential to be the leading program in the Hsp90 category, a category which has generated a high level of interest in the medical oncology community. We and our investigators have been encouraged by both the emerging clinical data for STA-9090 and by the strong pre-clinical data package, which shows a clear differentiation from other Hsp90 inhibitors, including an improved potency and safety profile."
Synta currently has three clinical trials of STA-9090 underway and expects to begin a once-weekly dosing trial in hematologic cancers shortly. Synta plans to initiate several additional company- and investigator-sponsored trials of STA-9090 in the second half of 2009 in order to rapidly explore the potential clinical role of STA-9090 in treating both solid and liquid tumors. Early clinical data could be presented at a scientific meeting as soon as late 2009.
In addition to making strong progress in advancing our STA-9090 clinical program, we have begun discussions with over 20 potential partners about multiple programs at the Company under a variety of different possible partnership structures," said Dr. Bahcall. "The combination of our current cash position, our current research partnership, and the high level of interest we are seeing in our unpartnered assets gives us confidence in both our near term and our long term financial and strategic outlook. We believe we will be able to maintain a strong balance sheet, execute a robust development program for STA-9090, and preserve substantial product rights, across our pipeline, for our shareholders."
Synta continues to collect and analyze data from the Phase 3 trial of elesclomol in metastatic melanoma (SYMMETRY), including overall survival results. An independent scientific advisory panel will meet in the third quarter to review the data collected to date and provide initial recommendations to Synta on future development plans for elesclomol. Overall survival data from the trial is expected to mature in Q4 2009 or Q1 2010, after which a final analysis of the results will be conducted.
Financial Guidance
As a result of the implementation of cost-saving measures and based upon our current operating plans, we expect to end 2009 with approximately $40 million of cash, cash equivalents and marketable securities. This estimate assumes no additional funds from new partnership agreements or equity financing events.
((Comments on this story may be sent to health@closeupmedia.com))
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
