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In a release on August 5, the Company reported a net loss of $3.8 million ($0.04 per fully diluted share), for the second quarter of 2009, compared to a net loss of $2.8 million ($0.03 per fully diluted share) for the corresponding period in 2008. The increase in net loss was primarily the result of recognizing non-cash losses in 2009 related to a warrant liability as compared to recognizing non-cash gains in 2008, partially offset by gains from the repurchase and exchange of convertible senior notes in 2009.
As of June 30, the Company had $35.6 million in cash, cash equivalents and short-term investments, and $22.0 million aggregate face value of outstanding convertible senior notes consisting of $1.2 million of the Company's 3.125 percent Convertible Senior Notes due in 2011, or the Existing Notes, and $20.8 million of the Company's 3.125 percent Convertible Senior Notes due in May 2013, or the New Notes.
During the second quarter of 2009, the Company continued to pursue strategic alternatives, including merger with or acquisition by another company, further restructuring of the Company and allocation of its resources toward other biopharmaceutical product areas, sale of the Company's assets and liquidation of the Company. In June 2009, the Company announced that it entered into a definitive merger agreement with BioSante Pharmaceuticals, Inc., or BioSante, by which the companies will merge in an all-stock transaction, with BioSante continuing as the surviving company.
((Comments on this story may be sent to health@closeupmedia.com))
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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.
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