Hybridon Reports 2004 Financial Results
28 Marzo 2005 - 9:05AM
PR Newswire (US)
Hybridon Reports 2004 Financial Results - Operational Highlights
Include Drug Development Focus on Toll-like Receptors - CAMBRIDGE,
Mass., March 28 /PRNewswire-FirstCall/ -- Hybridon, Inc. (AMEX:HBY)
today announced financial results for the year ended December 31,
2004 in conjunction with the filing of its Annual Report on Form
10-K for 2004 with the Securities and Exchange Commission. The
Company reported total revenues in 2004 of $0.9 million and a net
loss applicable to common stockholders in 2004 of $0.16 per share
compared with total revenues of $0.9 million and a net loss
applicable to common stockholders of $0.45 per share in 2003.
Research and development expenses were substantially unchanged at
$10.8 million in 2003 and $10.3 million in 2004. General and
administrative expenses decreased from $6.9 million in 2003 to $4.3
million in 2004. Condensed operating results and condensed balance
sheet information from the Form 10-K are included at the end of
this press release. "During 2004, Hybridon completed its transition
to a company focused on the development of novel IMO drug
candidates as agonists of Toll-like Receptor 9," commented Sudhir
Agrawal, D. Phil., President and CEO of Hybridon. "Our lead
compound, IMOxine, has been administered to over 50 healthy
subjects and oncology patients in clinical trials. In 2004, we also
initiated a multi- center Phase 2 trial of IMOxine in renal cell
carcinoma and we identified several other IMO drug candidates for
development for the treatment of asthma/allergy and infectious
disease." Dr. Agrawal continued, "Our IMO pipeline of TLR9 agonists
is a result of our extensive experience with DNA-based
therapeutics, including antisense. Given the data coming out of our
TLR9 programs, we have decided to focus substantially all of our
resources on these drug candidates. We plan to seek to enter into
collaborations to continue the development of our antisense
programs." During 2004, Hybridon signed two new antisense
collaborations with Alnylam Pharmaceuticals, Inc. and VasGene
Therapeutics, Inc., bringing the total number of antisense
collaborations and licenses to which Hybridon is party to nine.
About Hybridon Hybridon, Inc. is a leader in the discovery and
development of novel therapeutics based on synthetic DNA. The
Company's focus is to develop therapeutics independently and with
partners based on two proprietary technology platforms: i)
Synthetic immunomodulatory oligonucleotides (IMO(TM)) that act to
modulate responses of the immune system; and ii) Antisense
technology that uses synthetic DNA to block the production of
disease-causing proteins at the cellular level. Licensees of
Hybridon's technology include Isis Pharmaceuticals, Inc., Alnylam
Pharmaceuticals, Integrated DNA Technologies, Inc., MethylGene,
Inc., Aegera Therapeutics, Inc., Avecia Biotechnology, Inc.,
VasGene Therapeutics, Inc., Migenix, Inc., Epigenesis
Pharmaceuticals, Inc., and The Immune Response Corporation. The
Company is conducting Phase 1 and Phase 2 clinical trials in
oncology patients with HYB2055 (IMOxine(R)), a 2nd-generation IMO,
and has completed a Phase 1 trial of HYB2055 in healthy volunteers.
Hybridon has licensed Amplivax(TM) (an adjuvant application of
HYB2055) as an adjuvant in IR103, a potential therapeutic and
prophylactic vaccine for HIV infection being developed by The
Immune Response Corporation. Hybridon also is collaborating on the
development of additional 2nd-generation antisense oligonucleotides
for the treatment of cancer and viral infections. This press
release contains forward-looking statements concerning Hybridon
that involve a number of risks and uncertainties. For this purpose,
any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, the words, "believes,"
"anticipates," "plans," "expects," "estimates," "intends,"
"should," "could," "will," "may," and similar expressions are
intended to identify forward-looking statements. There are a number
of important factors that could cause Hybridon's actual results to
differ materially from those indicated by such forward-looking
statements, including risks as to whether results obtained in
preclinical studies or early clinical trials will be indicative of
results obtained in future preclinical studies or clinical trials,
or warrant further clinical trials and product development; whether
products based on Hybridon's technology will advance through the
clinical trial process and receive approval from the United States
Food and Drug Administration or equivalent foreign regulatory
agencies; whether, if such products receive approval, they will be
successfully distributed and marketed; whether the Company will be
able to enter into and maintain collaborations with third parties;
whether the patents and patent applications owned or licensed by
Hybridon will protect the Company's technology and prevent others
from infringing it; whether Hybridon's cash resources will be
sufficient to fund product development; and such other important
factors as are set forth under the caption "Risk Factors" in
Hybridon's current Annual Report on Form 10-K filed on March 25,
2005, which important factors are incorporated herein by reference.
Hybridon disclaims any intention or obligation to update any
forward-looking statements. Hybridon, Inc. Consolidated Condensed
Statements of Operations (In thousands, except per share data)
Years Ended December 31, 2004 2003 Revenues $ 942 $ 897 Operating
Expenses Research & Development 10,305 10,817 General &
Administrative 4,273 6,924 Stock-based Compensation (713) 543 Total
Operating Expenses 13,865 18,284 (Loss) from Operations (12,923)
(17,387) Investment Income 217 294 Interest Expense (29) (118) Net
(Loss) (12,735) (17,211) Accretion of Preferred Stock Dividends
(2,676) (5,529) Net (Loss) Applicable To Common Stockholders
$(15,411) $(22,740) Basic and Diluted Net (Loss) Per Common Share $
(0.16) $ (0.45) Shares Used In Computing Basic and Diluted Net
(Loss) Per Common Share 98,914 51,053 Hybridon, Inc. Consolidated
Condensed Balance Sheet Data (In thousands) At December 31, 2004
2003 Cash, Cash Equivalents And Investments $14,413 $13,668
Receivables & Other Assets 978 742 Total Assets $15,391 $14,410
9% Notes Payable $ -- $ 1,306 Other Current Liabilities 1,687 1,799
Non-Current Portion of Accrued Expenses 240 -- Deferred Revenue 695
779 Total Stockholders' Equity 12,769 10,526 Total Liabilities
& Stockholders' Equity $15,391 $14,410 DATASOURCE: Hybridon,
Inc. CONTACT: Robert G. Andersen of Hybridon, Inc., +1-617-679-5500
ext. 5517, ; or Douglas MacDougall of MacDougall Communications,
+1-508-647-0209 ext. 12, , for Hybridon
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