Kosan Announces First Quarter 2008 Financial Results
01 Mayo 2008 - 4:00PM
PR Newswire (US)
HAYWARD, Calif., May 1 /PRNewswire-FirstCall/ -- Kosan Biosciences
Incorporated (NASDAQ:KOSN) today reported financial results for the
quarter ended March 31, 2008. Net loss for the quarter ended March
31, 2008 was $8.5 million, or $0.20 per share, compared to net
income of $2.7 million, or $0.07 per share, in the same period last
year. Revenues were $4.6 million for the first quarter of 2008,
compared to $12.9 million in the same period in 2007. Revenues for
the quarter were for development activities under the Roche-Kosan
global development and commercialization agreement for epothilones
and included $3.3 million for the remaining amortization of the
up-front fee from Roche. Revenues for the same period last year
included $10.7 million for amortization of the up-front fee
received from Pfizer, Inc for the Company's worldwide motilin
agonist agreement. Total operating expenses were $13.7 million,
including non-cash stock-based compensation expense of $0.5
million, for the quarter ended March 31, 2008, compared to $11.1
million for the same period last year. Research and development
expenses were $10.8 million for the quarter ended March 31, 2008,
compared to $9.0 million in the same period in 2007. The increase
for the first quarter compared to the same period in the prior year
is primarily due to the continued clinical development of the
Kosan's Hsp90 inhibitor and epothilone programs, including the
initiation of TIME-1, Kosan's pivotal Phase 3 trial for
tanespimycin as a potential treatment for multiple myeloma, and a
Phase 2 trial of epothilone KOS-1584 in patients with non-small
cell lung cancer, and costs associated with the Company's
previously announced corporate restructuring. General and
administrative expenses were $2.9 million for the quarter ended
March 31, 2008, compared to $2.2 million in the same period in
2007. The increase for the first quarter compared to the same
period in the prior year was primarily due to costs associated with
the Company's restructuring and the resignation of the former chief
executive officer. At March 31, 2008, cash, restricted cash and
marketable securities totaled $59.0 million, compared to $71.0
million at December 31, 2007. "In the first quarter of 2008, we
advanced tanespimycin into a registration trial for multiple
myeloma, initiated a Phase 2 trial in non-small cell lung cancer
for our lead epothilone, KOS-1584 and transformed our company into
a leaner, stronger and more strategically focused organization,"
said Helen S. Kim, Kosan's President and Chief Executive Officer.
"Kosan today is operating as a product-focused, commercially driven
enterprise. Our resources, efforts and personnel are focused on
advancing tanespimycin and KOS-1584, our lead product candidates,
along clearly defined clinical and regulatory paths." Conference
Call and Webcast Today Kosan will hold a conference call to discuss
the Company's first quarter 2008 financial results today at 1:30
p.m. Pacific / 4:30 p.m. Eastern. To access the live call, please
dial 888.680.0878 (US) or 617.213.4855 (international), access code
63268386. Interested parties may listen to the webcast live at
http://www.kosan.com/ by clicking on the "Webcasts" tab under the
heading "Investors/Press." The webcast is also being distributed
over Thomson's Investor Distribution Network to both institutional
and individual investors. Individual investors can listen to the
call through Thomson's individual investor center at
http://www.earnings.com/ or by visiting any of the investor sites
in Thomson's Individual Investor Network. Institutional investors
can access the call via Thomson's password-protected event
management site, StreetEvents, at http://www.streetevents.com/. A
telephonic replay will be available through May 8, 2008 by dialing
888.286.8010, access code: 17626068. International callers can dial
617.801.6888, access code: 17626068. About Kosan Kosan Biosciences
is a biotechnology company advancing two new classes of anticancer
agents through clinical development -- a Hsp90 (heat shock protein
90) inhibitor and an epothilone. Hsp90 inhibitors have a novel
mechanism of action targeting multiple pathways involved in cancer
cell growth and survival. Tanespimycin (KOS-953) is being tested in
combination with Velcade(R) (bortezomib) in patients with multiple
myeloma in a clinical program called TIME. Tanespimycin is also
being studied in HER2-positive metastatic breast cancer in
combination with Herceptin(R) (trastuzumab). Epothilones inhibit
cell division with a mechanism of action similar to taxanes, one of
the most successful classes of anti-tumor agents. KOS-1584 is in
Phase 1 clinical trials in patients with solid tumors. Kosan's
motilin agonist compound, KOS-2187, licensed to Pfizer for
development in gastroesophagel reflux disease, is in a Phase 1
trial. For additional information on Kosan Biosciences, please
visit the company's website at http://www.kosan.com/. This press
release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995 (the "Act"). Such forward-looking statements
include but are not limited to statements regarding the further
development and potential safety, efficacy, regulatory status,
commercial potential and other characteristics of Kosan's product
candidates; the continuation of current clinical trials; the
initiation of additional clinical trials and the timing thereof and
the use of Kosan's financial resources. Words such as "will,"
"expect," "believe," "may," "intend," "plan," "potential" and
similar expressions are intended to identify forward-looking
statements. Any statements contained in this press release that are
not statements of historical fact may be deemed to be
forward-looking statements. These forward-looking statements are
based upon Kosan's current expectations. Forward-looking statements
involve risks and uncertainties. Kosan's actual results and the
timing of events could differ materially from those anticipated in
such forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, risks related to
the uncertain progress and results of Kosan's preclinical and
clinical testing, including the risks that studies and trials may
not demonstrate safety and efficacy sufficient to initiate or
continue clinical trials on the timing currently anticipated, or at
all, obtain the requisite regulatory approvals or result in a
marketable product; the conduct of clinical trials; Kosan and its
suppliers' ability to meet clinical product supply requirements;
manufacturing; regulatory approval requirements and process; the
effort and expense necessary for further development of Kosan's
product candidates, including the costs of bortezomib or other
products used in combination with Kosan's product candidates;
intellectual property matters, including Kosan's ability to obtain
valid and enforceable patents covering its product candidates;
Kosan's dependence on its collaboration with Pfizer for development
of its motilin agonist product candidate; Kosan's need for
substantial additional financing and Kosan's strategy to enter into
partnering or licensing arrangements. These and other risk factors
are discussed under "Risk Factors" in Kosan's Annual Report on Form
10-K for the year ended December 31, 2007 and other periodic
filings with the SEC. Kosan expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein. Velcade(R)
(bortezomib) is a registered trademark of Millennium
Pharmaceuticals, Inc. Herceptin(R) (trastuzumab) is a registered
trademark of Genentech, Inc. Selected Financial Information
Condensed Statements of Operations (in thousands, except per share
amounts) Three Months Ended March 31, 2008 2007 (unaudited) Total
revenues $4,649 $12,918 Operating expenses: Research and
development 10,799 8,990 General and administrative 2,922 2,151
Total operating expenses 13,721 11,141 (Loss) gain from operations
(9,072) 1,777 Other income, net 528 967 Net (loss) earnings
$(8,544) $2,744 Basic and diluted net (loss) earnings per common
share $(0.20) $0.07 Shares used in computing basic (loss) earnings
per share 42,593 39,100 Shares used in computing diluted (loss)
earnings per share 42,593 39,170 Condensed Balance Sheets (in
thousands) March 31, December 31, 2008 2007 (unaudited) Cash, cash
equivalents, restricted cash and marketable securities $59,022
$70,957 Total assets $66,178 $77,867 Deferred revenue $- $3,268
Total liabilities $14,609 $18,307 Total liabilities and
stockholders' equity $66,178 $77,867 Shares issued and outstanding
42,656 42,592 DATASOURCE: Kosan Biosciences Incorporated CONTACT:
Gary S. Titus, Senior Vice President & Chief Financial Officer,
+1-510-731-5373, , or Jane M. Green, Ph.D., VP, Corporate
Communications, +1-510-731-5335, cell, +1-415-652-4819, , both of
Kosan Biosciences Incorporated Web site: http://www.kosan.com/
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