Sirna Therapeutics Reports First Quarter 2006 Financial Results
02 Mayo 2006 - 7:36AM
PR Newswire (US)
SAN FRANCISCO, May 2 /PRNewswire-FirstCall/ -- Sirna Therapeutics,
Inc. (NASDAQ:RNAI) today reported financial results for the first
quarter ended March 31, 2006. For the quarter ended March 31, 2006,
Sirna reported a net loss of $8.0 million, or $0.13 per share,
compared to a net loss of $8.0 million, or $0.19 per share, for the
same period in 2005. Revenues for the first quarter of 2006 were
$0.4 million, compared to $0.5 million for the same quarter in
2005. Operating expenses were $9.0 million for the three month
period ended March 31, 2006 compared to $8.7 million for the same
period in 2005. Operating expenses for the first quarter of 2006
included $0.7 million of non-cash share-based employee compensation
expense, related to Sirna's adoption of Statement of Financial
Accounting Standards No. 123R as of January 1, 2006. Excluding the
share-based employee compensation expense, non-GAAP operating
expenses for the first quarter of 2006 were $8.3 million and the
non-GAAP net loss for the first quarter of 2006 was $7.3 million or
$0.12 per share. Sirna ended the first quarter with $41.6 million
in cash and marketable securities, and subsequently received $12.0
million from GlaxoSmithKline related to a collaboration agreement
executed on March 31, 2006. The company's change in cash and
marketable securities during the first quarter was $4.1 million,
which reflects $7.5 million cash used in operations, offset by cash
proceeds from warrant and option exercises of $3.4 million. "Sirna
achieved two important goals this quarter," stated Howard W. Robin,
Sirna President and CEO. "First, we signed a major respiratory
alliance with GlaxoSmithKline (GSK). Second, we announced the
issuance of a landscape- changing patent by the U.S. Patent Office
(USPTO). We believe that the achievement of these goals, together
with our progress in the clinic and our pioneering efforts to
advance RNAi-based technology, will lead to even greater
shareholder value." Recent highlights include: * The announcement
of an exclusive multi-year strategic alliance with GlaxoSmithKline
focused on discovery, development and commercialization of novel
RNAi-based therapeutics for respiratory diseases. Sirna received an
initial payment of $12.0 million, made up as cash and purchase of
Sirna common stock, priced at $8.36 per share. Under the agreement,
Sirna may also receive milestone payments in excess of $700.0
million for collaboration and clinical development events, as well
as royalties on worldwide sales of products which successfully
result from the alliance. In addition, Sirna will be eligible to
receive contract manufacturing revenues. GSK will be responsible
for all pre-clinical, development and commercialization expenses. *
The issuance by the USPTO of the first broad siRNA patent for a
gene target. The patent covers any chemically modified siRNA
targeting I Kappa B kinase-gamma (IKK-gamma). The claims of the
patent are not limited to a specific siRNA sequence, but cover any
siRNA sequence used against the gene. This patent sets a precedent
for Sirna's entire target patent portfolio in the U.S. Sirna has
filed similar patents for use of siRNAs against over 250 mammalian
gene and viral targets. * The issuance by the USPTO of a patent
which broadly covers a process for the synthesis, deprotection and
purification of nucleic acids with one or more ribonucleotides.
This process is critical for the efficient synthesis of RNA at high
yields and high purity and is applicable to both small- and
large-scale production of oligonucleotides such as siRNAs and
aptamers. * The appointment of R. Scott Greer, former Chairman of
Abgenix, Inc., as the new Chairman of the Board of Directors and
Lutz Lingnau, member of the Executive Board of Schering AG and
Former President and Chief Executive Officer of Berlex
Laboratories, as a new Board member. Howard W. Robin, Sirna
President and CEO, and the Sirna senior management team will
discuss progress to date in their clinical and preclinical programs
and provide an overview of financial results during a conference
call on Tuesday, May 2nd at 4:30 p.m. EDT (2:30 p.m. MDT; 1:30 p.m.
PDT). A live audio webcast of the call will be available at the
Company's corporate web site at http://www.sirna.com/. Participants
are urged to log on to the web site 15 minutes prior to the
scheduled start time to download and install any necessary audio
software. To access the live telephonic broadcast, domestic callers
should dial (888) 802-2280; international callers may dial (913)
312-1266. An audio webcast replay will be available on Sirna's web
site, http://www.sirna.com/, for 60 days. Additionally, a
telephonic replay of the call will be maintained through midnight,
Tuesday, May 16, 2006. To access the replay, please dial (888)
203-1112 from the U.S. or (719) 457-0820 when calling
internationally, using confirmation code 8556450. About Sirna
Therapeutics Sirna Therapeutics is a clinical-stage biotechnology
company developing RNAi-based therapies for serious diseases and
conditions, including age-related macular degeneration (AMD),
hepatitis B and C, dermatology, asthma, Huntington's disease,
diabetes and oncology. Sirna Therapeutics completed its Phase 1
clinical trial for Sirna-027 in AMD in 2005 and with its strategic
partner, Allergan, Inc., expects to move Sirna-027 into Phase 2
clinical trials in 2006. Sirna has selected a clinical compound for
hepatitis C virus, Sirna-034, which the Company plans to bring into
Phase 1 clinical trials by the end of 2006. Sirna has established
an exclusive multi-year strategic alliance with GlaxoSmithKline for
the development of siRNA compounds for the treatment of respiratory
diseases. Sirna has a leading intellectual property portfolio in
RNAi covering over 250 mammalian gene and viral targets and over
175 issued or pending patents covering other major aspects of RNAi
technology. More information on Sirna Therapeutics is available on
the Company's web site at http://www.sirna.com/. Safe Harbor
Statement Statements in this press release which are not strictly
historical are "forward-looking" statements which should be
considered as subject to many risks and uncertainties. For example,
most drug candidates do not become approved drugs. Sirna currently
does not have any clinical drug candidates for the treatment of
respiratory diseases, and the development of Sirna-027 and
Sirna-034 as well as Sirna's other programs are still at a
relatively early stage. All of these programs, and Sirna's ability
to obtain milestone and royalty payments for them, are subject to
significant risks and unknowns,, are highly contingent upon future
successes, and require significant funding. In addition, patent
applications may not result in issued patents, and issued patents
may not be enforceable or could be invalidated. Other risks and
uncertainties include, among others, Sirna's early stage of
development and short operating history, Sirna's history and
expectation of losses and need to raise capital, Sirna's need to
obtain clinical validation and regulatory approval for Sirna-027,
Sirna-034 and Sirna's other product candidates, any of which could
have negative results, Sirna's need to engage collaborators,
Sirna's need to obtain and protect intellectual property, and the
risk of third-party patent infringement claims. These and
additional risk factors are identified in Sirna's Securities and
Exchange Commission filings, including the Forms 10-K and 10-Q and
in other SEC filings. Sirna undertakes no obligation to revise or
update any forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.
Contacts: Rebecca Galler Robison, Senior Director, Corporate
Strategy, Sirna Therapeutics, Inc., 303-449-6500 SIRNA
THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands) March
31, December 31, 2006 2005 (Unaudited) (Note 1) ASSETS Cash, cash
equivalents and securities available-for-sale $41,550 $45,692
Receivable from collaboration partner 12,000 -- Property and
equipment, net 2,133 1,906 Other assets, net 3,078 1,919 $58,761
$49,517 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities
$9,518 $6,699 Deferred revenue, long-term 7,136 2,917 Other
long-term liabilities 284 275 Stockholders' equity 41,823 39,626
$58,761 $49,517 Note 1. Derived from audited financial statements.
SIRNA THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except for per share amounts) Three
Months Ended March 31, 2006 2005 Revenues: Contract revenue $426
$43 Contract manufacturing revenue -- 465 Total revenues 426 508
Operating expenses: Cost of contract manufacturing -- 394 Research
and development 5,640 6,104 General and administrative 3,381 2,170
Total operating expenses 9,021 8,668 Loss from operations (8,595)
(8,160) Other income (expense): Interest and other income 617 175
Interest expense -- (25) Net loss $(7,978) $(8,010) Basic and
diluted net loss per common share $(0.13) $(0.19) Weighted average
common shares outstanding, basic and diluted 60,099 41,532
DATASOURCE: Sirna Therapeutics, Inc. CONTACT: Rebecca Galler
Robison, Senior Director, Corporate Strategy, Sirna Therapeutics,
Inc., +1-303-449-6500 Web site: http://www.sirna.com/
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