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CommentsAugust 03, 2004 - (HostReview.com) - NeoRx Corporation (Nasdaq:NERX) today reported results for the quarter ended June 30, 2004.
NeoRx reported a net loss of $4.6 million (or $0.16 diluted loss per share on a loss applicable to common shares of $4.7 million) for the second quarter of 2004, compared with net income of $5.3 million ($0.18 diluted income per share on income applicable to common shares of $5.2 million) for the second quarter of 2003.
"We are moving forward with the development of our two innovative cancer therapeutics, both of which have many potential indications," said Jerry McMahon, PhD, Chairman and CEO of NeoRx.
The Company reported a net loss of $9.5 million ($0.33 diluted loss per share on a loss applicable to common shares of $9.8 million) for the six months ended June 30, 2004, compared with net income of $1.2 million ($0.03 diluted income per share on income applicable to common shares of $1.0 million) for the six months ended June 30, 2003. The three and six month periods in 2003 include income of $10 million from licensing certain non-core intellectual property.
Total operating expenses for the second quarter of 2004 increased 4% to $5.1 million, from $4.9 million for the second quarter of 2003, and increased 18% to $10.6 million for the six months ended June 30, 2004, from $8.9 million for the same period in 2003.
Research and development expenses increased 14% to $3.1 million for the second quarter of 2004, from $2.7 million for the second quarter of 2003, and increased 29% to $6.9 million for the six months ended June 30, 2004, from $5.3 million for the same period in 2003.
General and administrative expenses decreased 8% to $2.0 million for the second quarter of 2004, compared with $2.2 million for the second quarter of 2003, and increased 2% to $3.7 million for the six months ended June 30, 2004, from $3.6 million for the same period in 2003. The decrease in G&A costs for the second quarter of 2004 relates primarily to lower personnel costs, net of a non-cash charge taken by the Company in connection with the amendment of certain stock options.
NeoRx, a cancer therapeutics development company, opened enrollment in a phase III clinical trial of STR in patients with multiple myeloma in March 2004. In April 2004, NeoRx acquired the rights to develop, manufacture and commercialize Nexplatin, a third-generation platinum-based anti-cancer agent. The Company plans to initiate phase II clinical studies of Nexplatin in one or more cancer indications next year.
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