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CombinatoRx reports net loss for the third quarter of $8.4 million, quarterly revenue up
By Lisa Kerner
Charlotte, N.C., Nov. 14 - CombinatoRx, Inc. reported a net loss of $8.4 million, or $0.29 per share, for the third quarter of 2006, compared with a net loss of $9.5 million for the prior-year period.
Total revenue was up at $3.2 million in the third quarter, from $904,000 reported in the third quarter of 2005, due to additional research and development collaboration agreements and related payments.
The company's research and development expenses rose to $8.5 million in the third quarter, from $6.7 million in the prior-year period.
General and administrative expenses more than doubled in the quarter to $4.5 million, from $2.1 million in the third quarter of 2005.
CombinatoRx had cash, cash equivalents and short-term investments of $128.6 million at Sept. 30, compared with $102.4 million at Dec. 31, 2005. The company attributed the difference to the closing of its March 2006 private offering of common stock in which CombinatoRx raised net cash proceeds of $45.3 million.
The company expects its net use of cash in operating activities to be between $32.0 million and $37.0 million in 2006 and to end the year with a net loss in the range of $31.0 million to $36.0 million.
"Recent clinical progress, including positive CRx-102 rheumatoid arthritis data and enrollment completion in the phase 2 rheumatoid arthritis trial for CRx-139, demonstrates significant progress toward the achievement of our stated 2006 development goals," president and chief executive officer Alexis Borisy said in a company news release.
CombinatoRx is a Cambridge, Mass.-based pharmaceutical company.
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