Introgen ends quarter with $18.9 million, says capital will fund next 9 to 12 months

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Introgen Therapeutics, Inc. said it used $5.0 million of cash, cash equivalents and short-term investments for its operations during the third quarter ended Sept. 30.

The company's cash, cash equivalents, marketable securities and short-term investments fell to $18.9 million at Sept. 30 from $36.0 million at Dec. 31, 2005.

Introgen believes its existing working capital can fund operations for the next 9 to 12 months, according to a 10-Q filing with the Securities and Exchange Commission.

The company said that the majority of its expenditures for the foreseeable future will most likely relate to the development of its Advexin therapy. However, existing resources may not be sufficient to support the commercial introduction of any product candidates without raising additional funds

Third-quarter revenue was $733,000, up from $398,000 for the prior-year period.

The company reported a net loss of $5.7 million, or $0.15 per share, for the third quarter, compared with a net loss of $6.1 million, or $0.18 per share, for the third quarter of 2005.

For the nine months ended Sept. 30, Introgen said its net loss increased to $21.6 million, or $0.58 per share, from a net loss of $19.4 million, or $0.61 per share, for the first nine months of 2005.

Introgen is a biopharmaceutical company based in Austin, Texas.

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