Napo reports $23.7 million cash in first earnings announcement since July IPO

By E. Janene Geiss

Philadelphia, Sept. 15 - Napo Pharmaceuticals, Inc. said Friday that it had cash of $4.5 million of cash at June 30, an amount strengthened by proceeds from an initial public offering in July to about $23.7 million.

By comparison, Napo had $1.2 million of cash in December 2005.

The South San Francisco, Calif., company is released its first earning reports since listing on the main market of the London Stock Exchange in July. It raised about $22 million in gross proceeds from the IPO completed July 31, according to a company news release.

The company's net loss for the half year was $5.6 million.

Operational highlights for the six months included positive results in a phase 2a irritable bowel syndrome trial for its drug candidate crofelemer conducted by Napo's licensees, Trine Pharmaceuticals, along with initiation of a phase 2 cholera trial and expansion of personnel and manufacturing activities for an upcoming phase 3 trial for chronic diarrhea

associated with HIV/AIDS.

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