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Aeterna Zentaris says progress marks third quarter, revenues reach $83.9 million
By Lisa Kerner
Charlotte, N.C., Nov. 13 - Aeterna Zentaris Inc. said its third quarter was marked by "significant progress" with the clinical development of its luteinizing hormone-releasing hormone (LHRH) antagonist compound, ozarelix. As a result, the company is moving ahead with ozarelix's clinical development in with an ongoing phase 2b trial in prostate cancer, with a possible late-stage program in benign prostatic hyperplasia in 2007.
Financial results for the third quarter ended Sept. 30 include consolidated revenues of $83.9 million, up $52.9 million for the prior-year period, and same period in 2005.
The company reported a consolidated net loss for the quarter of $6.5 million, or $0.12 loss per basic and diluted share, compared to $3.8 million or $0.08 loss per basic and diluted share, for the third-quarter 2005.
Research and development expenses remained steady at $6.2 million during the quarter, compared to $6.1 million for the same period in 2005.
For the third-quarter 2006, selling, general and administrative expenses rose to $15.1 million, from $9.8 million for the prior-year period.
Cash, cash equivalents and short-term investments totaled $45.8 million for the quarter ended Sept. 30, compared to $52.7 million as of Dec. 31, 2005.
"With a strong balance sheet, a controlled burn rate and a clear development strategy, we are well positioned to execute our business plan," vice president and chief financial officer Dennis Turpin said in a company news release.
Aeterna Zentaris is a biopharmaceutical company focused on endocrine therapy and oncology based in Quebec City, Quebec.
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