FAIRFIELD, N.J., Nov. 14 Arno Therapeutics, Inc. (OTC Bulletin Board: ARNI), a clinical-stage biopharmaceutical company focused on oncology therapeutics, today announced its financial results for the three and nine months ended September 30, 2008.
For the quarter ended September 30, 2008, Arno reported a net loss of $2.2 million, or $0.11 per share, compared to $1.3 million, or $0.13 per share, for the same period in 2007. Net loss for the nine months ended September 30, 2008 was $9.7 million, or $0.66 per share, compared to $2.1 million, or $0.21 per share, for the same period in 2007.
Research and development expenses for the third quarter of 2008 were $1.8 million, compared to $1.2 million for the third quarter of 2007. Total research and development expenses for the nine months ended September 30, 2008 were $7.1 million, compared to $1.8 million for the first nine months of 2007. The increase in research and development costs in 2008 resulted primarily from the increased clinical development costs attributed to AR-67 and the in-licensing of AR-12 and AR-42. General and administrative expenses were $0.5 million for the three months ended September 30, 2008, compared to $.09 million for the same period in 2007. Total general and administrative expenses were $1.7 million for the nine months ended September 30, 2008, compared to $0.2 million for the same period in 2007. The increase in general and administrative expenses was attributed to merger related costs during June 2008, in addition to having more employees during the nine months ended 2008 as compared to the same period in 2007. Cash used in operations was $6.1 million for the nine months ended September 30, 2008.
At September 30, 2008, Arno had cash and cash equivalents of $13.2 million compared to $1.6 million on December 31, 2007. The increase in cash is attributed to the net proceeds of approximately $17.7 million resulting from Arno's June 2008 private placement of common stock.
"We are very pleased with our progress over the past nine months, as we have completed patient enrollment of our Phase I trial for AR-67, in addition to the continued progress in the advancement of our two additional compounds AR-12 and AR-42," said Roger Berlin, MD, Chief Executive Officer of Arno. "We look forward to further advancing AR-67 into Phase II clinical studies, as well as advancing AR-12 and AR-42 into clinical development in 2009."
Key Achievements for the Nine Months Ended September 30, 2008
About Arno Therapeutics
Arno Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops and commercializes innovative products for the treatment of cancer patients. Arno's lead clinical development compound is AR-67, a novel, third-generation camptothecin analogue which has completed patient enrollment of its Phase I studies in patients with advanced solid tumors, that has demonstrated high preclinical potency and improved pharmacokinetic properties when compared with marketed second-generation products in its class. Arno is also developing two pre-clinical compounds. AR-12 is a potential first-in-class, orally available PDK1 inhibitor that blocks the PI3K/Akt pathway undergoing IND-enabling studies. AR-42 is an orally available, targeted inhibitor of the Pan-DAC and Akt pathways also undergoing IND-enabling studies. Arno is actively pursuing additional compounds to expand its portfolio.
For more information on Arno please visit www.arnothera.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding the timing, progress and anticipated results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings, as well as our strategy, future operations, outlook, milestones, the success of Arno's product development, future financial position, future financial results, plans and objectives of management, are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including those described under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008. Arno is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
ARNO THERAPEUTICS, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEETS
ARNO THERAPEUTICS, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF OPERATIONS
-- Appointed William F. Hamilton, PhD, as a member of the Board of Directors and as chairman of the audit committee -- Appointed Roger G. Berlin, MD, as Chief Executive Officer -- Appointed Arie S. Belldegrun, MD, as Chairman of the Board of Directors -- Appointed Robert I. Falk as a member of the Board of Directors -- Expanded our product portfolio by in-licensing AR-12 a PDK1 inhibitor of the PI3K/Akt pathway, and AR-42 a Pan-DAC inhibitor which also inhibits the Akt pathway -- Completed private placement of common stock, resulting in net proceeds of $17.7 million -- Became a public reporting company as a result of the June 2008 merger with Laurier International, Inc.
SOURCE Arno Therapeutics, Inc.