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"We thank Neil for his leadership and many contributions to TorreyPinesduring his tenure as CEO," said Peter Davis, Ph.D., Chairman of the Board ofDirectors of TorreyPines.
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Dr. Davis continued, "We are proud to announce the appointment of Ev asacting CEO. Her extensive drug development experience and detailedunderstanding of the company make her the perfect fit to lead TorreyPines aswe continue to advance our programs through significant regulatory andclinical milestones."
"I look forward to continuing to work with our current management team inthis new role to realize the full potential of our promising productcandidates," said Ms. Graham. "We are currently preparing for our end ofPhase II meeting with the FDA on September 29th during which we will discussour proposed Phase III migraine program for tezampanel. In addition, we arecontinuing to advance NGX426, the oral version of tezampanel, having initiateda Phase I clinical trial to evaluate its analgesic effect. We anticipateannouncing results from this Phase I trial by the end of the year, as well asannouncing results from an ongoing Phase II clinical trial of our leadmuscarinic agonist, NGX267, in xerostomia secondary to Sjogren's Syndrome."
Ms. Graham joined TorreyPines in 2004 as Vice President, Development. Shewas then promoted to Vice President, Corporate Development in 2005 and ChiefOperating Officer in 2006. Prior to joining TorreyPines Ms. Graham wasExecutive Director, Development Operations at Purdue Pharma from 2000 to 2003.From 1998 to 2000, she was Senior Vice President of Business Development atIngenix Pharmaceutical Services, a division of UHG, and served as VicePresident of Clinical Operations at Worldwide Clinical Trials, prior to itsacquisition by UHG. Previously, Ms. Graham held positions in operationsmanagement, healthcare utilization and organizational planning at BayerCorporation and Wyeth Pharmaceuticals (formerly Ayerst Laboratories). Ms.Graham holds a B.A. in biology from the University of Delaware and an M.B.A.from the University of Connecticut.
Second Quarter 2008 Financial Results
The company also reported today its financial results for the secondquarter ended June 30, 2008. For the three month period ended June 30, 2008the company posted revenue of $1.2 million compared to revenue of $2.5 millionfor the same period in 2007. Operating expenses for the quarter ended June30, 2008 were $7.2 million, with $5.5 million attributable to research anddevelopment. This compares to operating expenses of $8.5 million and researchand development expenses of $7.1 million for the same period last year. Thenet loss for the quarter ended June 30, 2008 was $7.5 million compared to anet loss of $5.2 million for the same period last year. Cash and cashequivalents totaled $20.2 million at June 30, 2008.
Revenue for the six month period ended June 30, 2008 was $3.3 millioncompared to revenue of $4.9 million for the same period in 2007. Operatingexpenses for the six month period were $14.0 million, with $10.8 millionattributable to research and development. This compares to operating expensesof $15.1 million and research and development expenses of $12.2 million forthe same six month period last year. The company reported a net loss for thesix months ended June 30, 2008 of $11.3 million compared to a net loss of $
