The Company reported a net loss of $8.2 million, or $1.14 per share, forthe three-month period ended March 31, 2008, compared with a net loss of $8.0million, or $1.20 per share, for the same period in 2007. Weighted-averagecommon shares outstanding for the three months ended March 31, 2008 and 2007were 7.2 million and 6.6 million, respectively.
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Operating expenses were reduced by $679,000 from $7.9 million in the 2007quarter to $7.2 million in 2008. Interest expense increased by $766,000 overthe prior year as the Company's Convertible Senior Notes, issued in February2007, were outstanding for the entire quarter in 2008.
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The Company reported ending the quarter with $55.2 million in cash andcash equivalents, sufficient to fund the Company's operations through thethird quarter of 2009 based on the current operating plan. The Company alsoannounced that it will pay the interest payment due August 15, 2008 on itsConvertible Senior Notes in cash.
Alan Kessman, Chief Executive Officer, commented, "We continue to work onthe New Drug Application (NDA) for Cloretazine(R) (VNP40101M). It remains ourplan to file the NDA with the U.S. Food and Drug Administration in 2008."
On February 20, 2008, the Company implemented a one-for-ten reverse splitof all outstanding shares of its common stock and a corresponding decrease inthe number of shares of authorized common stock. Share and per share amountscontained herein are provided on a post-split basis.
Vion Pharmaceuticals, Inc. is committed to extending the lives andimproving the quality of life of cancer patients worldwide by developing andcommercializing innovative cancer therapeutics. Vion has two agents inclinical trials. Cloretazine(R) (VNP40101M), a unique alkylating agent, isbeing evaluated in a Phase II pivotal trial as a single agent in elderlypatients with previously untreated de novo poor-risk acute myelogenousleukemia. Clinical trials of Cloretazine(R) (VNP40101M) with temozolomide inbrain tumors, and with stem cell transplantation in advanced hematologicmalignancies, are also being conducted. Triapine(R), a potent inhibitor of akey step in DNA synthesis, is being evaluated in clinical trials sponsored bythe National Cancer Institute. For additional information on Vion and itsproduct development programs, visit the Company's Internet web site atwww.vionpharm.com.
This news release contains forward-looking statements. Such statements aresubject to certain risk factors which may cause Vion's plans to differ orresults to vary from those expected, including Vion's potential inability toobtain regulatory approval for its products, particularly Cloretazine(R)(VNP40101M), delayed or unfavorable results of drug trials, the possibilitythat favorable results of earlier preclinical studies or clinical trials arenot predictive of safety and efficacy results in later clinical trials, theneed for additional research and testing, the potential inability to secureexternal sources of funding to continue operations, the inability to accesscapital and funding on favorable terms, continued operating losses and theinability to continue operations as a result, and a variety of other risks setforth from time to time in Vion's filings with the Securities and ExchangeCommission, including but not limited to the risks attendant to theforward-looking statements included under Item 1A, "Risk Factors" in Vion'sForm 10-K for the year ended December 31, 2007. In particular, there can be noassurance as to the results of any of the Vion's clinical trials, that any ofthese trials will continue to full accrual, or that any of these trials willnot be discontinued, modified, delayed or ceased altogether. Except in specialcircumstances in which a duty to u
