Axonyx - Q1 results
Axonyx, a New York-based biopharmaceutical company, announced a net loss of $5,991,000, or $0.13 per share, for the first quarter of 2004, compared with $1,575,000, or $0.07 per share, for the first quarter of 2003.
Axonyx, a New York-based biopharmaceutical company, announced a net loss of $5,991,000, or $0.13 per share, for the first quarter of 2004, compared with $1,575,000, or $0.07 per share, for the first quarter of 2003.
Revenue for the quarter ended March 31, 2004, was $478,000, compared with no revenue in the first quarter of 2003. The revenue was from sales in OXIS International, a majority owned subsidiary of Axonyx acquired in January 2004. Research and development costs for the first quarter were $4,053,000, compared with $1,027,000 for the first quarter of 2003. This increase was primarily attributable to the ongoing Phase IIB and Phase III pivotal trials underway in Europe. The trials commenced in June 2003.
Sales, general and administrative expenses for the first quarter were $2,371,000, compared with $573,000 for the first quarter of 2003. This increase was primarily due to non-cash charges relating to stocks and options of $1,116,000, as compared with $77,000 in the quarter ended March 31, 2003.
'Our first quarter 2004 results are generally in line with our expectations. Included in our operations are the results of OXIS International. Our balance sheet at March 31st is solid with $80m in cash. With the additional raise of $20m in early May, we are well positioned to complete the clinical development of Phenserine and acquire new and complementary technologies in the central nervous system field,' stated S. Colin Neill, chief financial officer of Axonyx.
About Axonyx
Axonyx is a US - based biopharmaceutical company engaged in the acquisition and development of proprietary pharmaceutical compounds and new technologies useful in the diagnosis and treatment of Alzheimer's disease, human memory disorders and prion-based illnesses such as Mad Cow disease. Its leading Alzheimer's disease drug candidate is Phenserine, a dual action acetylcholinesterase and beta amyloid precursor protein (B-APP) inhibitor, and currently in Phase IIB and Phase III clinical trials. A previously completed Phase II trial showed that Phenserine was well tolerated and effective in improving the memory of mild-to-moderate AD patients.