SupreGen Reports Q2, First Half Results

SuperGen has reported a net loss $2.4 million for the second quarter of 2009 , or $0.04 per basic and diluted share, as compared to a net loss of $4.9 million, or $0.08 per basic and diluted share, for the same period prior year.

The company reported total revenues of $6 million for the second quarter of 2009, a decrease when compared to $8.1 million for the same period prior year.

The company’s total operating expenses were $8.7 million for second quarter of 2009, as compared to $11 million for the same period last year. Its loss from operations increased from $2.3 million in 2008 to $2.7 million in the second quarter of 2009.

SupreGen has reported that its total revenues for the six months ended June 30, 2009 were $18.9 million, an increase compared with $16.3 million for the same period prior year. Its total operating expenses for the six months ended June 30, 2009 decreased from $22 million in 2008 to $18.3 million in 2009.

The company’s income from operations for the six months ended June 30, 2009 was $1.1 million,compared to loss from operations of $4.2 million for the same period rior year .

The company has reported a net income for the six months ended June 30, 2009 of $1.6 million, compared to a net loss of $5.9 million for the same period prior year.

James Manuso, president and CEO of SuperGen, said: “During the second quarter we continued to manage our cash conservatively, and we ended the quarter with $91.1 million in unrestricted cash, cash equivalents and current and non-current marketable securities. We remain debt-free, we will not access the public markets during 2009, and we project a basic non-GAAP cash burn in a range from $250,000 to $1.75 million for 2009. Our two clinical-stage drugs, MP-470, and SGI-1776, are advancing in Phase 1b and Phase I, respectively, and, on July 21, we hired a new Chief Medical Officer, Mohammad Azab to lead our clinical and regulatory efforts.”