Myriad Pharmaceuticals Q2 2009 Net Loss Narrows Down

The company has incurred an operating loss of $15.1m for the three months ended December 31, 2009 as compared to $17.1m for the same period in 2008. The earnings (loss) per basic and diluted share for the quarter ended December 31, 2009 is $0.60 as compared to $0.71 for the same quarter in 2008. No revenue was recognized for the three months ended December 31, 2009 compared to $0.4m in the same quarter last year.

The company has reported a net loss of $25.4m for the six months ended December 31, 2009 as compared to $28.7m for the same period in 2008. The company has incurred an operating loss of $26.2m for the six months ended December 31, 2009 as compared to $28.7m for the same period in 2008.

The earnings (loss) per basic and diluted share for the six months ended December 31, 2009 is $1.05 as compared to $1.20 for the same period in 2008. The company has reported a revenue of 0.06m for the six months ended December 31, 2009 compared to $4.1m for the same quarter last year.

Adrian Hobden, president and CEO of Myriad Pharmaceuticals, said: “We are pleased with the progress we have made over the past seven months. We continue to advance the development of our three clinical drug candidates, MPC-4326 for the treatment of HIV and Azixa and MPC-3100 for the treatment of cancer, having recently initiated our Phase 2b Study of MPC-4326 in a genetically-identified responder population.

“Most notably during the quarter, on December 18, 2009, we entered into a definitive agreement and plan of merger with Javelin Pharmaceuticals. The proposed merger will create a company with a product pipeline that includes an NDA-filed product candidate, DylojectTM, and a portfolio of early-, mid- and late-stage drug candidates in cancer, HIV and pain.”