ConjuChem Biotechnologies Q1 net loss down to $5.83m

Canada-based ConjuChem Biotechnologies, which is engaged in the discovery of therapeutics with an initial focus on diabetes, has reported a net loss of $5.83m, or $0.02 per share, for the first quarter ended January 31, 2009, compared to a net loss of $11.84m, or $0.05 per share, for the same quarter ended January 31, 2008.

The decrease in the net loss is mainly attributable to a decrease in the accretion in the carrying value of the convertible senior unsecured notes and interest due to the early redemption of the convertible senior unsecured notes during the first quarter of the 2008 fiscal year, a decrease in general and administrative expenses of $533,897 and by the reversal of tax-related reserves following the results of tax audits in the quarter ended January 31, 2009.

The company reported revenues of $106,241 for the quarter ended January 31, 2009, compared to $600,002 for the quarter ended January 31, 2008.

Mark Perrin, president and CEO of ConjuChem, said: During the first quarter of fiscal 2009, we reported the results from our two randomized Phase II trials for PC-DAC: Exendin-4. These results confirmed that our lead product for the treatment of type 2 diabetes achieved statistically significant reductions in HbA1c versus baseline and placebo; one cohort achieving a decrease of 1.4% versus baseline.

We also confirmed that our product achieved statistically significant weight loss versus baseline, with patients losing up to 2kg over the three-month treatment period. Consistent with previous studies, PC-DAC: Exendin-4 was extremely well tolerated, with minimal rates of drug-related nausea, vomiting and diarrhea that decreased over time.