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news.Reported a net loss of $10.4 million, or $0.34 per share
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EnteroMedics has reported a net loss of $10.4 million, or $0.34 per share, for the three months ended June 2009. For the six months ended June 2009, the company reported a net loss of $17 million, or $0.65 per share.
Gregory Lea, senior vice president and chief financial officer of EnteroMedics, said: An increase in the company’s stock price, particularly notable during the second quarter, led to an increase in the fair value of our debt-related warrant liability. Under GAAP, the resulting increase in this liability is recorded as a non-cash expense during the corresponding three and six month periods.
Mark Knudson, president and CEO of EnteroMedics, said: EnteroMedics continues to move toward the unblinding of our EMPOWER pivotal study of VBLOC Therapy, delivered by the Maestro System, in patients with obesity. We expect to announce top-level results from this study in the fourth quarter. As we approach this significant milestone, we continue to prepare for the regulatory steps ahead and have increased our focus on our commercialization strategy, adding Nicholas Teti as a consultant to assist with that effort.