Synta Pharmaceuticals has reported a net loss of $8.5 million, or $0.25 per basic and diluted share, for the second quarter in 2009, as compared to a net loss of $22.7 million, or $0.67 per basic and diluted share for the same period in 2008.
Collaboration revenue in the second quarter of 2009 was $4.7 million, compared to net contra revenue of $0.6 million for the same period in 2008. The company’s R&D expenses were $10.1 million for the second quarter of 2009, as compared to $18.3 million for the same period in 2008.
Safi Bahcall, president and chief executive officer of Synta, said: “In the second quarter we focused on two near-term priorities: advancing the clinical program for STA-9090, our Hsp90 inhibitor, and initiating partnership discussions with the goal of concluding an agreement in the next six to nine months.
STA-9090 has the potential to be the leading program in the Hsp90 category, a category which has generated a high level of interest in the medical oncology community. We and our investigators have been encouraged by both the emerging clinical data for STA-9090 and by the strong pre-clinical data package, which shows a clear differentiation from other Hsp90 inhibitors, including an improved potency and safety profile,” he added.