Thallion Pharmaceuticals Q1 net loss decreases to $3.24m

Thallion Pharmaceuticals, a biotechnology company developing pharmaceutical products in the areas of oncology and infectious disease, has reported a net loss of $3.24m or $0.10 per share in the first quarter of 2009, compared with $3.97m or $0.12 per share in the first quarter of 2008. The decrease in net loss is primarily attributable to a reduction in R&D expenses.

Interest revenues amounted to $37,047 in the first quarter of 2009, compared with $259,434 in the first quarter of 2008. The change in interest revenue resulted from the maturity of cash equivalents and short-term investments used to fund the company’s operations throughout the period.

Lloyd Segal, CEO of Thallion Pharmaceuticals, said: We continue to enroll patients in our two Phase II oncology trials for TLN-4601 and TLN-232. The data from these trials will allow us to make informed decisions on the appropriate next steps from a development and partnering perspective for both product candidates.

The ongoing strategic review the board is conducting is proving to be productive. The special committee continues to identify and evaluate potential strategic alternatives through this process, which it expects to conclude and report on during the second quarter of calendar 2009.