Targanta Reports Fourth-Quarter and Full-Year 2007 Financial Results
Monday March 24, 7:58 am ET
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Targanta Therapeutics Corporation (Nasdaq: TARG - News) today reported financial results for the quarter and full year ended December 31, 2007.
Targanta reported a net loss of $10.7 million for the three months ended December 31, 2007, compared to a net loss of $8.7 million for the same period in 2006. This increase is primarily due to increases in research and development expenses related to advancement of the Company’s lead antibiotic candidate, oritavancin, for which Targanta recently submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) and on which the Company is conducting additional clinical trials. For the full year ended December 31, 2007, the Company reported a net loss of $63.3 million compared to a net loss of $30.1 million for the same period in 2006. The calculation of net loss for the fourth quarter and full year ended December 31, 2007 includes stock-based compensation expense of $0.5 million and $2.2 million, respectively.
The Company had cash, cash equivalents and short-term investments totaling $90.3 million as of December 31, 2007 and 21.0 million shares outstanding.
On October 9, 2007, the Company completed its initial public offering, issuing 5.75 million shares of its Common Stock at a price of $10.00 per share. Net proceeds to the Company were approximately $51.1 million after deducting underwriting discounts and commissions and offering expenses.
“2007 was a year of great accomplishment at Targanta, culminating in our recent first regulatory submission for oritavancin,” said Mark Leuchtenberger, President and Chief Executive Officer of Targanta. “With our Series C fundraising early in 2007, our successful IPO in October, and key additions to our senior management team, we believe we are well positioned to bring oritavancin to market, should we gain approval, providing physicians and hospitals with a new tool to fight resistant bacterial skin infections.”
surf's up......crikey
