Targanta Therapeutics Corporation (TARG)

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Targanta Reports First-Quarter 2008 Financial Results
Tuesday May 13, 7:58 am ET

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Targanta Therapeutics Corporation (Nasdaq: TARG - News) today reported financial results for the quarter ended March 31, 2008.

Targanta reported a net loss of $17.6 million for the three months ended March 31, 2008, compared to a net loss of $18.7 million for the same period in 2007. Net loss for the first quarter of 2007 included $9.5 million of expense related to the Company’s achievement of certain milestones under its agreement with InterMune, Inc. Excluding this expense, the increase in net loss period over period was primarily due to increases in research and development expenses related to advancement of the Company’s lead intravenous antibiotic candidate, oritavancin, for which Targanta submitted a New Drug Application to the U.S. Food and Drug Administration in the first quarter and on which the Company is conducting additional clinical trials. The calculation of net loss for the first quarter ended March 31, 2008 includes stock-based compensation expense of $0.5 million.

The Company had cash, cash equivalents and short-term investments totaling $73.3 million as of March 31, 2008 and had 21.0 million shares outstanding.