Biotech Values

[DewDiligence]

MNTA Reports 4Q08 Results

[No new info here other than the financials. The cash balance as of 12/31/08 was $108.5M. Please see actual PR for financial tables. CC at 10am ET.]

http://finance.yahoo.com/news/Momenta-Pharmaceuticals-pz-14335602.html

›Thursday February 12, 2009, 8:00 am EST

CAMBRIDGE, Mass., Feb. 12, 2009 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (NasdaqGM: MNTA ), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the fourth quarter and year ended December 31, 2008.

For the fourth quarter of 2008, the Company reported a net loss of $18.4 million, compared to a net loss of $14.3 million for the same period in 2007. For the year ended December 31, 2008, the Company reported a net loss of $62.6 million compared to a net loss of $68.9 million for the same period in 2007. At December 31, 2008, the Company had cash, cash equivalents, and marketable securities of $108.5 million, compared to $135.9 million at December 31, 2007.

``During 2008 we achieved key milestones,' commented Craig A. Wheeler, President and Chief Executive Officer. ``Together with our partner Sandoz, we now have two abbreviated new drug applications for complex mixture products under review at the FDA, one for generic Lovenox and one for generic Copaxone. As we enter 2009, I believe we are very well positioned with a significant product portfolio and strong financial resources,' he concluded.

2008 Accomplishments:

-- Submitted an amendment to Sandoz' abbreviated new drug application
(ANDA) for M-Enoxaparin, a generic version of Lovenox, to the U.S.
Food and Drug Administration that responded to the FDA's inquiry
regarding the potential for immunogenicity of the drug product.

-- Announced that the U.S. Food and Drug Administration had accepted
for review the ANDA for M356, a generic version of Copaxone.

-- Announced positive Phase 1 results in healthy volunteers for M118,
Momenta's novel product candidate, supporting its potential as an
anticoagulant therapy in patients with acute coronary syndromes
(ACS).

-- Advanced the Company's follow-on biologics program by successfully
adapting and applying Momenta's proprietary technology to the
characterization of glycoproteins and other complex biologics.

-- Strengthened the Momenta management team with the addition of
James Roach, M.D., as Chief Medical Officer, Bruce Leicher, J.D.,
as General Counsel and the appointment of James Sulat as Chairman
of the Board of Directors.

-- Completed a $24.1 million registered direct offering of Momenta
stock.

Financial Results

Revenue for the fourth quarter of 2008 was $2.9 million, compared to $10.0 million for the same period in 2007. For the year ended December 31, 2008, revenue was $14.6 million, compared to $21.6 million for 2007. The decrease in revenue in both periods was a result of decreased reimbursable expenses associated with the development of M-Enoxaparin.

Research and development expenses for the fourth quarter of 2008 were $15.4 million, compared to $19.6 million for the same period in 2007. For the year ended December 31, 2008, research and development expenses were $55.3 million, compared to $69.9 million for 2007. The decrease in research and development expenses in both periods was primarily due to decreased manufacturing and third-party research and development expenditures associated with our M-Enoxaparin and M356 programs.

General and administrative expenses for the fourth quarter of 2008 totaled $6.2 million, compared with $6.3 million for the same period in 2007. For the year ended December 31, 2008, general and administrative expenses were $24.6 million, compared to $28.2 million for 2007. The decrease in general and administrative expenses for the year was primarily due to a decrease in stock compensation expense and a decrease in professional fees.

Conference Call Information

Management will host a conference call on Thursday, February 12, 2009 at 10:00 am EST to discuss these results and provide an update on the Company. To access the call, please dial [phone] (domestic) or [phone] (international) prior to the scheduled conference call time and provide the access code 8430535. A replay of the call will be available approximately two hours after the call and will be accessible through February 26, 2009. To access the replay, please dial [phone] (domestic) or [phone] (international) and provide the access code 8430535.

A live audio webcast of the call will be available on the ``Investors' section of the Company's website, http://www.momentapharma.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Momenta website approximately two hours after the call and will be available through March 14, 2009.

About Momenta

Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex mixture drugs. Momenta is applying its technology to the development of generic versions of complex drug products, as well as to the discovery and development of novel drugs. Momenta was founded in 2001 based on technology initially developed at the Massachusetts Institute of Technology and is headquartered in Cambridge, MA. To receive additional information about Momenta, please visit the website at http://www.momentapharma.com, which does not form a part of this press release.‹