CYCC First Quarter 2010 Financial Results
Revenues for the quarter were $0.3 million, compared to $0.2 million for the same period in 2009. Cyclacel's product revenues were comprised of sales of Xclair(R) Cream for radiation dermatitis and Numoisyn(R) Liquid and Numoisyn(R) Lozenges for xerostomia.
The operating loss for the quarter was $4.5 million compared to $5.2 million for the same period in 2009. Cyclacel reported a net loss of $5.1 million, or $0.18 per share for the first quarter of 2010, compared to a net loss of $5.1 million, or $0.26 per share for the same period in 2009.
Research and development expenses in the first quarter of 2010 were $2.2 million compared to $3.1 million for the same period in 2009. The $0.9 million decrease was primarily the result of focusing activities on our lead drug candidate, sapacitabine. Total selling, general and administrative expenses for the first quarter of 2010 were $2.4 million, compared to $2.2 million for the same period in 2009 with the $0.2 million increase primarily related to increased spending on professional costs.
As of March 31, 2010, Cyclacel's cash and cash equivalents were $24.2 million compared to $11.5 million as of December 31, 2009. The Company raised $18.5 million through registered offerings and warrant exercises in this first quarter which resulted in higher cash and cash equivalents balances. The Company expects its existing capital resources should be adequate to fund operations and commitments into 2012.