[No news here other than the financial numbers. Cash at 9/30/09 was $107.3M compared with $72.1M at 6/30/09. After adjusting for the $46.8M proceeds from the financing transaction in September, operating cash burn during 3Q09 was $11.6M, slightly higher than my estimate of $10.5M (#msg-41810407).]
CAMBRIDGE, Mass., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA ), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the third quarter ended September 30, 2009.
For the third quarter of 2009, the Company reported a net loss of $14.6 million, compared with a net loss of $16.0 million for the same period last year. At September 30, 2009, the Company had cash, cash equivalents, and marketable securities of $107.3 million, compared with $108.5 million at December 31, 2008.
"In September we strengthened our balance sheet with the completion of a $46.8 million stock offering," said Craig A. Wheeler, President and Chief Executive Officer. "We were particularly pleased to secure the financing in light of the challenging economic environment and view it as a strong validation of the value of Momenta's pipeline."
"Another highlight of the third quarter was the presentation of the key efficacy and safety data from our Phase 2a M118 EMINENCE trial at the 21st Annual Transcatheter Cardiovascular Therapeutics (TCT) scientific symposium. The data showed that the EMINENCE trial met its primary goal of supporting the feasibility and tolerability of M118's use as a procedural anticoagulant in the coronary catheterization laboratory. We believe that the results to date provide strong support for continuing the evaluation of M118 in patients diagnosed with acute coronary syndromes," he concluded.
Third Quarter 2009 Financial Results
Revenue for the third quarter of 2009 was $4.0 million, compared to the $3.9 million revenue for the same period last year. The increase in revenue was due to increased reimbursable expenditures on our collaborative programs partnered with Sandoz. Research and development expenses for the third quarter of 2009 were $12.9 million, compared to $14.1 million for the same period last year. The decrease in research and development expenses principally resulted from a decrease in clinical development costs associated with the Phase 2a clinical trial for our M118 program due to the completion of the clinical trial in June 2009.
General and administrative expenses for the third quarter of 2009 totaled $5.6 million, compared with $6.3 million for the same period last year. The decrease in general and administrative expenses was primarily due to decreased professional fees.
Conference Call Information
Management will host a conference call on Thursday, November 5, 2009 at 10:00 am EDT to discuss these results and provide an update on the Company. To access the call, please dial (866) 814-8448 (domestic) or (703) 639-1367 (international) prior to the scheduled conference call time and provide the access code 3455786. A replay of the call will be available approximately two hours after the call and will be accessible through November 19, 2009. To access the replay, please dial (888) 266-2081 (domestic) or (703) 925-2533 (international) and provide the access code 3455786.
A live audio webcast of the call will be available on the "Investors" section of the Company's website, 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 November 5, 2010.
About Momenta
Momenta Pharmaceuticals is a biotechnology company, headquartered in Cambridge, MA, 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.‹
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