SOUTH SAN FRANCISCO, Calif., Aug. 11, 2008 (PRIME NEWSWIRE) -- Hana Biosciences (Nasdaq:HNAB), a biopharmaceutical company focused on strengthening the foundation of cancer care, today announced financial results for the second quarter ended June 30, 2008.
Net loss was $4.7 million, or $0.15 per share, for the three months ended June 30, 2008 compared to $9.1 million, or $0.31 per share, for the same period in 2007. Net loss was $10.9 million, or $0.34 per share, for the six months ended June 30, 2008 compared to $17.3 million, or $0.59 per share, for the same period in 2007. Cash used in operations was $4.7 million for the quarter ended June 30, 2008.
"The first half of the year was highly productive for Hana as we advanced our product candidates into and through development. We also continue to efficiently manage our resources as we look to achieve additional clinical milestones over the second half of 2008," said John Iparraguirre, Vice President and Chief Financial Officer.
Key Achievements for the Quarter Ended June 30, 2008
* Initiated the Phase 1 Clinical Trial of Topical Menadione for Treatment and/or Prevention of EGFR Inhibitor-Associated Skin Rash * Appointed Anne E. Hagey, M.D., Vice President and Chief Medical Officer * Met the Clinical Response Criteria to Advance to Full Enrollment in the Phase 2 Clinical Trial of Marqibo for Metastatic Uveal Melanoma * Received U.S. Orphan Drug Designation for Marqibo for the Treatment of Metastatic Uveal Melanoma
Hana Biosciences' management will host a conference call discussion today at 5:00 p.m. EDT, 2:00 p.m. PDT. Those interested in hearing management's discussion may join the call by dialing (877) 407-8031 in the U.S./Canada. International participants may access the call by dialing (201) 689-8031. A replay of this call will be available for one month by dialing (877) 660-6853 U.S./Canada and (201) 612-7415 for International participants. When prompted, enter Account Number #286 and Conference ID #292322. Participants may also access a webcast of the conference call at Hana's website at www.hanabiosciences.com.
About Hana Biosciences, Inc.
Hana Biosciences, Inc. (Nasdaq:HNAB) is a South San Francisco, CA-based biopharmaceutical company focused on acquiring, developing, and commercializing innovative products to strengthen the foundation of cancer care. The company is committed to creating value by building a best-in-class team, accelerating the development of lead product candidates, expanding its pipeline by being the alliance partner of choice, and nurturing a unique company culture. Additional information on Hana Biosciences can be found at www.hanabiosciences.com.
The Hana Biosciences, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3290
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases. These forward-looking statements include without limitation, statements regarding, the timing progress and anticipated results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings and commercialization efforts of Hana's product candidates. Such statements involve risks and uncertainties that could cause Hana's actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that any of Hana's development efforts relating to its other product candidates will be successful, that Hana will be able to obtain regulatory approval of any of its product candidates, and that the results of clinical trials will support Hana's claims or beliefs concerning the effectiveness of its product candidates. Additional risks that may affect such forward-looking statements include Hana's need to raise additional capital to fund its product development programs to completion, Hana's reliance on third-party researchers to develop its product candidates, and its lack of experience in developing and commercializing pharmaceutical products. Additional risks are described in the company's Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission. Hana assumes no obligation to update these statements, except as required by law.
HANA BIOSCIENCES, INC.
CONDENSED BALANCE SHEETS
June 30, December 31,
2008 2007
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,197,341 $ 20,795,398
Available-for-sale securities 92,000 96,000
Prepaid expenses and other current
assets 147,460 489,293
------------ ------------
Total current assets 9,436,801 21,380,691
Property and equipment, net 497,005 432,529
Restricted cash 125,000 125,000
Debt issuance costs 1,404,812 1,423,380
------------ ------------
Total assets $ 11,463,618 $ 23,361,600
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 103,683 $ 1,682,739
Accrued other expenses 312,405 496,239
Accrued personnel related expenses 541,208 763,050
Leased equipment: short-term 48,085 13,919
Accrued clinical development costs 2,141,433 1,156,011
------------ ------------
Total current liabilities 3,146,814 4,111,958
------------ ------------
Notes payable 2,134,703 2,025,624
Warrant liabilities 2,414,674 4,232,355
Leased equipment: long-term 73,186 33,861
------------ ------------
Total long term liabilities 4,622,563 6,291,840
------------ ------------
Total liabilities 7,769,377 10,403,798
Stockholders' equity:
Common stock; $0.001 par value:
100,000,000 shares authorized,
32,315,816 and 32,169,553 shares
issued and outstanding at June 30,
2008 and December 31, 2007,
respectively 32,316 32,170
Additional paid-in capital 103,413,413 101,843,390
Accumulated other comprehensive loss -- (104,000)
Accumulated deficit (99,751,488) (88,813,758)
------------ ------------
Total stockholders' equity 3,694,241 12,957,802
------------ ------------
Total liabilities and stockholders'
equity $ 11,463,618 $ 23,361,600
============ ============
HANA BIOSCIENCES, INC.
CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ --------------------------
2008 2007 2008 2007
----------- ----------- ------------ ------------
Operating
expenses:
General and
administrative $ 1,749,555 $ 2,725,362 $ 3,650,475 $ 6,072,347
Research and
development 4,419,464 6,473,793 8,683,796 11,711,697
----------- ----------- ------------ ------------
Total operating
expenses 6,169,019 9,199,155 12,334,271 17,784,044
Loss from
operations (6,169,019) (9,199,155) (12,334,271) (17,784,044)
----------- ----------- ------------ ------------
Other income
(expense):
Interest income 60,457 314,685 231,365 707,625
Interest
expense (252,477) (1,293) (501,641) (2,667)
Other expense,
net (36,802) (13,388) (42,864) (18,640)
Gain or loss
on derivative 1,827,611 -- 1,817,681 --
Realized loss
on marketable
securities (108,000) (176,000) (108,000) (176,000)
----------- ----------- ------------ ------------
Total other
income
(expense) 1,490,789 124,004 1,396,541 510,318
Net loss $(4,678,230) $(9,075,151) $(10,937,730) $(17,273,726)
=========== =========== ============ ============
Net loss per
share, basic
and diluted $ (0.15) $ (0.31) $ (0.34) $ (0.59)
=========== =========== ============ ============
Weighted
average shares
used in
computing net
loss per share,
basic and
diluted 32,227,195 29,383,420 32,204,171 29,334,829
=========== =========== ============ ============
Comprehensive
loss:
Net loss $(4,678,230) $(9,075,151) $(10,937,730) $(17,273,726)
Unrealized
holdings gains
(losses)
arising during
the period (28,000) (60,000) (4,000) (196,000)
Less:
reclassification
adjustment for
losses
included in
net loss 108,000 176,000 108,000 176,000
----------- ----------- ------------ ------------
Comprehensive
loss $(4,598,230) $(8,959,151) $(10,833,730) $(17,293,726)
=========== =========== ============ ============