SOUTH SAN FRANCISCO, Calif., Nov. 8, 2007 (PRIME NEWSWIRE) -- Hana Biosciences (Nasdaq:HNAB), a biopharmaceutical company focused on strengthening the foundation of cancer care, today announced financial results for the three and nine months ended September 30, 2007.
* Net loss was $5.1 million, or $0.16 per share, for the three months ended September 30, 2007 compared to $10.9 million, or $0.38 per share, for the three months ended September 30, 2006. * Net loss was $22.4 million, or $0.75 per share, for the nine months ended September 30, 2007 compared to $35.0 million, or $1.37 per share, for the nine months ended September 30, 2006. The net loss for 2006 included an $11.9 million one-time charge related to the accounting treatment of the company's acquisition of product candidates from Tekmira Pharmaceuticals Corp. * Cash used in operations was $19.8 million for the nine months ended September 30, 2007. Hana Biosciences ended the quarter with approximately $18.8 million in cash and cash equivalents and short-term investments.
"With steady progress in advancing our pipeline and clinical strategy, and key additions to our management team, we are excited by the milestones we achieved in the third quarter of this year," stated John Iparraguirre, Vice President and Chief Financial Officer. "Our recently announced financial commitment from Deerfield Management will provide us with sufficient resources to execute on our clinical development plans well into 2009."
Key Achievements in the Third Quarter 2007
-- Hana announced the licensing of North American commercial rights
for Zensana to Par Pharmaceuticals.
-- Hana initiated a Phase 2 registration-enabling clinical trial,
known as rALLy, to evaluate Marqibo(r) for the treatment of
relapsed acute lymphoblastic leukemia (ALL).
-- Marqibo(r) received Fast Track Designation for the treatment of
relapsed ALL.
-- Alocrest reached its sixth dosing cohort in the Phase 1
dose-escalating clinical trial.
-- Hana appointed Steven R. Deitcher, M.D., President and CEO.
-- Hana appointed S. Michael Imperiale, Jr., M.D. as Vice President,
Clinical Research Operations.
Hana Biosciences' management will host a conference call discussion today at 5:00pm E.T., 2:00pm P.T. 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 #257616. 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 accelerating the development of its product candidates, including entering into strategic partnership agreements and expanding its product candidate pipeline by being an alliance partner of choice to universities, research centers and other companies. 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 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
September 30, December 31,
2007 2006
------------ ------------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 17,575,941 $ 29,127,850
Available-for-sale securities 1,239,277 6,131,000
Prepaid expenses and other current assets 423,530 496,519
------------ ------------
Total current assets 19,238,748 35,755,369
Property and equipment, net 381,935 424,452
Restricted cash 125,000 125,000
------------ ------------
Total assets $ 19,745,683 $ 36,304,821
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,876,164 $ 2,739,956
Accrued expenses 982,297 1,547,459
Accrued personnel related expenses 638,595 1,050,657
Accrued research and development costs 540,899 596,927
------------ ------------
Total current liabilities 4,037,955 5,934,999
Commitment and contingencies:
Stockholders' equity:
Common stock, $0.001 par value:
100,000,000 shares authorized, 32,169,553
and 29,210,627 shares issued and
outstanding at September 30, 2007 and
December 31, 2006, respectively 32,170 29,211
Additional paid-in capital 100,906,382 93,177,445
Accumulated other comprehensive income -- 20,000
Accumulated deficit (85,230,824) (62,856,834)
------------ ------------
Total stockholders' equity 15,707,728 30,369,822
------------ ------------
Total liabilities and stockholders' equity $ 19,745,683 $ 36,304,821
============ ============
See accompanying notes to unaudited condensed financial statements.
HANA BIOSCIENCES, INC.
CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2007 2006 2007 2006
------------ ------------ ------------ ------------
License
revenue $ 1,150,000 $ -- $ 1,150,000 $ --
Operating
expenses:
Selling,
general and
administrative 481,155 3,440,436 6,553,502 7,000,719
Research and
development 5,730,859 7,918,422 17,442,556 28,864,928
------------ ------------ ------------ ------------
Total operating
expenses 6,212,014 11,358,858 23,996,058 35,865,647
Loss from
operations (5,062,014) (11,358,858) (22,846,058) (35,865,647)
------------ ------------ ------------ ------------
Other income
(expense):
Interest
income, net 264,169 507,347 969,125 892,099
Other
expense, net (302,418) (46,291) (497,057) (62,983)
------------ ------------ ------------ ------------
Total other
income
(expense) (38,249) 461,056 472,068 829,116
Net loss $ (5,100,263) $(10,897,802) $(22,373,990) $(35,036,531)
============ ============ ============ ============
Net loss per
share, basic
and diluted $ (0.16) $ (0.38) $ (0.75) $ (1.37)
============ ============ ============ ============
Shares used in
computing net
loss per
share, basic
and diluted 31,197,295 28,787,445 29,958,487 25,656,244
Comprehensive
loss:
Net loss $ (5,100,263) $(10,897,802) $(22,373,990) $(35,036,531)
Unrealized
gain (loss) -- (16,000) (20,000) 52,000
------------ ------------ ------------ ------------
Comprehensive
loss $(5,100,263) $(10,913,802) $(22,393,990) $(34,984,531)
============ ============ ============ ============