Sonus Pharmaceuticals Reviews Key Achievements in 2006 and Reports Fourth Quarter and Full Year Financial Results
14 Marzo 2007 - 9:15PM
Business Wire
Sonus Pharmaceuticals, Inc., an oncology drug development company,
(NASDAQ:SNUS) today highlighted its 2006 progress and reported
financial results for the fourth quarter and year ended December
31, 2006. At 4:30 P.M. ET today, management will host a conference
call to review its 2006 performance and discuss key objectives for
2007. The discussion will include an overview of the progress with
the Company�s first two oncology product candidates, TOCOSOL
Paclitaxel and TOCOSOL Camptothecin. �2006 was another busy and
productive year for Sonus,� said Michael A. Martino, President and
CEO. �A critical achievement was completing enrollment in the Phase
3 trial of TOCOSOL Paclitaxel. In just over a year, we were able to
enroll 821 women with metastatic breast cancer at over 100 clinical
sites in 17 countries around the world, which represented a
significant milestone for Sonus. We were also pleased to move our
second cancer drug, TOCOSOL Camptothecin, into Phase 1 clinical
development. Additionally, we completed a financing that greatly
enhanced our balance sheet, finishing the year with $58 million,
which provides the funds to aggressively pursue our strategic drug
development activities.� Mr. Martino continued, �With our
achievements in 2006, we are positioned for a pivotal year in 2007.
Our primary objectives are to secure data from the Phase 3 trial of
TOCOSOL Paclitaxel in the third quarter, and to support our partner
with the compilation and submission of the New Drug Application as
soon as possible after obtaining the Phase 3 data. In addition, our
goal is to advance TOCOSOL Camptothecin through the Phase 1 study
and obtain data by year-end in order to make a decision about
moving this candidate into Phase 2 development. We are also excited
about other promising opportunities in our pipeline, and another
objective in 2007 is to move one of those drugs closer to an
Investigational New Drug application and the start of a Phase 1
study.� Fourth Quarter and 2006 Year-end Financial Results For the
fourth quarter of 2006, Sonus reported a net loss of $7.0 million,
or $0.19 per share, compared with a net loss of $3.3 million, or
$0.11 per share, in the fourth quarter of 2005. For the year ended
December 31, 2006, the Company reported a net loss of $23.6
million, or $0.68 per share, compared with a net loss of $21.1
million, or $0.88 per share in the same period of 2005. The higher
net loss for the year-to-date financial results primarily reflected
a full year of spending on the Phase 3 trial of TOCOSOL Paclitaxel,
as well as continued spending on manufacturing and clinical
supplies of TOCOSOL Paclitaxel. For the fourth quarter of 2006,
Sonus recognized $5.9 million in revenue under its collaboration
agreement with Bayer Schering, which includes $4.5 million from
reimbursable expenses for work related to the development of
TOCOSOL Paclitaxel and $1.4 million for amortization of the upfront
license fee that the Company received under its agreement with
Bayer Schering. For full year 2006, Sonus recognized a total of
$22.4 million in revenue, including $16.9 million from reimbursable
expenses from Bayer Schering for the TOCOSOL Paclitaxel development
program and $5.5 million for amortization of the upfront license
fee. Cash and investments totaled $58.3 million at December 31,
2006. The Company expects that its 2007 net cash burn will be
approximately $36 million. With its current resources, Sonus has
sufficient cash to operate through the second quarter of 2008.
Conference Call Information The 2006 year-end conference call will
be web cast live at 1:30 P.M. PT/4:30 P.M. ET on March 14 and can
be accessed at www.sonuspharma.com/events.html. An archive of the
call will be available through the same link. A telephone replay
will be available from March 14, 4:30 P.M. PT/7:30 P.M. ET, for one
week at 800-405-2236 or 303-590-3000 for international calls;
Conference ID: 11085952. About Sonus Pharmaceuticals, Inc. Located
near Seattle, Washington, Sonus Pharmaceuticals is focused on the
development of cancer drugs that are designed to provide better
efficacy, safety and tolerability, and are more convenient to use.
The Company�s lead product candidate, TOCOSOL Paclitaxel, is
currently in a Phase 3 pivotal trial in metastatic breast cancer.
TOCOSOL Paclitaxel may have the ability to offer an easier to use
and potentially safer and more effective alternative paclitaxel
therapy for cancer patients. In addition to the continuing
development of TOCOSOL Paclitaxel, Sonus initiated the Phase 1
clinical program for its second cancer drug, TOCOSOL Camptothecin,
in September 2006. The Company�s objective with TOCOSOL
Camptothecin is to provide a ready-to-use product that has enhanced
efficacy and improved tolerability compared to the commercially
available camptothecin analogs. For additional information on
Sonus, including past news releases, please visit
www.sonuspharma.com. Safe Harbor Certain statements made in this
press release are forward-looking such as those, among others,
relating to the development, safety and efficacy of therapeutic
drugs and potential applications for these products. As discussed
in Sonus Pharmaceuticals' filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for 2005,
actual results could differ materially from those projected in the
forward-looking statements as a result of the following factors,
among others:�the Company's products will require extensive
clinical testing and approval by regulatory authorities; such
approvals are lengthy and expensive and may never occur; risks that
the Company will not be able to complete the Phase 3 clinical trial
for TOCOSOL Paclitaxel; risks that clinical studies with TOCOSOL
Paclitaxel will be delayed or will not be successful; risks that
the FDA may not approve the TOCOSOL Paclitaxel New Drug
Application; risks that the Phase 1 clinical trial for TOCOSOL
Camptothecin will not be successful; risks of successful
development of therapeutic drugs; and risks that the Company may
not be successful in obtaining funding from third parties or
completing a financing necessary to support the costs and expenses
of clinical studies as well as research and development activities.
The Company undertakes no obligation to update the forward-looking
statements contained herein or to reflect events or circumstances
occurring after the date hereof. Condensed Statements of Operations
(in thousands, except per share amounts) � Three Months Ended
Twelve Months Ended December 31, December 31, � 2006� � 2005� �
2006� � 2005� (unaudited) (unaudited) Collaboration revenue from
Bayer Schering Pharma AG $ 5,893� $ 8,254� $ 22,392� $ 8,254�
Operating expenses: Research and development 11,462� 10,523�
41,102� 24,493� General and administrative � 2,134� � 1,467� �
7,576� � 5,570� Total operating expenses � 13,596� � 11,990� �
48,678� � 30,063� Operating loss (7,703) (3,736) (26,286) (21,809)
Other income, net � 690� � 413� � 2,735� � 712� Net loss $ (7,013)
$ (3,323) $ (23,551) $ (21,097) � Net loss per share: Basic and
Diluted $ (0.19) $ (0.11) $ (0.68) $ (0.88) � Shares used in
calculation: Basic and Diluted 36,811� 29,546� 34,730� 24,027� �
Condensed Balance Sheets (in thousands) � December 31, December 31,
� 2006� � 2005� � Assets: Cash, cash equivalents and marketable
securities $ 58,278� $ 49,318� Accounts receivable from Bayer
Schering Pharma AG 8,044� 7,057� Other current assets 524� 342�
Property and equipment, net 1,186� 1,006� Long-term receivable from
Bayer Schering Pharma AG -� 87� Other assets � 461� � 104� Total
assets $ 68,493� $ 57,914� � Liabilities and stockholders' equity:
Accounts payable $ 898� $ 1,260� Accrued expenses 11,928� 4,408�
Accounts payable with Bayer Schering Pharma AG 1,473� -� Deferred
revenue from Bayer Schering Pharma AG 11,087� 16,633� Lease
obligations 15� 42� Other liabilities 50� 307� Stockholders' equity
� 43,042� � 35,264� Total liabilities and stockholders' equity $
68,493� $ 57,914�
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