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"Our primary focus for the first three months of 2011 was the preparation of our NDA filing for Marqibo®," stated
Three Months Ended
For the three months ended
Total operating expenses for the three months ended
As of
The per share results for all periods have been adjusted to reflect the impact of the Company's 1-for-4 reverse stock split that occurred at the close of business on
About Marqibo (vincristine sulfate liposomes injection)
Marqibo is a novel, targeted Optisome™ encapsulated formulation product candidate of the
Vincristine, a microtubule inhibitor, is
About
In addition to Marqibo and Menadione Topical Lotion, the Company has additional pipeline opportunities some of which, like Marqibo, improve delivery and enhance the therapeutic benefits of well characterized, proven chemotherapies and enable high potency dosing without increased toxicity.
Additional information on
The
Forward-Looking Statement
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 of planned regulatory filings relating to Marqibo, Talon's ability to obtain accelerated approval of Marqibo for the treatment of adult Ph- adult ALL, and the potential of Marqibo to replace existing therapies. Such statements involve risks and uncertainties that could cause Talon'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, the timing of Talon's proposed submission of an NDA seeking accelerated approval of Marqibo is subject to the
| TALON THERAPEUTICS, INC. | ||
| CONDENSED BALANCE SHEETS | ||
| (In thousands) | ||
| (Unaudited) | ||
|
March 31, 2011 |
December 31, 2010 |
|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 9,170 | $ 4,573 |
| Available-for-sale securities | 7,015 | 18,068 |
| Prepaid expenses and other current assets | 177 | 254 |
| Total current assets | 16,362 | 22,895 |
| Property and equipment, net | 125 | 97 |
| Restricted cash | 125 | 125 |
| Other long-term assets | 32 | |
| Debt issuance costs | 866 | 905 |
| Total assets | $ 17,510 | $ 24,022 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $ 6,663 | $ 6,052 |
| Other short-term liabilities | 2 | 2 |
| Total current liabilities | 6,665 | 6,054 |
| Notes payable, net of discount | 23,513 | 23,340 |
| Other long-term liabilities | 4 | 5 |
| Investors' right to purchase future shares of Series A-1 and A-2 preferred stock | 7,513 | 5,131 |
| Warrant liabilities | 1,171 | 713 |
| Commitments and contingencies: | ||
| Redeemable convertible preferred stock; $100 par value: | ||
| 10 million shares authorized, 0.4 million issued and outstanding at March 31, 2011 and December 31, 2010; aggregate liquidation value of $43.4 million and $42.4 million at March 31, 2011 and December 31, 2010, respectively | 30,643 | 30,643 |
| Stockholders' deficit: | ||
| Common stock; $0.001 par value: | ||
| 350 million shares authorized, 21.2 million shares issued and outstanding at March 31, 2011 and December 31, 2010 | 21 | 21 |
| Additional paid-in capital | 119,505 | 119,242 |
| Accumulated other comprehensive income | 1 | (16) |
| Accumulated deficit | (171,526) | (161,111) |
| Total stockholders' deficit | (51,999) | (41,864) |
| Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $ 17,510 | $ 24,022 |
| TALON THERAPEUTICS, INC. | ||
| CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
| (In thousands, except per share data) | ||
| (Unaudited) | ||
| Three Months Ended | ||
| March 31, | ||
| 2011 | 2010 | |
| Operating expenses: | ||
| General and administrative | $ 1,480 | $ 1,171 |
| Research and development | 5,144 | 3,258 |
| Total operating expenses | 6,624 | 4,429 |
| Loss from operations | (6,624) | (4,429) |
| Other expense: | ||
| Interest expense | (881) | (1,084) |
| Other expense, net | (70) | — |
| Change in fair value of warrant liabilities | (458) | 41 |
| Change in fair value of investors' right to purchase future shares of Series A-1 and A-2 preferred stock | (2,382) | — |
| Total other expense | (3,791) | (1,043) |
| Net loss | $ (10,415) | $ (5,472) |
| Deemed dividends attributable to preferred stock | (941) | — |
| Net loss applicable to common stock | (11,356) | (5,472) |
| Net loss per share applicable to common stock, basic and diluted | $ (0.53) | $ (0.27) |
| Weighted average shares used in computing net loss per share, basic and diluted | 21,243 | 19,946 |
| Comprehensive loss: | ||
| Net loss | $ (10,415) | $ (5,472) |
| Unrealized holdings gains (losses) arising during the period | (59) | 8 |
| Less: reclassification adjustment for other-than-temporary impairment included in net loss | 76 | — |
| Comprehensive loss | $ (10,398) | $ (5,464) |
CONTACT:Talon Therapeutics, Inc. Investor & Media Contacts: Investor Relations Team (650) 588-6641 investor.relations@talontx.com
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