Myrexis, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended March 31, 2012
May 10, 2012 at 04:15 pm EDT
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Myrexis, Inc. announced unaudited earnings results for the third quarter and nine months ended March 31, 2012. For the quarter, operating loss was $10,819,000 compared to $12,968,000 for the same period a year ago. Net loss was $10,692,000 compared to $12,843,000 for the same period a year ago. Loss per basic and diluted share was $0.40 compared to $0.50 for the same period a year ago. The company announced in March 2011 that it had stopped all contract research services activity, and as a result, no research revenue was recognized compared to $55,000 for the three months ended March 31, 2011. Prior year research revenue reflects revenues earned to identify and characterize protein-protein interactions.
For the nine months, operating loss was $27,114,000 compared to $32,350,000 for the same period a year ago. Net loss was $26,789,000 compared to $30,717,000 for the same period a year ago. Loss per basic and diluted share was $1.02 compared to $1.21 for the same period a year ago. The net cash used in operating activities was $20.6 million compared to $24.8 million for the same nine month period ended March 31, 2011. The change in cash flow from operating activity can be attributed primarily to the timing and payment of liabilities and reduced share-based compensation expense, which were offset, in part, by a lower net loss in 2012. The company recorded no research revenue compared to $185,000 for the nine months ended March 31, 2011.
Myrexi, Inc. is a development-stage company. The Company was a biopharmaceutical company that generated a pipeline of differentiated drug candidates in oncology and autoimmune diseases. In February 2012, it announced that the Company has suspended development activity on all of its preclinical and clinical programs and retained Stifel Nicolaus Weisel, an investment banking firm, to assist in reviewing and evaluating a full range of strategic alternatives to enhance shareholder value. The Company determines to pursue the acquisition of one or more commercial-stage biopharmaceutical assets, with the goal of building a commercial-stage biopharmaceutical company. The Company operates in pharmaceutical development and related research activities. The Companyâs revenues were derived from research performed in the United States and, all of the Companyâs long-lived assets are located in the United States.