PARSIPPANY, N.J., Nov. 9 /PRNewswire-FirstCall/ -- Alteon Inc.
(AMEX:ALT) announced today a net loss of $2,956,404 for the three
months ended September 30, 2005. This compares to a net loss of
$3,010,095 for the same period in 2004. The net loss applicable to
common stockholders, which includes a non-cash preferred stock
dividend, was $4,098,420 or $0.07 per basic/diluted share for the
three months ended September 30, 2005, as compared to $4,060,015 or
$0.08 per basic/diluted share for the same period in 2004. Research
and development expenses were $1,981,136 for the three months ended
September 30, 2005 as compared to $2,131,879 for the same period in
2004, a decrease of $150,743 or 7.1%. This decrease was primarily
attributed to decreased clinical trial costs due to the termination
of the SPECTRA trial offset by higher pre-clinical costs associated
with additional toxicity studies. General and administrative
expenses increased 13.8% to $1,062,503 for the three months ended
September 30, 2005, as compared to $933,414 for the same period in
2004. The increase is primarily related to higher corporate
expenses including the ongoing evaluation of our strategic options,
fees for increased Board of Director meetings and higher accounting
and legal fees associated with Sarbanes-Oxley compliance. For the
nine months ended September 30, 2005, Alteon had a net loss of
$10,974,772. This compares to a net loss of $10,246,889 for the
same period in 2004. The net loss applicable to common
stockholders, which includes a non-cash preferred stock dividend,
was $14,294,559 or $0.25 per basic/diluted share for the nine
months ended September 30, 2005, as compared to $13,309,620 or
$0.31 per basic/diluted share for the same period in 2004. Cash and
cash equivalents at September 30, 2005 totaled $8.2 million. About
Alteon Alteon is developing new classes of drugs that have shown
the potential to reverse or slow down diseases of aging and
complications of diabetes. These compounds appear to have an impact
on a fundamental pathological process caused by the progressive
formation of protein-carbohydrate complexes called Advanced
Glycation End-products (A.G.E.s). The formation and crosslinking of
A.G.E.s lead to a loss of flexibility and function in body tissues
and organs and have been shown to be a causative factor in many
age-related diseases and diabetic complications. Alteon has created
a library of novel classes of compounds targeting the A.G.E.
pathway. For more on Alteon, please visit our website,
http://www.alteon.com/. Any statements contained in this press
release that relate to future plans, events or performance are
forward-looking statements that involve risks and uncertainties
including, but not limited to, those relating to the Company's
technology and product development (including the possibility that
early clinical trial results may not be predictive of results that
will be obtained in large-scale testing or that any clinical trials
will not demonstrate sufficient safety and efficacy to obtain
requisite approvals or will not result in marketable products),
regulatory approval processes, intellectual property rights and
litigation, competitive products, ability to obtain financing, and
other risks identified in Alteon's filings with the Securities and
Exchange Commission. The information contained herein is accurate
as of the date indicated. Actual results, events or performance may
differ materially. Alteon undertakes no obligation to publicly
release the result of any revision to these forward-looking
statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Alteon Inc. Statements of Operations (Unaudited) Three
Months Ended Nine Months Ended September 30, September 30, 2005
2004 2005 2004 Income: Investment Income $87,235 $55,198 $286,789
$121,614 Other Income - - 100,000 151,822 Total Income 87,235
55,198 386,789 273,436 Expenses: Research and Development 1,981,136
2,131,879 8,115,615 7,261,576 General and Administrative 1,062,503
933,414 3,245,946 3,258,749 Total Expenses 3,043,639 3,065,293
11,361,561 10,520,325 Net Loss $(2,956,404) $(3,010,095)
$(10,974,772) $(10,246,889) Preferred Stock Dividends 1,142,016
1,049,920 3,319,787 3,062,731 Net Loss Applicable to Common
Stockholders $(4,098,420) $(4,060,015) $(14,294,559) $(13,309,620)
Basic/Diluted Net Loss Per Share Applicable to Common Stockholders
$(0.07) $(0.08) $(0.25) $(0.31) Weighted Average Common Shares Used
in Computing Basic/Diluted Net Loss Per Share 57,996,711 48,298,985
57,518,794 43,100,121 Selected Balance Sheet Data (Unaudited)
September 30, December 31, 2005 2004 Cash and Cash Equivalents
$8,183,766 $11,175,762 Total Assets 8,911,510 11,642,395
Accumulated Deficit (220,007,209) (205,712,650) Total Stockholders'
Equity 7,632,743 9,046,920 DATASOURCE: Alteon Inc. CONTACT: Susan
M. Pietropaolo, Director, Corporate Communications & Investor
Relations of Alteon Inc., +1-201-818-5537, Web site:
http://www.alteon.com/
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