Maxim Pharmaceuticals Announces 2005 Third Quarter Financial Results
Maxim Pharmaceuticals, Inc. (Nasdaq:MAXM) (SSE:MAXM) today announced results for the quarter ended June 30, 2005, the third quarter of its fiscal year. The net loss applicable to common stock for the quarter totaled $5.5 million or $0.19 per share, compared to a net loss applicable to common stock of $11.7 million or $0.41 per share, for the prior-year quarter.
The net loss applicable to common stock for the nine months ended June 30, 2005 totaled $21.8 million or $0.76 per share, compared to a net loss applicable to common stock of $30.5 million or $1.08 per share for the same period in the prior year. The decrease in the net loss for the period resulted primarily from a decrease in Research and Development expense resulting from the substantial completion of the Company's Ceplene(TM) clinical trials and a reduction in expenses resulting from the October 2004 and February 2005 work force reductions.
The Company had cash, cash equivalents and investments totaling $27.0 million at June 30, 2005. Maxim used net cash of $5.3 million in its operations during the quarter ended June 30, 2005.
"During the quarter we continued to reduce our cash burn as our Ceplene trials are now substantially complete and we have paid substantially all of the expenses related to the work force reductions earlier this year," said John D. Prunty, Maxim's Chief Financial Officer. "Our apoptosis modulator program continues to progress with several recent announcements regarding patents and publications as well as the initiation of a new screening campaign. We also continue to work with Piper Jaffray & Co. To identify and evaluate our strategic options."
Maxim Overview
Maxim Pharmaceuticals is a biopharmaceutical company dedicated to developing innovative cancer therapeutics. Maxim has completed one Phase 3 clinical trial of Ceplene(TM) plus Interleukin-2 combination therapy as a remission maintenance therapy for patients with Acute Myeloid Leukemia. The Company is currently seeking a strategic partnership to further develop Ceplene and to complete commercialization. Maxim is also engaged in the discovery and development of small-molecule apoptosis inducers to treat various cancers using its proprietary high-throughput screening technology and its chemical genetics approach. This program has identified four lead oncology candidates that are proceeding to clinical trials independently and through collaborations.