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Maxim Pharmaceuticals, Inc. (MAXM) Reports Fiscal 2005 Financial Results


12/14/2005 12:28:04 PM

SAN DIEGO--(BUSINESS WIRE)--Dec. 14, 2005--Maxim Pharmaceuticals, Inc. (NASDAQ:MAXM)(SSE:MAXM) today reported financial results for the fourth quarter and the year ended September 30, 2005. The net loss applicable to common stock for the fourth quarter ended September 30, 2005 totaled $5.9 million, or $0.21 per share, compared to a net loss applicable to common stock of $14.5 million, or $0.51 per share, for the same period of the prior year. The net loss applicable to common stock for the year ended September 30, 2005, totaled $27.7 million, or $0.97 per share, compared to a net loss applicable to common stock of $45.0 million, or $1.59 per share, for the prior fiscal year. The decrease in net loss for the quarter and fiscal year resulted primarily from a reduction in research and development expenses due to the substantial completion of the Company's Ceplene clinical trials and a reduction in expenses resulting from the October 2004 and February 2005 work force reductions. These decreases were offset by an increase in general and administrative expenses due to expenses related to the proposed merger with EpiCept Corporation, litigation expenses and compliance with Sarbanes-Oxley.

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