FAIRFIELD, N.J., Aug. 18 /PRNewswire-FirstCall/-- Arno Therapeutics, Inc. , a clinical-stage biopharmaceutical company focused on oncology therapeutics, today announced financial results for the second quarter ended June 30, 2008.
Net loss was $3.8 million, or $0.29 per share, for the three months ended June 30, 2008, compared to $0.5 million, or $0.05 per share, for the same period in 2007. Net loss was $7.5 million, or $0.65 per share, for the six months ended June 30, 2008, compared to $0.8 million, or $0.08 per share, for the same period in 2007. Research and development expenses were $2.1 million and $5.3 million for the three and six months ended June 30, 2008, respectively. General and administrative expenses were $0.7 million and $1.2 million for the three and six months ended June 30, 2008. Cash used in operations was $4.9 million for the six months ended June 30, 2008.
At June 30, 2008, Arno had cash and cash equivalents of $14.4 million compared to $1.6 million on December 31, 2007. The increase in cash is attributed to the net proceeds of approximately $17.8 million resulting from Arno’s June 2008 private placement of common stock.
“We are very pleased with the first half of the year results, as we continued to advance our Phase I lead compound AR-67, as well as in-license our two additional compounds AR-12 and AR-42,” said Scott Z. Fields, MD, President and Chief Medical Officer of Arno. “With the additional capital from our June 2008 financing, we are excited to further advance the development of our three compounds.”
Key Achievements for the Six Months Ended June 30, 2008
-- Expanded our product portfolio by in-licensing AR-12, a PDK1 inhibitor, and AR-42, a Pan-DAC inhibitor which also inhibits the Akt pathway
-- Appointed Arie S. Belldegrun, MD as Chairman of the Board of Directors
-- Appointed Robert I. Falk as member of the Board of Directors
-- Completed private placement of common stock, resulting in net proceeds of $17.8 million
-- Became a public reporting company as a result of the June 2008 merger with Laurier International, Inc.
About Arno Therapeutics
Arno Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops and commercializes innovative products for the treatment of cancer patients. Arno’s lead compound is AR-67, a novel, third-generation camptothecin analogue in Phase I studies in patients with advanced solid tumors that has demonstrated high potency and significantly improved pharmacokinetic properties when compared with marketed second-generation products in its class. Arno is also developing two pre-clinical compounds. AR- 12 is a potential first-in-class, orally available PDK1 inhibitor that blocks the PI3K/Akt pathway undergoing IND-enabling studies. AR-42 is an orally available, targeted inhibitor of the Pan-DAC and Akt pathways also undergoing IND-enabling studies. Arno is actively pursuing additional compounds to expand its portfolio. For more information on Arno please visit www.arnothera.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, outlook, milestones, the success of Arno’s product development, future financial position, future financial results, plans and objectives of management are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including those described under the caption “Risk Factors” in our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 9, 2008. Arno is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
CONTACT: Brian Lenz, CPA, Chief Financial Officer, Arno Therapeutics,
Inc., +1-862-703-7175, bl@arnothera.com
Web site: http://www.arnothera.com/
