BURLINGTON, Mass., Nov. 15, 2011 /PRNewswire/ -- Coronado Biosciences, Inc., a company focused on novel immunotherapy biologic agents for the treatment of autoimmune diseases and cancer, today announced financial results for the third quarter ended September 30, 2011.
The Company’s cash and cash equivalents as of September 30, 2011 were approximately $26.7 million. Coronado incurred a net loss of approximately $29.6 million for the nine month period ended September 30, 2011, compared to a net loss of $8.4 million for the same period in 2010. This increase in net loss was due primarily to a $20.7 million charge in 2011 for in-process research and development expense relating to the acquisition of CNDO-201. Net loss for the three month period ended September 30, 2011 was $3.4 million compared to a net loss of $2.1 million for the same period in 2010.
“Over the last few months we have achieved several important milestones and objectives,” stated Dr. Bobby W. Sandage, Jr., President and CEO of Coronado Biosciences. “Coronado completed its transition from a private company to a public reporting company. We anticipate the trading of our common stock to commence on the OTC Bulletin Board soon, with the goal of listing on a national exchange shortly thereafter. On the clinical front, the IND for CNDO-201 was filed with the FDA and we expect to initiate a Phase I dose-ranging trial in Crohn’s disease patients in the next few weeks. For CNDO-109, final data from the Phase I trial in AML will be presented at the American Society of Hematology annual meeting in December.”
Upcoming Events
November 15-16 | Lazard Capital Markets 8th Annual Healthcare Conference, New York City | |
Corporate presentation | ||
December 10-13 | American Society of Hematology Annual Meeting, San Diego | |
Presentation of Phase I data for CNDO-109 in Acute myeloid leukemia | ||
December 13-15 | Oppenheimer 22nd Annual Healthcare Conference, New York City | |
Corporate presentation | ||
About Coronado Biosciences
Coronado Biosciences is engaged in the development of novel immunotherapy biologic agents. The Company’s two principal pharmaceutical product candidates in clinical development are: CNDO-201, a biologic for the treatment of autoimmune diseases, such as Crohn’s disease, ulcerative colitis and multiple sclerosis; and CNDO-109, a biologic that activates natural killer (NK) cells, for the treatment of acute myeloid leukemia (AML) and solid tumors. For more information, please visit www.coronadobiosciences.com.
