FREMONT, Calif.--(BUSINESS WIRE)--Genitope Corporation (Nasdaq: GTOP) today reported financial results for the quarter ended March 31, 2007. Financial Results For the first quarter of 2007, Genitope Corporation reported total operating expenses of $14.6 million and a net loss of $15.2 million, or $0.42 per share. This compares to total operating expenses of $11.9 million and a net loss of $10.9 million, or $0.33 per share, for the same quarter of 2006. The increase in operating expenses was primarily due to higher staffing levels and other operating costs required to support Genitope’s ongoing preparations to commercialize MyVax® personalized immunotherapy and advance our monoclonal antibody program, as well as recognition of higher depreciation expenses associated with Genitope’s new manufacturing facility and corporate headquarters. The decrease in net interest income reported for the first quarter of 2007 was primarily due to $1.3 million of non-cash interest expense related to our new manufacturing facility and corporate headquarters.
