NEW HAVEN, Conn., Nov. 10 /PRNewswire-FirstCall/ -- VION PHARMACEUTICALS, INC. today announced financial results for the three-month and nine-month periods ending September 30, 2009.
For the nine-month period, the net loss was $17.1 million, or $2.15 per share, compared with a net loss of $22.9 million, or $3.12 per share, for the same 2008 period. Weighted-average common shares outstanding for the nine-month periods ended September 30, 2009 and 2008 were 8.0 million and 7.4 million, respectively.
On October 12, 2009, the Company announced it had hired the investment banking firm Merriman Curhan Ford & Co. to assist in evaluating its strategic alternatives. These alternatives include any combination of a restructuring of the Company and its debt and a sale of the Company or its assets. The Company may also consider financing options. The Company expects its strategic review to be completed in the fourth quarter of 2009. The outcome of the Company’s strategic review will determine whether the Company continues operations or whether it curtails or ceases operations, liquidates its assets and/or files for bankruptcy.
About Vion Pharmaceuticals
This news release contains forward-looking statements. Such statements are subject to certain risk factors which may cause Vion’s plans to differ or results to vary from those expected, including Vion being unsuccessful in achieving its strategic alternatives, including any combination of a restructuring of the Company and its debt, a sale of the Company or its assets, and raising new capital, in which case it may have to consider curtailing or ceasing operations, liquidating its assets and/or filing for bankruptcy, Vion’s potential inability to obtain regulatory approval for its products, particularly Onrigin(TM) (laromustine) Injection, delays in the regulatory approval process, particularly for Onrigin(TM), delays or unfavorable results of drug trials, the possibility that favorable results of earlier preclinical studies, clinical trials or interim clinical trial data are not confirmed by safety and efficacy results in later or final clinical trials, the need for additional research and testing, including the need for a randomized trial of Onrigin(TM) prior to regulatory approval in accordance with the recommendation of the Oncologic Drug Advisory Committee, the inability to manufacture product, the potential inability to secure external sources of funding to continue operations, the inability to access capital and funding on favorable terms, continued operating losses and the inability to continue operations as a result, and a variety of other risks set forth from time to time in Vion’s filings with the Securities and Exchange Commission, including but not limited to the risks attendant to the forward-looking statements included under Item 1A, “Risk Factors” in Vion’s Form 10-K for the year ended December 31, 2008 and Vion’s Form 10-Q for the quarter ended September 30, 2009. Except in special circumstances in which a duty to update arises under law when prior disclosure becomes materially misleading in light of subsequent events, Vion does not intend to update any of these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
The Company will hold a conference call at 8:30 a.m. Eastern Time on November 12, 2009 to discuss its operations and financial results.
An audio webcast of the call will be accessible at www.vionpharm.com. Those who wish to listen to the conference call on the Web should visit the Investor Relations section of the Company’s website at least 15 minutes prior to the event broadcast, and follow the instructions provided to assure that the necessary audio applications are downloaded and installed. These programs can be obtained at no charge to the user.
Vion Pharmaceuticals, Inc.
