BASKING RIDGE, N.J., Nov. 16 /PRNewswire-FirstCall/ -- VioQuest Pharmaceuticals , a New Jersey-based biopharmaceutical company focused on developing cancer therapeutics, announced today financial results for the three and nine months ended September 30, 2007. The Company reported a loss from continuing operations for the three months ended September 30, 2007, of $3.2 million, or $0.07 per share, compared to a loss of $911,125, or $0.02 per share, in the third quarter of 2006. The third quarter 2007 loss included approximately $300,000 of employee stock- based compensation expense and approximately $600,000 of non-cash expense related to the amortization of convertible notes. For the nine months ended September 30, 2007, the Company reported a loss from continuing operations of $7.6 million, or $0.17 per share, compared to a loss of $3.2 million, or $0.08 per share in the first nine months of fiscal 2006. The loss for the nine months ended 2007 included approximately $800,000 of employee stock-based compensation expense and approximately $600,000 of non-cash expense related to the amortization of convertible notes. The increased loss from continuing operations was primarily due to increased research and development expenses related to clinical activities, and increased non-cash expenses.
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VioQuest expects to achieve the following corporate objectives for the balance of 2007 and the first half of 2008:
About VioQuest Pharmaceuticals
VioQuest focuses on acquiring, developing, and commercializing targeted late preclinical and early clinical stage therapies with unique mechanisms of action primarily for oncology and infectious diseases. VioQuest has three targeted drug candidates in clinical development: VQD-002 which inhibits activation of Akt that is seen at abnormally high levels in breast, ovarian, colorectal, pancreatic, and hematologic cancers; Lenocta(TM), an inhibitor of specific protein tyrosine phosphatases (PTPases), SHP-1 and SHP-2, which has shown compelling clinical and biological activity in solid tumors and Xyfid(TM), a topical therapy which has shown early clinical promise in the treatment and prevention of chemo-induced Hand-Foot Syndrome (HFS). VioQuest anticipates commencing Phase II combination trials for VQD-002, Lenocta(TM) and Xyfid(TM) in the first half of 2008. Additional information on VioQuest Pharmaceuticals can be located at www.vioquestpharm.com.
This press release contains forward-looking statements that involve risks and uncertainties that could cause VioQuest’s actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as anticipates, expects, plans, believes, intends, and similar words or phrases. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. In addition, this press release also includes forward-looking statements regarding the timing, progress and results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings and commercialization efforts of VioQuest’s drug development product candidates. These statements are subject to various risks and uncertainties and include the possibility that the results of clinical trials will not support VioQuest’s claims, the possibility that VioQuest’s development efforts relating to its product candidates, including Lenocta(TM), VQD-002, and Xyfid(TM) will not be successful, the inability to obtain regulatory approval of VioQuest’s product candidates, VioQuest’s reliance on third-party researchers to develop its product candidates, its lack of experience in developing and commercializing pharmaceutical products, and the possibility that its licenses to develop and commercialize its product candidates may be terminated. Additional risks are described in VioQuest’s Annual Report on Form 10-KSB for the year ended December 31, 2006. VioQuest assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
brian.lenz@vioquestpharm.comLisa.lindberg@vioquestpharm.com
CONTACT: Brian Lenz, Interim Chief Executive Officer and Chief Financial
Officer, +1-908-766-4400, ext. 117, brian.lenz@vioquestpharm.com, or Lisa
Lindberg, VP, Investor Relations and Corporate Communications,
+1-908-766-4400, ext. 116, Lisa.lindberg@vioquestpharm.com, both of
VioQuest Pharmaceuticals
Web site: http://www.vioquestpharm.com//
