Bioenvision fiscal 1Q 2007 revenues surge higher, net loss at $12.2 million for period

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Bioenvision said for the fiscal first quarter ended Sept. 30, revenues rose 328% to $2.9 million from $670,000 the prior-year period on the strength of Evoltra (clofarabine) product sales as well as an increase in license and royalty revenue of $590,000.

Selling, general and administrative expenses for the quarter were up 89.4% at $5.5 million from $2.9 million for the same period last year.

The company said its research and development costs for the three-month period were up 281.3% to $9.3 million from $2.4 million for the first fiscal quarter of 2006. Bioenvision attributed the increase to its licensing clofarabine in Japan and Southeast Asia as well as to development activities and ongoing clinical trials of clofarabine for pediatric and adult leukemias and psoriasis.

Net loss for the period was $12.2 million, or $0.29 per share, compared with a net loss of $4.9 million, or $0.12 per share for the three months ended Sept. 30, 2005.

Bioenvision had cash, cash equivalents and short-term investments at Sept. 30 of $35.7 million, compared with $45.0 million at June 30.

"We will now focus our development efforts on expanding Evoltra's commercial potential," chairman and chief executive officer Christopher B. Wood said in a company news release.

"Our next target in Evoltra development is the filing, before year's end, for approval with the European Commission to treat elderly patients with AML (acute myeloid leukemia) who are unfit for intensive chemotherapy."

Bioenvision is a New York biopharmaceutical company.

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