Myrexis Reports Fiscal Year 2010 Results
The financial results for the quarter and fiscal year periods ended June 30, 2010 and the balance sheet as of June 30, 2010 and 2009 represent the first full year of operations for Myrexis and its financial condition as an independent company after its spin-off from Myriad Genetics, Inc. on June 30, 2009. The results of operations for the quarter and fiscal year periods ended June 30, 2009 were derived from the historical consolidated financial statements of Myriad Genetics and such results may not be indicative of the actual operating results that would have been realized had the Company operated as an independent, publicly traded company.
During the fiscal year 2010, Myrexis used a total of $40.4 million of cash to fund its operations, resulting in a balance of $147.5 million in cash, cash equivalents and marketable investment securities on June 30, 2010.
No research revenue was recognized for the fourth quarter of fiscal 2010, compared to $392,000 in the fourth quarter of fiscal 2009. For the fiscal year 2010, research revenue was $90,000, compared to $5.5 million in the previous fiscal year. Research revenue in the prior fourth quarter and fiscal year periods reflect revenue earned from two long-term research collaborations that were both completed during the fiscal year ended June 30, 2009. In 2009 the majority of research revenues were derived from whole genome sequencing projects, and today the market for such projects has been impacted by recent advances in competing DNA sequencing technologies. Accordingly, we do not anticipate a return of research revenue to the levels experienced in 2009 and prior years.
Research and development expenses for the fiscal fourth quarter 2010 were $6.9 million, a 47% decrease from the $12.9 million reported in fiscal fourth quarter 2009. For the fiscal year 2010, research and development expenses totaled $28.2 million, a 48% decrease from the fiscal year 2009. The year-over-year decreases in research and development expenses for the fourth quarter and fiscal year ended June 30, 2010 was due to decreased internal drug development costs of approximately $3.8 million and $24.3 million, respectively, primarily resulting from reductions in headcount and the cessation of other internal development activities related to our former drug candidate Flurizan. Also, over the same prior year periods, external drug development costs included a $7.5 million purchase of in-process research and development related to our HIV candidate MPC-4326.
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