Myrexis Reports Fiscal Year 2010 Results
Myrexis expects research and development expenses will fluctuate over the next several years as it conducts additional clinical trials to support the potential commercialization of drug candidates currently in clinical development, including Azixa and MPC-3100, and advances preclinical drug candidates into clinical development.
Selling, general and administrative expenses for the fourth quarter of fiscal 2010 were $0.9 million, compared to $1.8 million in the previous year. For the fiscal year 2010, selling, general and administrative expenses totaled $20.0 million, compared to $8.9 million during fiscal year 2009. The 124% increase in selling general and administrative expenses in the current fiscal year was due primarily to an increase in expenses associated with being a separate, stand-alone publicly traded entity. In addition, Myrexis incurred $3.1 million in external expenses in connection with the proposed merger with Javelin Pharmaceuticals, Inc. that was terminated in April 2010. These expenses were offset by $1.5 million in stipulated expenses reimbursed by Javelin plus a termination fee of $2.9 million. These reimbursed expenses are included in the financial results for the fourth quarter and fiscal year ended June 30, 2010, as an offset to total selling, general and administrative costs.
Other income of $22,000 and $1.2 million for the fourth quarter and fiscal year ended June 30, 2010, respectively, reflects interest income and realized gains on the Company's marketable investment securities. Prior to June 30, 2009, all cash and investments were held and managed by Myriad Genetics. Accordingly, Myrexis had no other income (expense) in the comparable prior year periods.
The net loss for the fourth quarter and fiscal year ended June 30, 2010 was $7.8 million and $47.0 million, respectively, compared to a net loss of $14.3 million and $58.1 million, respectively, for the corresponding periods in the prior fiscal year. Basic and fully diluted net loss per share was $0.31 per share and $0.60 per share for the three months ended June 30, 2010 and 2009, respectively. For the full fiscal year, basic and fully diluted net loss per share was $1.91 per share and $2.43 per share for the fiscal years ended June 30, 2010 and 2009, respectively.
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