This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Myrexis Reports Second Quarter Fiscal 2011 Financial Results

Research revenue for the three and six months ended December 31, 2010 was $23,000 and $130,000 compared to $0 and $60,000 in the same periods in 2009. Research revenue in all periods reflects charges under services agreements related to the characterization of protein-protein interactions. Due to more limited demand and general market conditions for such services, the Company does not expect growth in its research revenue.

Research and development expenses for the three and six months ended December 31, 2010 were $5.0 million and $10.7 million compared to $8.2 million and $14.1 million in the same periods last year. The respective 39% and 24% decreases were primarily due to lower external drug development costs resulting from the discontinuation of HIV drug candidate MPC-4326, the completion of patient enrollment in other clinical trials, and decreased preclinical development costs resulting from reductions in headcount and laboratory supplies.

Myrexis expects research and development expenses to fluctuate over the next several years as it conducts additional clinical trials to support the potential commercialization of drug candidates.

General and administrative expenses for the three and six months ended December 31, 2010 were $4.2 million and $8.8 million compared to $6.9 million and $12.2 million for the same periods in 2009. These 39% and 28% decreases in general and administrative expenses were due primarily to a reduction in headcount; and the inclusion of expenses associated with an acquisition proposal and higher litigation related expenses, in the prior year periods. These decreases were offset, in part, by increased facilities costs.

Other income of $1.4 million and $1.5 million for the three and six months ended December 31, 2010 compared to $0.4 million and $0.8 million for the same periods in 2009, respectively, reflects a one-time $1.2 million grant received in November 2010 as a part of the qualifying therapeutic discovery project under Section 48D of the Internal Revenue Code. This increase was offset, in part, by a reduction in interest income earned on the Company's marketable investment securities, during the current periods, due to a lower invested balance of marketable securities.

3 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs