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Talon Therapeutics, Inc. Reports Fourth Quarter And Year End 2010 Financial Results

Stocks in this article: TLON

SAN MATEO, Calif., March 28, 2011 (GLOBE NEWSWIRE) -- Talon Therapeutics, Inc. (OTCBB:TLON) today reported financial results for the fourth quarter and full year ended December 31, 2010, and provided a corporate update.

"2010 was a year of significant accomplishments for Talon clinically and financially," stated Steven R. Deitcher, M.D., President and Chief Executive Officer of Talon Therapeutics. "For 2011, we will continue our focus on submitting a New Drug Application for accelerated approval of Marqibo."

2010 Corporate Highlights

  • Completed and presented data for a Phase 2 pivotal study of Marqibo(R) for the treatment of Philadelphia chromosome negative (Ph-) adult acute lymphoblastic leukemia (ALL) in second or greater relapse or that has progressed following two or more prior lines of anti-leukemia therapy, referred to as the rALLy study.
  • Completed the Phase 1 program for Menadione Topical Lotion for the treatment of dose-limiting skin rash associated with taking epidermal growth factor receptor (EGFR) inhibitors for anti-cancer treatment.
  • Completed a financing with Warburg Pincus and Deerfield Management for up to $100 million, of which $40 million was received in June 2010.
  • Strengthened intellectual property coverage with new patents issued for Menadione Topical Lotion and Marqibo.

Three Months Ended December 31, 2010 Unaudited Financial Results

For the three months ended December 31, 2010, the Company reported a net loss of $6.3 million and deemed dividends on preferred stock of $0.9 million, which when combined, resulted in a net loss applicable to common stockholders of $7.2 million, or $0.34 per share. The deemed dividends on preferred stock contributed $0.05 per share to the total net loss applicable to common stockholders for the three months ended December 31, 2010. This compares with a net loss of $5.0 million, or a loss per share of $0.28, for the three months ended December 31, 2009. There were no deemed dividends on preferred stock for the three months ended December 31, 2009.

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