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

Additional information on Talon Therapeutics can be found at www.talontx.com.

The Talon Therapeutics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3290

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases. These forward-looking statements include without limitation, statements regarding the timing of planned regulatory filings relating to Marqibo, Talon's ability to obtain accelerated approval of Marqibo for the treatment of Ph- adult ALL, and the potential of Marqibo to replace existing therapies. Such statements involve risks and uncertainties that could cause Talon's actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that any of Talon's clinical and regulatory development efforts relating to Marqibo will be successful; that even if an NDA for Marqibo is accepted by the FDA, that it will be approved; that the data of the clinical trials of Marqibo will be sufficient to support approval by the FDA of an NDA for Marqibo; that the results of the clinical trials of Marqibo will support Talon's claims or beliefs concerning Marqibo's safety and effectiveness; and that Talon will be able to secure the additional capital necessary to fund its product development programs, including Marqibo, to completion, Talon's reliance on third-party researchers to develop its product candidates, and its lack of experience in developing and commercializing pharmaceutical products. Additional risks are described in the company's Annual Report on Form 10-K for the year ended December 31, 2010. Talon assumes no obligation to update these statements, except as required by law. 
TALON THERAPEUTICS, INC.
     
BALANCE SHEETS
     
  December 31, 2010 December 31, 2009
     
ASSETS    
Current assets:    
Cash and cash equivalents $ 4,573,254 $ 9,570,453
Available-for-sale, equity securities 74,000 68,000
Available-for-sale, debt securities 17,993,745
Prepaid expenses and other current assets 253,901 114,067
Total current assets 22,894,900 9,752,520
     
Property and equipment, net 97,231 252,455
Restricted cash 125,000 125,000
Debt issuance costs 904,909 1,193,594
Total assets $ 24,022,040 $ 11,323,569
     
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Current liabilities:    
Accounts payable and accrued liabilities $ 6,051,982 $ 4,027,075
Other short-term liabilities 1,787 43,586
Total current liabilities   6,053,769   4,070,661
Notes payable, net of discount 23,340,144 22,597,050
Other long-term liabilities 4,753 6,540
Investors' right to purchase future shares of Series A-1 and A-2 preferred stock 5,131,000
Warrant liabilities, non-current 712,965 2,145,511
Total long term liabilities 29,188,862 24,749,101
Total liabilities 35,242,631 28,819,762
Commitments and contingencies:    
Redeemable convertible preferred stock; $100 par value:    
10 million shares authorized, 0.4 million and 0 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively; aggregate liquidation value of $42.4 million and $0 at December 31, 2010 and December 31, 2009, respectively 30,643,219
     
Stockholders' deficit:    
Common stock; $0.001 par value:    
350 million and 200 million shares authorized, 21.2 million and 19.9 million shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively 21,234 19,912
Additional paid-in capital 119,241,956 117,632,111
Accumulated other comprehensive loss (15,841) (24,000)
Accumulated deficit (161,111,159) (135,124,216)
Total stockholders' deficit (41,863,810) (17,496,193)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit $ 24,022,040 $ 11,323,569
 
TALON THERAPEUTICS, INC.
     
STATEMENTS OF OPERATIONS
     
  Three Months Ended   December 31, Years Ended   December 31,
  2010 2009  2010 2009
  (unaudited) (unaudited)    
Operating expenses:        
General and administrative $ 1,270,891 $ 1,402,795 $ 5,570,820 $ 4,907,690
Research and development 5,228,110 3,990,944 20,194,878 14,692,417
Total operating expenses 6,499,001 5,393,729 25,765,698 19,600,097
         
Loss from operations (6,499,001) (5,393,729) (25,765,698) (19,600,097)
         
Other income (expense):        
Interest income 11,227 309 49,247 12,935
Interest expense (869,102) (946,750) (3,750,471) (3,442,893)
Other expense, net (3,512) (4,908)
         
Change in fair value of warrant liabilities (20,690) 1,345,554 (55,509) (1,103,666)
Change in fair value of investors' right to purchase future shares of Series A-1 and A-2 preferred stock 1,108,000 3,539,000
         
Total other income (expense) 229,434 399,113 (221,245) (4,538,532)
         
Net loss $ (6,269,567) $ (4,994,616) $ (25,986,943) $ (24,138,629)
         
Deemed dividends attributable to preferred stock (941,814) (32,308,787)
         
Net loss applicable to common stockholders (7,211,382) (4,994,616) (58,295,730) (24,138,629)
         
Net loss per share, basic and diluted $ (0.34) $ (0.28) $ (2.81) $ (2.27)
Weighted average shares used in computing net loss per share, basic and diluted 21,234,307 18,098,807 20,737,470 10,637,854
CONTACT: Talon Therapeutics, Inc.
         Investor & Media Contacts:
         Investor Relations Team
         (650) 588-6641
         investor.relations@talontx.com

Talon Therapeutics, Inc. Logo

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