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Talon Therapeutics, Inc. Reports Second Quarter 2012 Financial Results

Stocks in this article: TLON

SOUTH SAN FRANCISCO, Calif., Aug. 13, 2012 (GLOBE NEWSWIRE) -- Talon Therapeutics, Inc., (OTCBB:TLON), today reported financial results for the three and six months ended June 30, 2012.

"The FDA's decision to approve our NDA seeking accelerated approval of Marqibo (R) (vinCRIStine sulfate LIPOSOME injection) is a seminal event for Talon," stated Steven R. Deitcher, President, Chief Executive Officer and Board Member of Talon Therapeutics. "Our focus now turns to making Marqibo (R) available to patients in the United States. We are operating on parallel commercialization paths, including planning activities to launch Marqibo (R) ourselves, as well as consideration of strategic partnerships."

Recent Corporate Highlights:

  • FDA approves new drug application (NDA) seeking accelerated approval of Marqibo (R) for the treatment of adult patients with Philadelphia chromosome negative (Ph-) acute lymphoblastic leukemia (ALL) in second or greater relapse or whose disease has progressed following two or more anti-leukemia therapies.
  • Enrollment and dosing of the first patient in the Phase 3 confirmatory study of Marqibo (R) in adults (60 years of age and older) with newly diagnosed Ph- ALL.
  • Appointment of Thomas DeZao as Vice President of Commercial Operations and Planning and initiation of commercialization activities.

Three Months Ended June 30, 2012 Financial Results

For the three months ended June 30, 2012, Talon reported a net loss of $60.8 million and deemed dividends attributable to preferred stock of $1.5 million, which when combined, resulted in a net loss applicable to common stockholders of $62.3 million, or $2.85 per share. This compares to a net loss of $6.0 million and deemed dividends of$1.0 million, which when combined, resulted in a net loss of $7.0 million, or $0.33 per share, for the three months ended June 30, 2011. The change in fair value of Talon's preferred stockholders' rights to purchase additional shares of preferred stock contributed to $55.5 million, or $2.54 per share, of the total net loss applicable to common stockholders for the three months ended June 30, 2012. The deemed dividends attributable to preferred stock contributed to $1.5 million, or $0.07 per share, of the total net loss applicable to common stockholders for the three months ended June 30, 2012.

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