Total operating expenses for the three months ended December 31, 2010, were $6.5 million, compared with $5.4 million for the three months ended December 31, 2009. Research and development expenses were $5.2 million for the three months ended December 31, 2010, compared with $4.0 million for the three months ended December 31, 2009. General and administrative expenses were $1.3 million for the three months ended December 31, 2010, compared with $1.4 million for the three months ended December 31, 2009.

As of December 31, 2010, the Company had cash, cash equivalents and available-for-sale securities of $22.6 million. Cash used in operations was $5.1 million for the three months ended December 31, 2010.

The per share results for all periods have been adjusted to reflect the impact of the Company's 1-for-4 reverse stock split that occurred at the close of business on September 10, 2010.

Twelve Months Ended December 31, 2010 Financial Results

For the twelve months ended December 31, 2010, the Company reported a net loss of $26.0 million and deemed dividends on preferred stock of $32.3 million, which when combined, resulted in a net loss applicable to common stockholders of $58.3 million, or $2.81 per share. The deemed dividends on preferred stock contributed $1.56 per share to the total net loss applicable to common stockholders for the twelve months ended December 31, 2010. This compares with a net loss of $24.1 million, or a loss per share of $2.27, for the twelve months ended December 31, 2009. There were no deemed dividends on preferred stock for the twelve months ended December 31, 2009.

Total operating expenses for the twelve months ended December 31, 2010, were $25.8 million, compared with $19.6 million for the twelve months ended December 31, 2009. Research and development expenses were $20.2 million for the twelve months ended December 31, 2010, compared with $14.7 million for the twelve months ended December 31, 2009. General and administrative expenses were $5.6 million for the twelve months ended December 31, 2010, compared with $4.9 million for the twelve months ended December 31, 2009.

If you liked this article you might like

Biotech Stock Mailbag: Mela, Osiris, Talon

28 Drugs Facing FDA Approval in 2012-2013

Biotech Stock Mailbag: Xoma's Big Backers, FDA Approvals Contest

Talon Therapeutics: FDA Panel Live Blog

Talon: Assessing Marqibo's FDA Odds