Genaera reports first-quarter net loss of $0.11 per share

By Lisa Kerner

Erie, Pa., May 10 - Genaera Corp. announced its financial results for the quarter ended March 31. The company had a net loss of $7.4 million, or $0.11 per share basic and diluted, an increase from the previous year's first quarter net loss of $5.3 million, or $0.09 per share basic and diluted.

Genaera's research and development expenses were $6.2 million, an increase from $4.3 million for the same period in 2005.General and administrative expenses for the quarter were also up at $1.6 million, compared to $1.3 million for the same period in 2005.

The company's cash, cash equivalents and short-term investment balance was $24.2 million at March 31, down from the total cash, cash equivalents and short-term investment balance of $32.2 million on Dec. 31, 2005.

"Since I assumed the CEO role in January, the company has articulated and begun to implement a three point strategy: to adapt development of our lead compound, Evizon, for a changing competitive landscape; to initiate a second phase 2 oncology trial; and to advance MSI-1436, our anti-obesity compound to an IND (Investigation New Drug)," chief executive officer Jack Armstrong said in a company news release.

Genaera is a biopharmaceutical company based in Plymouth Meeting, Pa.

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