Lipid Sciences net loss unchanged, private placement completed, PDS-2 study recruitment continued

By Lisa Kerner

Charlotte, N.C., Aug. 9 - Lipid Sciences, Inc. reported a second-quarter 2006 net loss of $2.6 million, or $0.09 per share, equal to the net loss of $2.6 million, or $0.11 per share, for the same period in 2005.

For the six months ended June 30, Lipid Sciences reported a net loss of $5.6 million, or $0.20 per share, a slight increase from the net loss of $5.0 million, or $0.20 per share, for the prior-year period.

The company closed a private placement of common stock and warrants on Aug. 8, issuing 4.9 million shares of common stock at $1.26 per share for gross proceeds of $6.3 million. Warrants to purchase roughly 1.5 million shares of common stock at $1.51 per share were issued as part of this transaction.

Officials said the private placement will enable the company to move its lead product through the next phase of an HDL Selective Delipidation clinical trial.

Lipid Sciences also announced that the first patient in its human clinical trial had completed a series of seven well-tolerated procedures of plasma collection and re-infusion.

Additional patients have been recruited into the trial to evaluate the safety of the company's Plasma Delipidation System (PDS-2) in patients with prior acute coronary syndrome.

The company said the primary endpoint for the trial is to determine clinical safety and feasibility (patient recruitment, patient compliance, and analysis of data) in the targeted population.

The complete safety and effectiveness results from the trial are expected to be presented in March 2007.

Lipid Sciences is a development-stage biotechnology company based in Pleasanton, Calif.

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