Lipid Sciences has third-quarter loss, believes capital sufficient through end of 2007

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Lipid Sciences, Inc. reported a third-quarter 2006 net loss of $2.9 million, or $0.10 per share, only slightly worse than the net loss of $2.6 million, or $0.10 per share, reported for the same period in 2005.

Third-quarter operating expenses, reflecting a 14% increase in research and development expenses, were up at $3 million, from $2.6 million in the prior-year period.

At Sept. 30, Lipid Sciences had $13.1 million in cash, cash equivalents and short-term investments.

The company said it believes it has sufficient capital to fund its operations, including current development projects, through the fourth quarter of 2007.

For the nine-months ending Sept. 30, Lipid Sciences reported a net loss of $8.5 million, or $0.30 loss per share, up from a net loss of $7.6 million, or $0.31 loss per share, for the same nine-month period in 2005.

Operating expenses for the first nine months of 2006 increased by 13% to $8.9 million, from $7.9 million for the same period in the previous year.

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

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