MethylGene quarterly revenues up at C$8.6 million

By Lisa Kerner

Charlotte, N.C., Nov. 1 - MethylGene Inc. announced financial results for the third quarter ended Sept. 30, including total revenues of C$8.6 million, up from C$1.7 million for the third quarter of 2005. Total net expenditures from current operations decreased slightly in the period to C$5.4 million from C$5.6 million in the prior-year period.

The company's research and development costs rose to C$5.4 million from C$4.7 million in the third quarter of 2005.

MethylGene believes the C$67.3 million in cash, cash equivalents and short-term investments it had at Sept. 30, plus projected revenues, will be sufficient to fund operations into the fourth quarter of 2008.

Operational highlights for the quarter include the start of two phase 2 clinical trials with MGCD0103 in Hodgkin's lymphoma (Trial 010) and in B-cell lymphomas (Trial 008) and the reporting of preclinical in vitro results on the company's antifungal histone deacetylase inhibitor MG3290.

MethylGene is a biopharmaceutical company based in Montreal.

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