Valentis needs cash infusion to continue operations

By Lisa Kerner

Charlotte, N.C., Sept. 28 - Valentis, Inc. said it will need additional financing to fund operations through June 30, 2007.

The Burlingame, Calif., biotechnology company reported $4.3 million in cash, cash equivalents and short-term investments on June 30, compared to $7.9 million on March 31, 2006 and $12.5 million on June 30, 2005.

The company attributed the decreases of $3.6 million and $8.2 million to $5.3 million financing completed in March 2006 offset by spending to fund Valentis' operations.

Valentis had a net loss for the year of $15.3 million on revenue of $727,000, an increase from a net loss of $11.1 million on revenue of $2.2 million for fiscal year ended June 30, 2005.

Of its financial position, Valentis noted in a form 10-K filing that it has a history of losses and may never be profitable. For fiscal years 2006, 2005 and 2004, respective losses were $15.6 million, $11.3 million and $6.5 million.

Since its inception, the company has incurred losses, with an accumulated deficit of $240.0 million at June 30.

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