Bioenvision ends year with $3.4 million

By Lisa Kerner

Charlotte, N.C., Sept. 11 - Bioenvision ended its fourth quarter and fiscal year on June 30 with cash and cash equivalents of approximately $3.4 million, compared to $31.4 million at June 30, 2005. The company also invested an additional $41.6 million of cash in short-term certificates of deposit with maturities ranging from three months to 12 months.

Bioenvision said it plans to seek approval for Evoltra (clofarabine) in elderly patients with acute myeloid leukemia from the European Commission before year's end.

Modrenal and Suvus are expected to become significant value drivers for the company as well.

Fourth-quarter revenues increased to $1.8 million, up from $991,000 for the fourth quarter of 2005.

Revenues for the year were up at $5.3 million, from $4.7 million for the year ended June 30, 2005.

The New York-based pharmaceutical company reported a net loss of $7.2 million for the quarter, or $0.18 per share, down from $14.2 million, or $0.38 per share, for the fourth-quarter 2005.

Net loss for the year was down at $24.2 million, or $0.59 per share, from $24.7 million, or $0.72 per share, for the prior-year period.

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