Genitope reports fourth-quarter, year-end losses

By Lisa Kerner

Erie, Pa., March 31 - Genitope Corp. reported a net loss of $8.8 million, or $0.31 per share, for the fourth quarter of 2005, compared with a net loss of $6.8 million, or $0.28 per share, for the fourth quarter of 2004.

For the year ended Dec. 31, the company reported a net loss of $30.4 million, or $1.08 per share. This compares to a net loss of $27.0 million, or $1.31 per share, for the year ended Dec. 31, 2004.

Genitope reported operating expenses for the fourth quarter ended Dec. 31 of $9.7 million, compared with $7.2 million for the year-ago period.

Operating expenses for the year ended Dec. 31 were $33.5 million, down from $27.7 million in the prior year.

The company attributed the increase in operating expenses for both the fourth quarter and the year to increased staffing levels, increased expenses related to additional corporate infrastructure and other operating costs required to support the company's growth, as well as increased rent expense associated with new lease agreements for the Genitope's new manufacturing facility and corporate headquarters.

As of Dec. 31, Genitope had cash and cash equivalents and marketable securities of $81.1 million, inclusive of $38.8 million that secures a letter of credit related to the company's new corporate facility.

Changes to the company's second- and third-quarter statement of operations resulted in the net loss for second quarter of $0.7 million, or $0.02 per basic and diluted share, and for the third quarter of $1.4 million, or $0.05 per basic and diluted share.

"Since the beginning of 2006, Genitope Corp. completed an extremely successful follow-on public offering that raised over $58 million," chairman and chief executive officer Dan W. Denney Jr. said in a news release.

"We are now well positioned to optimize development of our lead product candidate, MyVax personalized immunotherapy, as well as rapidly advance our monoclonal antibody project and expand our commercialization infrastructure."

Genitope, located in Redwood City, Calif., is a biotechnology company focused on the research and development of novel immunotherapies for the treatment of cancer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.