Geron records $9.8 million net loss for the third quarter, says revenues up slightly

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Geron Corp. reported a net loss of $9.8 million, or $0.15 per share, for the third quarter ended Sept. 30, compared with $11.9 million, or $0.21 per share, for the same period in 2005.

Revenues for the third quarter were up slightly at $723,000, from $673,000 for the prior-year period.

Geron's quarterly operating expenses declined to $12.8 million for the quarter from $13.6 million for the comparable period in 2005.

Research and development expenses for the third quarter were also down at $10.7 million, from $12.2 million for the third quarter of 2005.

For the nine-month period ended Sept. 30, Geron reported a net loss of $28.1 million, or $0.43 per share, compared with $24.6 million, or $0.44 per share, for the same period in 2005.

Revenues for the first nine months were down at $2.1 million, from $5.4 million for the first nine months of 2005. The 2005 figure includes a $4.0 million upfront payment in conjunction with the transfer of intellectual property rights related to the company's joint venture, Start Licensing, Inc.

Operating expenses for the nine-month period rose to $36.5 million from $32.6 million for the comparable period in 2005.

The company said its research and development expenses for the first nine months of 2006 increased to $29.4 million from $25.5 million for same period in 2005.

Geron is a Menlo Park, Calif.-based biopharmaceutical company.

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