Hana Biosciences says net loss up 37% to $10 million in 2005

By Angela McDaniels

Seattle, March 16 - Hana Biosciences Inc. said its net loss increased 37% to $10.0 million, or $0.57 per share, for the year ended Dec. 31 from a net loss of $7.3 million, or $0.80 per share, in 2004.

Increased investment in research and development, driven by the accelerated clinical development of the company's three product candidates, resulted in additional expense throughout 2005, according to a company news release.

Income for 2005 increased to $166,043 from $25,393 in 2004. The company attributed the rise to an increased cash balance in its interest-earning money market accounts and the repayment of all notes payable during the latter half of 2004, resulting in lower interest expense in 2005.

Hana Biosciences ended 2005 with $17.0 million in cash and cash equivalents, a 157% increase over $6.6 million of cash and cash equivalents at the end of 2004.

The company estimated in its 10-K annual report filed with the Securities and Exchange Commission that it needs about $12.5 million to fund research and development activities and manufacturing and clinical trial costs.

Given the current and desired pace of clinical development, Hana Biosciences estimated that it will have sufficient cash on hand to fund clinical development through 2006 and into 2007 but may, however, choose to raise additional capital before 2007 in order to fund future development, likely by selling shares of its capital stock or other securities.

Hana Biosciences will host a teleconference to discuss the results and its 2006 goals at 4:30 p.m. ET on Monday (877 407-9210 for domestic calls, 201 689-8049 for international calls, or visit www.hanabiosciences.com).

Hana Biosciences is a biopharmaceutical company based in South San Francisco that acquires, develops and commercializes products to advance cancer care.

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