Kosan second-quarter revenues down at $2.7 million

By Lisa Kerner

Charlotte, N.C., July 27 - Kosan Biosciences Inc. said revenues for the second quarter ended June 30 were $2.7 million, down from $3.3 million for the prior-year period.

Revenues for the first half of 2006 were fell to $5.6 million from $6.2 million for the six-month period ended June 2005.

Total operating expenses for the quarter were $9.8 million, a decrease from $11.0 million reported for the same quarter in 2005.

For the six-month period, total operating expenses rose to $23.8 million from $22.2 million for the first half of 2005.

Kosan reported a net loss for the second quarter of $6.8 million, or $0.20 per share, slightly better than the loss of $7.3 million, or $0.25 per share, for the prior-year period.

Net loss for the first half of 2006 of $17.4 million, or $0.54 per share, was up from $15.3 million, or $0.53 per share, reported for the same period in 2005.

At June 30, Kosan had cash, cash equivalents, restricted cash and marketable securities totaling $61.7 million, up from $55.1 million at Dec. 31, 2005.

Highlights for the quarter include Kosan's presentation of data on KOS-953 demonstrating promising clinical activity in patients with resistant HER2-positive breast cancer and relapsed refractory multiple myeloma. Also, KOS-1584, a second-generation compound, has shown early antitumor activity with minimal toxicity.

Kosan is a biotechnology company located in Hayward, Calif.

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