Vion posts second-quarter net loss of $6.9 million

By Lisa Kerner

Charlotte, N.C., Aug. 9 - For the three months ended June 30, Vion Pharmaceuticals, Inc. reported a net loss of $6.9 million, or $0.10 per share, an increase from the net loss of $5.1 million, or $0.08 per share, for the same period in 2005.

Revenues for the quarter were down at $1 million, from $7 million in the prior-year period.

For the six-month period ended June 30, Vion had a net loss of $12.9 million, or $0.20 per share, compared to a net loss of $9.7 million, or $0.15 per share, for the same period in 2005.

Revenues for the first half of 2006 were down at $10 million, from $12 million for the six-month period in 2005.

Vion ended the second quarter of 2006 with $41.4 million in cash and cash equivalents.

"Vion continued to make progress this quarter towards our goal of product registration for Cloretazine (VNP40101M). We now have two ongoing pivotal trials of Cloretazine in acute myelogenous leukemia," chief executive officer Alan Kassman said in a company news release.

Kassman said the company will also "work hard" to provide the additional information requested by the Food and Drug Administration on VNP40541, Vion's hypoxia-selective anticancer agent, and resubmit its Investigational New Drug Application for this agent to the FDA when this information is available.

Vion, based in New Haven, Conn., develops and commercializes cancer therapeutics.

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