Vion reports increased third-quarter net loss of $6.3 million

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Vion Pharmaceuticals, Inc. said for the three-month period ended Sept. 30, its net loss increased to $6.3 million, or $0.10 per share, from $3.7 million, or $0.06 per share, for the third quarter of 2005.

Total operating expenses were up at $6.8 million for the quarter, compared with $4.2 million for the prior-year period.

Vion ended the third quarter with $36.2 million of cash and cash equivalents, compared with $52.8 million at Dec. 31, 2005.

For the nine-month period ended Sept. 30, Vion reported an increased net loss of $19.2 million, or $0.29 per share, and increased total operating expenses of $20.8 million from the first nine months of 2005.

"In the third quarter, we continued to make progress in the two pivotal trials of our lead agent Cloretazine (VNP40101M) in acute myelogenous leukemia," chief executive officer Alan Kessman said in a company news release.

"We are also pleased with the initial data recently announced from our clinical trial of Cloretazine (VNP40101M) in small cell lung cancer."

Vion is a pharmaceutical company based in New Haven, Conn., that develops and commercializes cancer therapeutics.

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