Sirtris Pharmaceuticals Reports First Quarter 2008 Financial Results
May 01 2008 - 3:30PM
Business Wire
Sirtris Pharmaceuticals, Inc. (NASDAQ: SIRT), a biopharmaceutical
company focused on discovering and developing small molecule drugs
to treat diseases of aging, announced today that it reported its
consolidated financial results for the quarter ended March 31,
2008. First Quarter 2008 Financial Results (Unaudited) Net loss for
the quarter ended March 31, 2008 was $9.1 million, or $0.32 per
share, as compared to $5.8 million, or $4.71 per share, for the
quarter ended March 31, 2007. Net loss includes $1.0 million of
stock-based compensation expense for the quarter ended March 31,
2008 and $274,000 of stock-based compensation expense for the
quarter ended March 31, 2007. Revenue for the quarter ended March
31, 2008 of $0.5 million represents an initial payment from a
sublicensee for the grant by Sirtris of worldwide rights to certain
technology in the field of plants. Sirtris had no revenues in the
quarter ended March 31, 2007. Research and development expense for
the first quarter of 2008 was $7.9 million compared to $5.1 million
for the first quarter of 2007. The increase in expense is due
primarily to occupancy costs associated with a new facility,
increased research and development headcount and preclinical study
expenses, and increases in stock-based compensation expense,
consulting expenses and general lab supply expenses. General and
administrative expense for the first quarter of 2008 was $2.6
million compared to $1.2 million for the first quarter of 2007. The
increase in expense is due primarily to professional fees
associated with being a public company, as well as increases in
stock-based compensation expense, personnel costs, taxes and
occupancy costs. About Sirtris Pharmaceuticals Sirtris
Pharmaceuticals is a biopharmaceutical company focused on
discovering and developing proprietary, orally available, small
molecule drugs with the potential to treat diseases associated with
aging, including metabolic diseases such as Type 2 Diabetes. Our
drug candidates are designed to mimic certain beneficial health
effects of calorie restriction, without requiring a change in
eating habits, by activation of sirtuins, a recently discovered
class of enzymes that control the aging process. The company's
headquarters are in Cambridge, Massachusetts. This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, the potential therapeutic effects
of SIRT1 activators for diseases of aging, such as Type 2 Diabetes,
cancer, MELAS and other disorders, neurodegenerative diseases and
lipid disorders, the progress and potential results of pre-clinical
and clinical studies of SRT501 and novel chemical entities, the
initiation of additional clinical trials to test the potential
therapeutic effects of SIRT1 activators, and the potential of
sirtuin activators to receive regulatory approval. These
forward-looking statements about future expectations, plans and
prospects of Sirtris Pharmaceuticals involve significant risks,
uncertainties and assumptions, including risks related to the lack
of results that would provide a basis for predicting whether any of
the Company's product candidates will be safe or effective, or
receive regulatory approval, the possibility that results of
pre-clinical studies are not necessarily predictive of clinical
trial results, the Company's potential inability to initiate and
complete pre-clinical studies and clinical trials for its product
candidates, the fact that none of the Company's product candidates
has received regulatory approvals, the potential inability of the
Company to gain market acceptance of the Company's product
candidates, and those other risks factors that can be found in the
Company's filings with the Securities and Exchange Commission.
Actual results may differ materially from those Sirtris
Pharmaceuticals contemplated by these forward-looking statements.
Sirtris Pharmaceuticals does not undertake to update any of these
forward-looking statements to reflect a change in its views or
events or circumstances that occur after the date of this release.
Sirtris Pharmaceuticals, Inc. (A development-stage company)
Unaudited Selected Consolidated Balance Sheet Information (in
thousands) � March December 31, 2008 31, 2007 � Cash and cash
equivalents $ 27,656 $ 23,062 Short-term investments 79,879 95,024
Working capital 102,994 111,734 Total assets 114,941 125,215 Notes
payable, net of current portion and discount 6,042 6,711
Stockholders� equity � 102,790 � � 110,516 Sirtris Pharmaceuticals,
Inc. (A development-stage company) Unaudited Condensed Consolidated
Statements of Operations Information (in thousands, except share
and per share amounts) � Three Months Ended March 31, 2008 � � 2007
� � Revenue $ � 500 $ � � � Operating expenses: Research and
development (1) 7,882 5,120 General and administrative (1) 2,637 �
1,239 � Total operating expenses 10,519 6,359 � Loss from
operations (10,019 ) (6,359 ) Interest income 1,258 900 Interest
expense (305 ) (324 ) Net loss � $ (9,066 ) � $ (5,783 ) � Net loss
per share � basic and diluted $ (0.32 ) $ (4.71 ) Weighted average
number of common shares used in net loss per basic and diluted
28,756,828 1,233,707 � (1) Amounts include stock-based compensation
expense, as follows: Research and development $ 540 $ 181 General
and administrative 506 93
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