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VION Gains By Reducing Expenses
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Business New Haven
8/10/98
By: Kristine Hansen
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Vion Pharmaceuticals announced that in the second quarter of 1998, reported research and development expenses were reduced to $2,097,510, compared to $2,273,522 in the previous quarter. General and administrative expenses for the second quarter of 1998 also went down to $459,067, as opposed to $631,709 in the previous quarter. Cash, cash equivalents and marketable securities were $11,674,865 for the second quarter compared to $9,061,141 at the end of the first quarter.
Revenues recognized from reimbursed development costs of Promycin pursuant to the Boehringer Ingelheim International GmbH agreement totaled $147,599, and revenues of $109,199 were recognized for reimbursements for expenses from the Small Business Innovation Research grants.
Vion has also announced a net income of $2,506,220 (25 cents per share) for the quarter and a net loss of $2,209,300 (21 cents per share).
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