Arno Therapeutics Announces Third Quarter 2008 Financial Results
For the quarter ended
Research and development expenses for the third quarter of 2008 were
"We are very pleased with our progress over the past nine months, as we have completed patient enrollment of our Phase I trial for AR-67, in addition to the continued progress in the advancement of our two additional compounds AR-12 and AR-42," said
Key Achievements for the Nine Months Ended
William F. Hamilton, PhD, as a member of the Board of Directors and as chairman of the audit committee
Roger G. Berlin, MD, as Chief Executive Officer
- Appointed Arie S. Belldegrun, MD, as Chairman of the Board of Directors
Robert I. Falkas a member of the Board of Directors
- Expanded our product portfolio by in-licensing AR-12 a PDK1 inhibitor of the PI3K/Akt pathway, and AR-42 a Pan-DAC inhibitor which also inhibits the Akt pathway
- Completed private placement of common stock, resulting in net proceeds of
- Became a public reporting company as a result of the
June 2008merger with Laurier International, Inc.
About Arno Therapeutics
Arno Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops and commercializes innovative products for the treatment of cancer patients. Arno's lead clinical development compound is AR-67, a novel, third-generation camptothecin analogue which has completed patient enrollment of its Phase I studies in patients with advanced solid tumors, that has demonstrated high preclinical potency and improved pharmacokinetic properties when compared with marketed second-generation products in its class. Arno is also developing two pre-clinical compounds. AR-12 is a potential first-in-class, orally available PDK1 inhibitor that blocks the PI3K/Akt pathway undergoing IND-enabling studies. AR-42 is an orally available, targeted inhibitor of the Pan-DAC and Akt pathways also undergoing IND-enabling studies. Arno is actively pursuing additional compounds to expand its portfolio.
For more information on Arno please visit www.arnothera.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding the timing, progress and anticipated results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings, as well as our strategy, future operations, outlook, milestones, the success of Arno's product development, future financial position, future financial results, plans and objectives of management, are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including those described under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended
ARNO THERAPEUTICS, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEETS
September 30, December 31, 2008 2007 (unaudited) ASSETS Current assets Cash and cash equivalents $13,225,890 $1,646,243 Prepaid expenses 229,271 74,092 Total current assets 13,455,161 1,720,335 Deferred financing fees, net - 13,541 Property and equipment, net 53,502 38,193 Security deposit 12,165 12,165 TOTAL ASSETS $13,520,828 $1,784,234 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current liabilities Accounts payable $2,242,056 $111,474 Accrued expenses 383,002 1,120,179 Due to related party 249,537 583 Total current liabilities 2,874,595 1,232,236 Convertible notes and accrued interest payable - 4,179,588 TOTAL LIABILITIES 2,874,595 5,411,824 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY (DEFICIENCY) Preferred stock, $0.0001 par value: 20,000,000 shares authorized, 0 shares issued and outstanding - - Common stock, $0.0001 par value: 80,000,000 shares authorized, 20,392,024 shares issued and outstanding at September 30, 2008 and 9,968,797 shares issued and outstanding at December 31, 2007 2,039 997 Additional paid-in capital 24,037,325 102,003 Deficit accumulated during the development stage (13,393,131) (3,730,590) TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY) 10,646,233 (3,627,590) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) $13,520,828 $1,784,234
ARNO THERAPEUTICS, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF OPERATIONS
For the Three For the Three Months Ended Months Ended September September 30, 2008 30, 2007 OPERATING EXPENSES Research and development $1,776,710 $1,187,962 General and administrative 520,647 92,586 Total Operating Expenses 2,297,357 1,280,548 LOSS FROM OPERATIONS (2,297,357) (1,280,548) OTHER INCOME (EXPENSE) Interest income 104,329 50,158 Interest expense - (63,119) Total Other Income (Expense) 104,329 (12,961) NET LOSS $(2,193,028) $(1,293,509) NET LOSS PER SHARE - BASIC AND DILUTED $(0.11) $(0.13) WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED 20,392,024 9,968,797 Cumulative Period from August 1, 2005 For the Nine For the Nine (inception) Months Ended Months Ended Through September September September 30, 2008 30, 2007 30, 2008 OPERATING EXPENSES Research and development $7,065,754 $1,800,161 $10,330,851 General and administrative 1,694,024 226,126 2,059,433 Total Operating Expenses 8,759,778 2,026,287 12,390,284 LOSS FROM OPERATIONS (8,759,778) (2,026,287) (12,390,284) OTHER INCOME (EXPENSE) Interest income 133,290 97,855 257,252 Interest expense (1,036,053) (160,927) (1,260,099) Total Other Income (Expense) (902,763) (63,072) (1,002,847) NET LOSS $(9,662,541) $(2,089,359) $(13,393,131) NET LOSS PER SHARE - BASIC AND DILUTED $(0.66) $(0.21) WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED 14,533,714 9,968,797
SOURCE Arno Therapeutics, Inc.