For the first quarter of 2008, stock-based compensation attributable to G&A was $ 58 000 compared to $ 596 000 in 2007. The burden of 2007 was unusually high following a special distribution of stock options to all employees.
Given the changes in revenues and expenses described above, the Company recorded, for the first quarter, a net loss of $ 10,891,000 ($ 0.20 per share), compared to $ 9,439,000 ($ 0.20 per share) for the same period in 2007.
Theratechnologies maintains a solid liquidity position. On February 29, 2008, cash, or cash and bond investments, totaled $ 79,132,000 and tax credits receivable $ 1,906,000, for a total of $ 81,038,000.
During the quarter, the Company completed a public offering of the sale and issuance of 3,500,000 common shares for a cash consideration of $ 29,750,000. The issuance costs amounted to $ 1,938,000 for a net contribution of $ 27,812,000.
For the three months ended February 29, 2008, the burn rate (burn rate) related to operating activities, regardless of changes in assets and operating liabilities, amounted to $ 10,397,000, compared to an amount of $ 7,562,000 in 2007. Higher burn rate in 2008 reflects the planned increase in activities surrounding the Phase 3 program, including activities related to pre-commercialization of tesamorelin.
Theratechnologies (TSX: TH) is a Canadian biopharmaceutical company that discovers innovative drug candidates in order to develop and market them. The Company targets unmet medical needs in financially attractive specialty markets. Its most advanced program is tesamorelin, which is currently undergoing a clinical study of confirmatory Phase 3 HIV-associated lipodystrophy, a serious metabolic disorder. The Company also has other projects at earlier stages of development.