NEW YORK, Feb. 12 - Valentis on Tuesday reported that shuttering its London operations helped it to post flat net losses atop stagnant revenue for the fourth quarter 2001.
Total revenue for the period ended Dec. 31 was $1.3 million, compared with $1.2 million one year ago. R&D spending, meanwhile, which fell to $6.7 million from $7.7 million in the year-ago period, helped keep overall expenses down to $10.2 million from $11.2 million year over year.
As a result, net loss in the quarter remained flat at $9.9 million, or $.33 per share, compared with $9.9 million, or $.34 per share last year.
"We announced our corporate restructuring in January to focus our clinical efforts on the Del-1 Genemedicine product and reduce the level of our pre-clinical efforts," Benjamin F. McGraw, Valentis' president and CEO, said in a statement. "These changes will result in a lower cash burn rate for the company and will keep our financial resources ... in line with our operational goals.
"We are focusing on the Del-1 angiogenesis product in the clinic because we believe it will allow us to achieve clinical validation of our Genemedicine platform," McGraw added. To validate the company's GeneSwitch platform, he said, Valentis will develop the Epo GeneSwitch product.
The company also said that its OptiPEG technology is "the basis or our third product platform, and we are making good progress in moving those technologies through development."