Tuesday, biopharmaceutical company Ziopharm Oncology, Inc. (ZIOP) posted a narrower loss for the fourth quarter, aided by lower operating expenses for the period.
Net loss for the fourth quarter narrowed to $4.6 million or $0.21 per share, from a loss of $7.7 million or $0.36 per share in the prior-year period.
Quarterly total operating expenses was down by $3.5 million, which the company attributes to a continuing focus of resources on its phase 2 trial with palifosfamide and on operating expense management, including workforce reductions, elimination of cash bonuses, freezing of annual salary increases, and other preclinical and manufacturing expense reductions.
For the full-year 2008, net loss was $25.2 million or $1.19 per share, compared to $26.6 million or $1.41 per share last year. Total operating expense for the year decreased to $25.6 million from $28.6 million previous year.
During the year, Ziopharm advanced its intravenous palifosfamide into a randomized mid-stage trial. The company said it will focus its resources on palifosfamide until it enters into partnering arrangements, or obtains alternate funding.
Additionally, Ziopharm said it expects its year-end cash and short-term investments of $11.4 million to support its operations well into the second quarter of 2010.
The stock last traded Monday, at $0.65 on the Nasdaq.
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