Allos Therapeutics Loss Widens In Q3

11/3/2009 6:21 PM ET

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(RTTNews) - Biopharmaceutical company Allos Therapeutics, Inc. (ALTH: News ) Tuesday reported a wider loss in the third quarter, mainly reflecting higher operating expenses, due to an increase in marketing and administrative expenses.

Allos' net loss for the quarter widened to $18.7 million or $0.21 per share from $13.2 million or $0.16 per share in the year ago period.

On average, 8 analysts expected the company to report a loss of $0.21 per share for the quarter.Analysts' estimates typically exclude one-time items.

The Westminster,Colorado-based company's total operating expenses for the quarter increased to $18.87 million from $13.41 million in the year-ago period, as marketing, general and administartive expenses surged to $11.32 million from $5.32 million in the same quarter last year.

Allos cut down its reaserch and development expenses to $6.02 million from $6.36 million in the prior-year quarter.

For the nine months, net loss widened to $50.6 million or $0.58 per share from $37.0 million or $0.50 per share in the prior year.

Looking forward, for the full year 2009, the company said it reaffirmed its financial guidance that net cash use in operating activities is expected to approximate $65 million to $70 million for the year ending December 31, 2009, including $5.8 million milestone payment under the company's license agreement for FOLOTYN.

Paul Berns, president and chief executive officer stated,"During the quarter, we achieved a significant milestone by obtaining accelerated approval for FOLOTYN for use as a single agent for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma. Importantly, this represents our first U.S. indication and marks our emergence as a commercial oncology company. With a prioritized product development and commercialization plan for FOLOTYN and a solid financial position, we believe we have established a strong foundation for continued progress."

ALTH closed Tuesday's regular trading at $5.91, up $0.17 or 2.96% on a volume of 1.76 million shares and in after hours its trading down $0.26 or 4.40% at $5.65 on the Nasdaq