NeurogesX Inc. (NGSX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Neurogesx Inc. has a market cap of $71 million; its shares were traded at around $5.99 with and P/S ratio of 35.5. NGSX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Interest expense. Interest expense increased $1.2 million, or 2,103%, to $1.3 million for the three months ended June 30, 2010 from $0.1 million for the same period in 2009. The 2010 increase was primarily due to interest on the $40 million Long term obligation related to the Financing Agreement entered into with Cowen Royalty, in May 2010.
Research and Development expenses. Research and development expenses decreased $0.2 million, or 5%, to $4.9 million for the six months ended June 30, 2010 from $5.1 million for the same period in 2009. The decrease was attributable to a $0.2 million decrease in expenses driven by clinical consulting fees related to our MA and our NDA preparation costs as incurred in 2009. During both periods, we were engaged primarily in activities supported by our internal personnel including the management of regulatory processes to gain approval in both Europe and the United States during 2009 and 2010 the maintenance of the NDA in the United States for Qutenza. Further, whereas in 2009 we were engaged in conducting a small clinical study at the request of the FDA in support of our NDA, in 2010 we were engaged in the planning and preparatory work associated with the initiation of a Phase 2 study for our lead product candidate, NGX-1998.
Selling, General and Administrative expenses. Selling, general and administrative expenses increased $12.3 million, or 256%, to $17.1 million for the six months ended June 30, 2010, from $4.8 million for the same period in 2009. This increase was due in large part to the commercial launch of Qutenza in the United States in April, 2010. Specifically, the increases included a $4.1 million in costs associated with our sales and commercial operation organization including salary and related expenses; $5.6 million increase in expenses for marketing materials development and other launch related marketing costs; $0.9 million in costs due to an increase in general and administrative salary and related expenses, temporary help and consultants, professional service fees and other public company costs; $1.0 million of costs associated with our medical affairs organization including salary and related expenses; $0.4 million of professional services related to our reimbursement activities in support of the commercial launch of Qutenza,
Interest expense. Interest expense increased $1.1 million, or 637%, to $1.3 million for the six months ended June 30, 2010 from $0.2 million for the same period in 2009. The 2010 increase was primarily due to interest on the $40 million Long term obligation related to the Financing Agreement entered into with Cowen Royalty in May 2010.
As of June 30, 2010, we had approximately $67.9 million in cash, cash equivalents and short-term investments. We also had working capital, adjusted to exclude the current portion of deferred revenue of approximately $7.2 million, of $64.5 million. Our cash and investment balances
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Neurogesx Inc. has a market cap of $71 million; its shares were traded at around $5.99 with and P/S ratio of 35.5. NGSX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Selling, General and Administrative expenses. Selling, general and administrative expenses increased $5.7 million, or 218%, to $8.3 million for the three months ended June 30, 2010, from $2.6 million for the same period in 2009. This increase was due in large part to the commercial launch of Qutenza in the United States in April, 2010. Specifically, the increases included $2.6 million in costs associated with our sales and commercial operation organization including salary and related expenses; $2.1 million increase in expenses for marketing materials development and other launch related marketing costs; $0.5 million in costs due to an increase in general and administrative salary and related expenses temporary help and consultants, professional service fees and other public company costs; $0.5 million of costs associated with our medical affairs organization including salary and related expenses; $0.2 million of professional services related to our reimbursement activities in support of the commercial launch of Qutenza, and a $0.2 million increase in stock-based compensation costs due to the granting of options to employees and officers. These increases were offset by a decrease in legal fees of $ 0.4 million primarily due to fees incurred in the 2009 period associated with the Astellas Agreement.Interest expense. Interest expense increased $1.2 million, or 2,103%, to $1.3 million for the three months ended June 30, 2010 from $0.1 million for the same period in 2009. The 2010 increase was primarily due to interest on the $40 million Long term obligation related to the Financing Agreement entered into with Cowen Royalty, in May 2010.
Research and Development expenses. Research and development expenses decreased $0.2 million, or 5%, to $4.9 million for the six months ended June 30, 2010 from $5.1 million for the same period in 2009. The decrease was attributable to a $0.2 million decrease in expenses driven by clinical consulting fees related to our MA and our NDA preparation costs as incurred in 2009. During both periods, we were engaged primarily in activities supported by our internal personnel including the management of regulatory processes to gain approval in both Europe and the United States during 2009 and 2010 the maintenance of the NDA in the United States for Qutenza. Further, whereas in 2009 we were engaged in conducting a small clinical study at the request of the FDA in support of our NDA, in 2010 we were engaged in the planning and preparatory work associated with the initiation of a Phase 2 study for our lead product candidate, NGX-1998.
Selling, General and Administrative expenses. Selling, general and administrative expenses increased $12.3 million, or 256%, to $17.1 million for the six months ended June 30, 2010, from $4.8 million for the same period in 2009. This increase was due in large part to the commercial launch of Qutenza in the United States in April, 2010. Specifically, the increases included a $4.1 million in costs associated with our sales and commercial operation organization including salary and related expenses; $5.6 million increase in expenses for marketing materials development and other launch related marketing costs; $0.9 million in costs due to an increase in general and administrative salary and related expenses, temporary help and consultants, professional service fees and other public company costs; $1.0 million of costs associated with our medical affairs organization including salary and related expenses; $0.4 million of professional services related to our reimbursement activities in support of the commercial launch of Qutenza,
Interest expense. Interest expense increased $1.1 million, or 637%, to $1.3 million for the six months ended June 30, 2010 from $0.2 million for the same period in 2009. The 2010 increase was primarily due to interest on the $40 million Long term obligation related to the Financing Agreement entered into with Cowen Royalty in May 2010.
As of June 30, 2010, we had approximately $67.9 million in cash, cash equivalents and short-term investments. We also had working capital, adjusted to exclude the current portion of deferred revenue of approximately $7.2 million, of $64.5 million. Our cash and investment balances
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