Myriad Pharmaceuticals Inc. (MYRX, Financial) filed Quarterly Report for the period ended 2009-09-30.
Myriad Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing first-in-class/best-in-class products for the treatment of diseases with high unmet need such as cancer and HIV infection. The Company's product pipeline includes clinical and pre-clinical product candidates with distinct mechanisms of action and novel chemical structures that have the potential to be first-in-class and/or best-in-class therapeutics. Its product candidates in clinical development include Azixa (MPC-6827) for glioblastoma multiforme and metastatic melanoma; MPC-4326 for HIV-1 infection and MPC-3100 for cancer. The discovery and development of each of its drug candidates has been guided by a unique understanding of the genetic causes of human diseases, the genetic factors that may cause drug side effects, drug interactions, and poor drug metabolism. Myriad Pharmaceuticals Inc. has a market cap of $125.6 million; its shares were traded at around $5.22 .
Research and development expenses are comprised primarily of salaries and related personnel costs, laboratory supplies, equipments costs, facilities expense, and costs associated with our clinical trials. Research and development expenses for the three months ended September 30, 2009 were $5.8 million compared to $12.8 million in the same period last year. This 55% decrease was primarily due to:
Selling, general and administrative expenses consist primarily of salaries and related personnel costs for marketing, executive, legal, finance and accounting, information technology, human resources, and allocated facilities expenses. Selling, general and administrative expenses for the three months ended September 30, 2009 were $5.2 million, compared to $2.5 million in the prior year period. This 108% increase in selling, general and administrative expenses during the current period was due primarily to the costs and expenses associated with being a separate, stand-alone publicly traded entity. Costs include, but are not limited to, increased facilities costs, costs of full time management and administrative personnel. Also included are costs to implement and maintain accounting, human resource, payroll, purchasing, information technology, legal and other business functions and systems. Amounts included in the prior year period for general and administrative costs include some proportional cost allocations of certain common costs of Myriad Genetics because these expenses were not specifically identified at the subsidiary level. The basis of these allocations includes full-time equivalent employees for the respective periods presented, square footage, and other appropriate allocation drivers. Increased costs during the current period were offset, in part, by a decrease in commercialization expenses following the discontinuance of our drug candidate Flurizan. We expect our selling, general and administrative expenses will continue to fluctuate as we continue to implement our accounting, human resource, payroll, purchasing, information technology, legal and other business functions and systems.
Net cash used in operating activities was $7.7 million during the period ended September 30, 2009 compared to $24.5 million used in operating activities for the same three months in 2008. The change in cash flow from operating activity can be attributed primarily to a lower net loss in 2009 and the payment of accrued expenses associated with our former drug candidate Flurizan. These were offset, in part, by lower non-cash charges associated with share-based compensation expense in 2009.
Our investing activities used $52.1 million in cash during the period ended September 30, 2009 compared to $0.1 million for the same three months in 2008. The change is primarily due to a substantial investment in marketable securities using a portion of the cash contributed by MGI on June 30, 2009, in connection with the spin-off.
Approximately $0.8 million in cash was provided by financing activities during the period ended September 30, 2009 as a result of proceeds from stock options exercised during the period compared to $24.6 million for the same three months in 2008, which amount reflects cash and the changes in Myriad Genetics net investment in MPI.
Read the The complete ReportMYRX is in the portfolios of Richard Perry of Perry Capital, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
Myriad Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing first-in-class/best-in-class products for the treatment of diseases with high unmet need such as cancer and HIV infection. The Company's product pipeline includes clinical and pre-clinical product candidates with distinct mechanisms of action and novel chemical structures that have the potential to be first-in-class and/or best-in-class therapeutics. Its product candidates in clinical development include Azixa (MPC-6827) for glioblastoma multiforme and metastatic melanoma; MPC-4326 for HIV-1 infection and MPC-3100 for cancer. The discovery and development of each of its drug candidates has been guided by a unique understanding of the genetic causes of human diseases, the genetic factors that may cause drug side effects, drug interactions, and poor drug metabolism. Myriad Pharmaceuticals Inc. has a market cap of $125.6 million; its shares were traded at around $5.22 .
Highlight of Business Operations:
Research revenue is comprised of research payments received pursuant to external collaborative agreements. Research revenue for the three months ended September 30, 2009 was $60,000 compared to $3.7 million in the same quarter last year. Research revenue in the current period reflects revenues earned under a recent short-term research agreements utilizing our expertise to characterize pathogen-host protein interactions. Research revenue in the prior year period reflects revenue earned pursuant to a genomic sequencing research collaboration and a long-term research agreement utilizing our expertise to characterize pathogen-host protein interactions. Both of these long-term agreements were completed during the fiscal year ended June 30, 2009. Research revenue from our research collaboration agreements is recognized using a proportional performance methodology. Consequently, as these programs progress and outputs increase or decrease, revenue may increase or decrease proportionately.Research and development expenses are comprised primarily of salaries and related personnel costs, laboratory supplies, equipments costs, facilities expense, and costs associated with our clinical trials. Research and development expenses for the three months ended September 30, 2009 were $5.8 million compared to $12.8 million in the same period last year. This 55% decrease was primarily due to:
Selling, general and administrative expenses consist primarily of salaries and related personnel costs for marketing, executive, legal, finance and accounting, information technology, human resources, and allocated facilities expenses. Selling, general and administrative expenses for the three months ended September 30, 2009 were $5.2 million, compared to $2.5 million in the prior year period. This 108% increase in selling, general and administrative expenses during the current period was due primarily to the costs and expenses associated with being a separate, stand-alone publicly traded entity. Costs include, but are not limited to, increased facilities costs, costs of full time management and administrative personnel. Also included are costs to implement and maintain accounting, human resource, payroll, purchasing, information technology, legal and other business functions and systems. Amounts included in the prior year period for general and administrative costs include some proportional cost allocations of certain common costs of Myriad Genetics because these expenses were not specifically identified at the subsidiary level. The basis of these allocations includes full-time equivalent employees for the respective periods presented, square footage, and other appropriate allocation drivers. Increased costs during the current period were offset, in part, by a decrease in commercialization expenses following the discontinuance of our drug candidate Flurizan. We expect our selling, general and administrative expenses will continue to fluctuate as we continue to implement our accounting, human resource, payroll, purchasing, information technology, legal and other business functions and systems.
Net cash used in operating activities was $7.7 million during the period ended September 30, 2009 compared to $24.5 million used in operating activities for the same three months in 2008. The change in cash flow from operating activity can be attributed primarily to a lower net loss in 2009 and the payment of accrued expenses associated with our former drug candidate Flurizan. These were offset, in part, by lower non-cash charges associated with share-based compensation expense in 2009.
Our investing activities used $52.1 million in cash during the period ended September 30, 2009 compared to $0.1 million for the same three months in 2008. The change is primarily due to a substantial investment in marketable securities using a portion of the cash contributed by MGI on June 30, 2009, in connection with the spin-off.
Approximately $0.8 million in cash was provided by financing activities during the period ended September 30, 2009 as a result of proceeds from stock options exercised during the period compared to $24.6 million for the same three months in 2008, which amount reflects cash and the changes in Myriad Genetics net investment in MPI.
Read the The complete ReportMYRX is in the portfolios of Richard Perry of Perry Capital, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
