ARCA biopharma Inc. (ABIO, Financial) filed Quarterly Report for the period ended 2008-09-30.
Nuvelo Inc. is engaged in the discovery and development of biopharmaceutical and molecular diagnostic products. Nuvelo's lead product candidate alfimeprase is partnered with Amgen and is currently in Phase I clinical trials. Additional programs include cancer diagnostics and drug discovery focused on cancer immunotherapeutics and secreted proteins..
R&D expenses were $24.6 million for the nine months ended September 30, 2008, compared with $33.5 million for the corresponding period in 2007, net of cost sharing credits billable to collaboration partners of $2.8 million and $4.9 million, respectively. The decrease of $8.9 million in 2008 was primarily attributed to the following: a $3.7 million decrease in expenses related to rNAPc2 due to the suspension of development in 2007, a $2.6 million decrease in NU172-related expenses, a $0.6 million decrease in alfimeprase-related expenses, and a $2.4 million decrease in employees stock-based compensation expense, partially offset by a $1.2 million increase in NU206-related expenses.
In addition to the development programs discussed above, we have research programs, including leukemia therapeutic antibodies and Wnt therapeutics. For the three and nine months ended September 30, 2008, research expenses totaled $1.4 million and $5.0 million, compared with $1.4 million and $4.6 million for the corresponding periods in 2007, respectively.
G&A expenses were $3.7 million for the three months ended September 30, 2008, compared with $4.2 million for the corresponding period in 2007. The decrease of $0.5 million in 2008 was primarily related to a $0.7 million decrease in personnel-related expenses as a result of a reduction in headcount, partially offset by an increase in consulting and professional fees of $0.4 million related to merger related expenses.
G&A expenses were $11.4 million for the nine months ended September 30, 2008, compared with $16.8 million in the corresponding period of 2007. The decrease of $5.4 million in 2008 was primarily related to a $3.9 million decrease in personnel-related expenses as a result of a reduction in headcount and a $1.1 million charge related to the impairment of software implementation costs recorded in the 2007 period.
Interest income, net, was $0.5 million and $2.2 million for the three and nine months ended September 30, 2008, compared with $1.6 million and $5.2 million in the corresponding periods of 2007. The decrease was primarily due to declining balances in cash, cash equivalents and marketable securities and a substantial reduction in the yield on cash equivalents and marketable securities.
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Nuvelo Inc. is engaged in the discovery and development of biopharmaceutical and molecular diagnostic products. Nuvelo's lead product candidate alfimeprase is partnered with Amgen and is currently in Phase I clinical trials. Additional programs include cancer diagnostics and drug discovery focused on cancer immunotherapeutics and secreted proteins..
Highlight of Business Operations:
Contract revenues were $0.1 million and $15.2 million for the three and nine months ended September 30, 2008, compared with $0.1 million and $46.8 million in the corresponding periods of 2007.R&D expenses were $24.6 million for the nine months ended September 30, 2008, compared with $33.5 million for the corresponding period in 2007, net of cost sharing credits billable to collaboration partners of $2.8 million and $4.9 million, respectively. The decrease of $8.9 million in 2008 was primarily attributed to the following: a $3.7 million decrease in expenses related to rNAPc2 due to the suspension of development in 2007, a $2.6 million decrease in NU172-related expenses, a $0.6 million decrease in alfimeprase-related expenses, and a $2.4 million decrease in employees stock-based compensation expense, partially offset by a $1.2 million increase in NU206-related expenses.
In addition to the development programs discussed above, we have research programs, including leukemia therapeutic antibodies and Wnt therapeutics. For the three and nine months ended September 30, 2008, research expenses totaled $1.4 million and $5.0 million, compared with $1.4 million and $4.6 million for the corresponding periods in 2007, respectively.
G&A expenses were $3.7 million for the three months ended September 30, 2008, compared with $4.2 million for the corresponding period in 2007. The decrease of $0.5 million in 2008 was primarily related to a $0.7 million decrease in personnel-related expenses as a result of a reduction in headcount, partially offset by an increase in consulting and professional fees of $0.4 million related to merger related expenses.
G&A expenses were $11.4 million for the nine months ended September 30, 2008, compared with $16.8 million in the corresponding period of 2007. The decrease of $5.4 million in 2008 was primarily related to a $3.9 million decrease in personnel-related expenses as a result of a reduction in headcount and a $1.1 million charge related to the impairment of software implementation costs recorded in the 2007 period.
Interest income, net, was $0.5 million and $2.2 million for the three and nine months ended September 30, 2008, compared with $1.6 million and $5.2 million in the corresponding periods of 2007. The decrease was primarily due to declining balances in cash, cash equivalents and marketable securities and a substantial reduction in the yield on cash equivalents and marketable securities.
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