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Publisher Description

SuperGen, Inc. (NASDAQ:SUPG), Dublin, Calif. reported financial results for the third quarter and nine months ended September 30, 2009. Total revenues for the 2009 third quarter were $10.4 million, compared with $10.2 million for the same prior year period. Total revenues for the 2009 third quarter and same prior year period consisted entirely of royalty revenue. Royalty revenue recovered from the 2009 second quarter where Eisai reported lower quarterly product sales that resulted from certain third party wholesalers who had adjusted their near-term inventory purchases. Royalty revenue is earned pursuant to the license agreement entered into during 2004 with MGI PHARMA (acquired by Eisai Co., Ltd. in January 2008), which granted MGI PHARMA exclusive rights to the development, manufacture, commercialization and distribution of Dacogen (decitabine) for Injection. The company generally recognizes royalty revenue when it is received. Total operating expenses for the 2009 third quarter were $9.7 million, compared with $11.4 million for the same prior year period. The primary reasons for the decrease in operating expenses for the 2009 third quarter were lower research and development costs due to reduced activities or completed studies for product development and clinical trial programs when compared to the prior year, the elimination of costs resulting from the cessation of our European operations in the prior year and a decrease in general corporate expenses offset in part by an increase in stock-based compensation expense. Stock-based compensation expense, which is a non-cash item included in operating expenses, was $709,000 for the 2009 third quarter compared with $642,000 for the same prior year period. Income from operations for the 2009 third quarter was $677,000 compared with a loss from operations of $1.1 million for the same prior year period. The company reported net income for the 2009 third quarter of $833,000, or $0.01 per basic and diluted share, compared with a net loss of $569,000, or $0.01 per basic and diluted share, for the same prior year period.

GENRE
Business & Personal Finance
RELEASED
2009
1 December
LANGUAGE
EN
English
LENGTH
6
Pages
PUBLISHER
Worldwide Videotex
SELLER
The Gale Group, Inc., a Delaware corporation and an affiliate of Cengage Learning, Inc.
SIZE
62.3
KB

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