Aeolus Pharmaceuticals, Inc. (OTC Bulletin Board: AOLS) announced today
financial results for the three months and twelve months ended September
30, 2009. The Company reported a net loss of $746,000, or $0.02 per
share, for the three months ended September 30, 2009 compared to a loss
of $1,055,000, or $0.03 per share, for the three months ended September
30, 2008. Results for the three months ended September 30, 2008 included
licensing income of $175,000, a related collaboration charge of $413,000
for a milestone payment due under a license agreement and a non-cash
charge of $118,000 as a result of the re-pricing of certain warrants.
“Fiscal 2009 was a year of major progress for Aeolus in the development
of AEOL 10150 as a medical countermeasure”
The Company reported a net loss of $2,296,000, or $0.07 per share, for
the fiscal year ended September 30, 2009, compared to a loss of
$2,973,000, or $0.09 per share, for the fiscal year ended September 30,
2008.
“Fiscal 2009 was a year of major progress for Aeolus in the development
of AEOL 10150 as a medical countermeasure,” stated John L. McManus,
President and Chief Executive Officer. “In addition to reporting
significant efficacy in studies of the compound as a countermeasure for
exposure to radiation, sulfur mustard gas and chlorine gas, we have
continued to secure funding from the National Institutes for Health for
further development of our lead compound and from investors for the
operation of the Company. We look forward to the completion of
additional, key studies of the compound and our second compound AEOL
11207, and remain committed to leveraging our financial resources
through our partnerships with the federal government and our academic
research partners.”
Research and development expenses decreased in fiscal 2009 when compared
to fiscal 2008. The lower level of R&D expenses during the current
period reflects a lower amount of manufacturing and research expenses.
During fiscal 2008, we were in the process of manufacturing small
quantities of our drug candidates to support our development program
whereas during fiscal 2009 we had no manufacturing underway and were
only running stability studies on existing drug supplies. Research
expenses also declined during the current year as more of the Company’s
research programs were funded by external grants during fiscal 2009. The
Company currently has five studies under way for its lead compound, AEOL
10150:
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as a medical countermeasure against the effects of acute radiation
syndrome (“ARS”) in the lungs,
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as a medical countermeasure against the effects of acute radiation
syndrome in the gastro-intestinal tract,
-
as a medical countermeasure against the effects of sulfur mustard gas
on the lungs,
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as a medical countermeasure against the effects of sulfur mustard gas
on the skin, and
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as a medical countermeasure against the effects of chlorine gas.
In addition, we have two studies underway testing our second drug
compound, AEOL 11027 for the potential treatment of epilepsy and
Parkinson’s disease. These programs are being funded in part by private
foundation and government grants.