We anticipate that we will make determinations as to which programs to pursue and how much funding to direct to each program on an ongoing basis. We are currently focusing our resources on advancing the development of our non-partnered programs: celgosivir and MX-2401.
General and Corporate Expenses
General and corporate expenses in Q1/08 were $1.0 million (Q1/07: $0.8 million). Personnel costs were $0.5 million in Q1/08 (Q1/07: $0.5 million). The approximate $0.2 million increase in general and corporate costs in Q1/08 compared with Q1/07 is principally due to: (i) contract personnel in the Finance department engaged for internal controls, implementation of new accounting software and year end work; and (ii) greater legal and accounting costs.
Amortization expense for equipment was approximately $0.1 million for Q1/08 (Q1/07: $0.1 million).
Amortization expense for intangible assets was approximately $0.1 million for Q1/08 (Q1/07: $0.2 million).
Other Income and Expenses
Interest income was $0.1 million for Q1/08 (Q1/07: $0.1 million).
Accretion expense related to the convertible royalty participation
units for Q1/08 was $0.4 million (Q1/07: $0.3 million). This accretion
expense is a non-cash expense resulting from accreting the liability
component of the convertible royalty participation units to the maximum
royalties payable of $29.5 million (will be reduced for actual royalties
paid, any units converted into common shares and should the estimate of
royalties payable decline below $29.5 million) over the estimated royalty
|SOURCE MIGENIX Inc.|
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