Cash equivalents and short-term investments were approximately $57.0 million at September 30, 2009, compared to $13.4 million at June 30, 2009. The increase reflects the receipt of a $48.8 million upfront payment from Astellas received in July 2009.
Stephen Ghiglieri, CFO, commented, "The third quarter of 2009 represents the first time we have reported quarterly revenue, which marks a milestone for NeurogesX. Our balance sheet is also strongly positioned with $57 million in cash, cash equivalents and short term investments. Consistent with our spending guidance for 2009, we are continuing our conservative focus in advance of our upcoming PDUFA date. As a result of that focus, we have been investing in commercialization activities that require long lead times, such as setting up the distribution channel, that are necessary to implement now to be ready for our targeted first half 2010 launch. Major investments, such as sales force deployment, are still being deferred pending FDA approval of Qutenza. We are also exploring strategies to further strengthen our balance sheet ahead of a potential U.S. Qutenza launch."
NeurogesX is advancing its planning for NGX-1998 and expects to re-initiate clinical development activities in 2010.
Conference Call Details
The Company will hold its quarterly conference call today at 9:00 a.m. ET (6:00 a.m. PT) to discuss third quarter 2009 results.
To participate, please dial 1-877-407-0789 (USA) or 1-201-689-8562 (International). To access the live web cast please visit the Investor Relations section on the corporate web site at http://www.neurogesx.com.
A replay of the conference call will be available beginning November 6, 2009 at 7:30 p.m. ET (4:30 p.m. PT) and endi
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