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Hana Biosciences (OTCBB: HNAB) $0.13. Today announced financial results for the three and six months ended June 30, 2010, and provided a corporate update. For the three months ended June 30, 2010, the Company reported a net loss of $6.3 million and deemed dividends on preferred stock of $9.3 million, which when combined, resulted in a net loss applicable to common stockholders of $15.6 million, or $0.19 per share. The deemed dividends on preferred stock had an impact of $0.11 per share for the three months ended June 30, 2010. This compares with a net loss of $7.9 million, or a loss per share of $0.24, for the three months ended June 30, 2009. There were no deemed dividends on preferred stock for the three months ended June 30, 2009.
Total operating expenses for the three months ended June 30, 2010, were $4.6 million, compared with $4.2 million for the three months ended June 30, 2009. Research and development expenses were $2.7 million for the three months ended June 30, 2010, compared with $3.0 million for the three months ended June 30, 2009. General and administrative expenses were $1.9 million for the three months ended June 30, 2010, compared with $1.2 million for the three months ended June 30, 2009.
What They Do: Hana Biosciences, Inc. is a biopharmaceutical company dedicated to developing and commercializing new, differentiated cancer therapies designed to improve and enable current standards of care.
Pro-Pharmaceuticals (OTCBB: PRWP) $0.72. Today announced its financial results for the second quarter and the first six months ended June 30, 2010. For the second quarter of 2010, the Company reported a net loss applicable to common stock of $2.5 million, or ($0.05) per share, basic and diluted, compared with a net loss applicable to common stock of $3.3 million or ($0.07) per share for the same period in 2009. The second quarter 2010 results included $0.3 million of non-cash expense related to the change in the fair value of warrants compared with an expense of $0.9 million for the same period in 2009.
What They Do: Pro-Pharmaceuticals, OTC: PRWP, is a leader in the field of Galectin therapeutics and is engaged in the discovery, development and commercialization of therapeutics that target Galectin receptors for advanced treatment of cancer and fibrosis.
EPiC Energy Resources (OTCBB: EPCC) $0.07. Today announced its financial and operating results for the three and six months ended June 30, 2010. Revenues were $5.2 million for the second quarter of 2010, a 49.3% decrease compared to the $10.2 million for the second quarter of 2009. Consulting fee revenue was $3.4 million for the second quarter of 2010 a 50.2% decrease as compared to $6.8 million for the second quarter of 2009. Reimbursed materials revenue was $1.8 million for the second quarter of 2010 a 47.4% decrease as compared to $3.4 million for the second quarter of 2009.
Loss from operations was $1.7 million for the second quarter of 2010, a 695% increase compared to $0.3 million income from operations for the second quarter of 2009. EBITDA was ($1.1) million for the second quarter of 2010, as compared to a $1.6 million for the second quarter of 2009. EBITDA is a non-GAAP measure and is defined and reconciled to net income later in this press release.