Hana Biosciences (HNAB.OB) Posts Q2, Half-Year Financials and Offers Corporate Update

QualityStocks would like to highlight Hana Biosciences (OTCBB: HNAB). The company focuses on developing and commercializing new, differentiated cancer therapies designed to improve and enable current standards of care. The company’s lead product candidate Marqibo(R) potentially treats acute lymphoblastic leukemia and lymphomas.

In the company’s news Friday,

Hana Biosciences Inc. reported its financial results for the second quarter and six months ended June 30, 1010, and gave a corporate update regarding several quarterly achievements.

For the second quarter of 2010, the company reported a net loss of $6.3 million and deemed dividends on preferred stock of $9.3 million, resulting in a total net loss applicable to common stockholders of $15.6 million, or $0.19 per share. This compares with a net loss of $7.9 million, or a loss per share of $0.24, for the second quarter of 2009, a quarter in which there were no deemed dividends on preferred stock.

As of June 30, 2010, Hana Biosciences had cash, cash equivalents and available-for-sale securities of $37.9 million. Cash used in operations was $4.9 million for the second quarter of 2010 compared with $5.3 million for the second quarter of 2009.

For the six months ended June 30, 2010, the company reported a net loss of $11.8 million and deemed dividends on preferred stock of $9.3 million, resulting in a net loss applicable to common stockholders of $21.1 million, or $0.26 per share. This compares with a net loss of $13.5 million, or a loss per share of $0.42, for the six months ended June 30, 2009, a period in which there were no deemed dividends on preferred stock.

The company highlighted its achievements in the second quarter of 2010, channeling in on its advancements with Marquibo.

“The second quarter of 2010 was transformational for Hana,” Steven R. Deitcher, M.D., president and CEO of Hana Biosciences stated in the press release. “The company had a number of important and encouraging events occur but the most significant was the completion of a substantial financing. This financing provides the resources necessary to aggressively pursue the completion of our NDA submission and approval process for Marqibo(R), our lead product candidate. We are focused, energized and optimistic about Hana’s future.”

In the second quarter of 2010, Hana Biosciences also completed a financing for up to $100 million with $40 million funded on June 7, 2010; completed clinical/non-clinical and manufacturing pre-NDA meetings with the FDA for Marqibo; and presented complete RALLY clinical trial data of Marqibo in advanced, relapsed/refractory, adult acute lymphoblastic leukemia at the 2010 American Society of Clinical Oncology Annual Meeting.

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