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ETRM Annual Reports
Last10K.com | 10-K Annual Report Mon Mar 29 2010
Greg S. Lea
EnteroMedics Reports Fourth Quarter and Full Year 2009 Financial Results
ST. PAUL, Minnesota, January 28, 2010 EnteroMedics Inc., (NASDAQ: ETRM), the developer of medical devices using neuroblocking technology to treat obesity and other gastrointestinal disorders, today announced financial results for the three months and full year ended December 31, 2009.
For the full year 2009, the Company reported a net loss of $31.9 million, or $1.07 per share, research and development expenses of $15.6 million, and general and administrative expenses of $8.6 million. For the fourth quarter ended December 31, 2009, the Company reported a net loss of $2.9 million, or $0.08 per share. Expenses were primarily associated with the cost of supporting the Companys multiple ongoing clinical trials as well as the continued development of VBLOC® vagal blocking therapy delivered through the Companys Maestro® System. On December 31, 2009, the Companys cash, cash equivalents and short-term investments totaled $14.6 million, which does not reflect the proceeds of its January 14, 2010 agreement with institutional investors to raise $4.8 million in a registered direct offering of its common stock.
We remain encouraged by the weight loss, diabetes and hypertension data emerging from our Maestro System development program, particularly results from our next-generation rechargeable device, since announcing the results of our EMPOWER study early in the fourth quarter, said President and CEO Mark B. Knudson, Ph.D. We look forward to the continued development of the Maestro System as a treatment for morbid obesity and its related co-morbidities, diabetes and hypertension.
Gregory S. Lea, Senior Vice President and Chief Financial Officer of EnteroMedics added: Since the beginning of the fourth quarter, we have taken steps to strengthen our balance sheet through two equity financings and repayment of over half of our outstanding debt. These efforts, along with cost-cutting measures implemented in the fourth quarter of 2009, provide us with the resources to fund operations into the second half of 2010.
About EnteroMedics Inc.
EnteroMedics is a development stage medical device company focused on the design and development of devices that use neuroblocking technology to treat obesity and other gastrointestinal disorders. EnteroMedics proprietary neuroblocking technology, VBLOC® vagal blocking therapy, is designed to
The following information was filed by Enteromedics Inc (ETRM) on Thursday, January 28, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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