Hana Biosci's loss for 2005 deepens to $10M

Hana Biosciences, a USA-based biopharmaceutical company focused on cancer, reported a net loss of $10.0 million, or $0.57 per share, for the year ended December 31, 2005, versus a loss of $7.3 million, or $0.80 per share, for the previous year.

The San Francisco-based firm, which did not generate revenues during the period, said it burned $8.5 million in cash vs $6.6 million in 2004, due to increased R&D investment driven by the accelerated clinical development of its three product candidates.

Hana noted that the most advanced agent in its development pipeline, Zensana (ondansetron oral spray), for the prevention of chemotherapy- and radiation-induced, and post-operative nausea and vomiting, demonstrated bioequivalence to GlaxoSmithKline's commercially-available Zofran 8mg tablet and Hana says it plans to submit a New Drug Application to US regulators during the year with a market launch scheduled for 2007.