Hana's 2006 loss more than triples to $44.8M

Hana Biosciences, a USA-based biopharmaceutical firm focused on cancer, says that its net loss for the year ended December 31, 2006, deepened to $44.8 million, or $1.69 per share, versus a loss of $10.0 million, or $0.57 per share, in 2005, reflecting the expansion of its pipeline, as well as an $8.4 million stock-based compensation expense. In 2006, the firm's non-generally accepted accounting principles net loss reached $24.4 million vs $10.0 million.

Hana's key achievements in 2006 included its listing on the Nasdaq Global Market under the ticker symbol HNAB, as well as the 50% increase of its pipeline by licensing three targeted chemotherapy agents that utilize sphingosome encapsulation as the drug delivery platform (Marketletter March 27, 2006). As part of its deal with Canadian firm Inex Pharmaceuticals, Hana licensed Marqibo (sphingosomal vincristine), Alocrest (sphingosomal vinorelbine) and sphingosomal topotecan, the first of which has demonstrated efficacy in the treatment of non-Hodgkin's lymphoma.

The US firm agreed to pay a total of $11.5 million made up of cash, shares and stock to Inex on closure of the deal and a further $30.5 million in shares, on the achievement of approvals and development milestones.