Gentium Q2 Revenue Increases; Despite Decline In H1

Gentium has reported a total revenue of E2.61m for the second quarter ended June 30, 2009, compared to E1.86m for the second quarter of 2008. The increase is attributable to the launch of the named-patient program for Defibrotide throughout the European and Asia-Pacific markets by IDIS.

The company has reported a total revenue of E3.62m for the six months ended June 30, 2009, a decrease when compared to E4.55m for the same period prior year.

For the quarter ended June 30, 2009, the operating loss was E0.41m, a decrease when compared to E4.63m for the second quarter of the previous year. For the first six months the operating loss was E3.55m, a decrease when compared to E9.48m for the same period prior year.

The company has reported a net loss of E0.49m or E0.03 per diluted share for the quarter, a decrease when compared to E4.53m or E0.30 per diluted share for the same period in 2008.

Company’s net loss for the first six months is reported to be E3.45m, a decrease when compared to E10.61m for the same period prior year.

Gary Gemignani, executive vice president and chief financial officer of Gentium, said: “Gentium continues to move forward with the development of Defibrotide to treat and prevent VOD, a disease for which there is currently no other viable treatment option. We believe that the results from our phase II/III European pediatric prevention trial and the phase III historically controlled treatment trial in the US demonstrate the activity of Defibrotide that has consistently been seen in numerous investigator-sponsored studies.

“We have been able to extend our cash reserves through the margins generated from the named-patient program and our cost reduction measures. We look forward to working collaboratively with the company’s incoming Board of Directors as we pursue strategic financing options to provide the capital necessary to further the development of Defibrotide.”