million, largely due to changes in costs accrued with respect to litigation reserves due to the settlement of litigation with Hansen Medical.
For the full year, revenues declined by 6%, from $36.9 million in 2008 to $34.6 million in 2009. Net loss increased from $6.3 million in 2008 to $20.4 million in 2009 due to the costs, including impair- ment of intangible assets, recognized in connection with the company‘s litigation with Hansen Medical and reorganization during 2009. Adjusted EBITDA excluding litigation and bankruptcy related costs improved from $0.3 million in 2008 to $2.3 million in 2009.
or the three months and full year ended De- cember 31, 2009, Metabolix (NASDAQ: MBLX)
reported a net loss of $9.8 million or $0.39 per share for the fourth quarter of 2009 as compared to a net loss of $8.9 million or $0.40 per share for the fourth quarter of 2008. For the full year, the Company re- ported a net loss of $38.0 million or $1.62 per share as compared to a net loss of $36.0 million or $1.58 per share for 2008. The Company‘s net cash used for operating activities during the fourth quarter of 2009 was $5.9 million, which compares to net cash used of $3.7 million for the comparable quarter in 2008. Net cash used in operating activities for the full year 2009 was $25.8 million compared to $18.4 million for 2008. Unrestricted cash and short-term invest- ments at December 31, 2009 totaled $92.2 million, which included net proceeds of $29.1 million from an equity offering completed in the fourth quarter. The Company continues to have no debt.
Metagenomix is an early-stage biotechnology
company developing novel methods of screening microbes for pharmacologically active compounds.
Among the indications under investigation are can- cer, inflammation and infectious diseases including fungal infections and malaria. The technology also has applications in agriculture.
agForce Nanotechnologies (MF6.FSE) has signed a Standby Equity Distribution Agree-
ment („SEDA“) with YA Global Master SPV Ltd. („YA
Global“), an investment fund managed by Yorkville Advisors. Under this agreement, MagForce now has the option over the next 36 months to avail itself of a binding commitment by YA Global to subscribe to and purchase multiple tranches of newly issued shares from the company’s approved capital up to a total amount of EUR20 million. MagForce will retain com- plete discretion over if and when it makes use of its rights over the life of the option.
onnecticut Innovations (CI), the state’s quasi-public authority responsible for technolo-
gy investing and innovation development, has made a $350,000 investment in Metagenomix Inc. of Branford, Connecticut, through its Eli Whitney Fund. This investment is part of a $700,000 minimum seed round also involving Elm Street Ventures and an individual investor. The investment represents CI’s twelfth in early-stage Connecticut technology compa- nies since the fiscal year began in July. Utilizing tech- nology licensed from Yale University, Metagenomix is developing innovative, high-throughput methods to synthesize novel compounds produced by bacteria in the soil and screen them for drug-like activity.
10-04 :: April 2010