Today, Aeolus Pharmaceuticals announced that it has generated a net loss of $459,000, or $0.01 per basic share, for the three months ended December 31, 2008. This compares to a loss of $641,000, or $0.02 per basic share, for the three months ended December 31, 2007, a decrease of 28%.
John L. McManus, President and CEO, stated, Results for the quarter continue to demonstrate our success in reducing overhead and successfully partnering with universities and the government to further the development of AEOL 10150. While making wise use of our cash is important, it is also critical that we move forward the development of our lead drug candidate AEOL10150.
During the past quarter we initiated a study of AEOL 10150 as a countermeasure against exposure to radiation at Duke University. We expect to have some of the results of that study before the end of the current quarter. Additionally, we expect to begin studies of AEOL 10150 as a treatment for mustard gas and chlorine gas this quarter, he added.
According to the press release, R&D expenses were lower in the first quarter of fiscal year 2009 compared to last year as a result of a decline in grant expenses. General and administrative expenses also decreased as a result of a decline in stock based compensation expense and Board of Directors expense. At the end of the quarter, Aeolus had $169,000 in cash and cash equivalents and 32,030,874 common shares outstanding.