Aquinox Pharmaceuticals Announces Third Quarter 2018 Financial Results

Aquinox Pharmaceuticals (NASDAQ:AQXP), a pharmaceutical company discovering and developing novel drug candidates to treat inflammation, inflammatory pain, and blood cancers, today provided a corporate update and reported financial results for the third quarter ending September 30, 2018.

As quoted in the press release:

Cash Position. Cash and cash equivalents totaled $86.7 million as of September 30, 2018, compared to cash, cash equivalents and short-term investments of $108.1 million as of December 31, 2017. The decrease was primarily the result of expenditures related to the LEADERSHIP 301 clinical trial in IC/BPS and costs associated with restructuring activities, partly off-set by the $25 million payment from Astellas in relation to the exclusive licensing agreement.

R&D Expenses. Research and development expenses for the third quarter of 2018 increased to $10.7 million from $8.5 million in the third quarter of 2017. This increase was primarily driven by costs associated with restructuring activities, including terminating our clinical trials of rosiptor and related contracts. Aquinox expects its research and development expenses to decline over the remainder of 2018 and into 2019 as it completes the closing activities related to the rosiptor clinical trials.

G&A Expenses. General and administrative expenses for the third quarter of 2018 increased to $4.5 million from $3.6 million in the third quarter of 2017. This increase was primarily driven by restructuring costs.

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