Boston, MA 11/11/2013 (wallstreetpr) – Geron Corporation (NASDAQ:GERN) has released its third quarter financial results, for the period ending September 30, 2013. In the three months it has reported a total loss of $8.3 million, or $0.06 per share, as compared to $16.0 million, or $0.13 per share, in the same period last year. Its total loss for the first nine months of this year was $29.1 million, or $0.23 per share, as compared to the$53.0 million, or $0.42 per share, in the same period last year.
The company ended the quarter with investments and cash worth $67.0 million. Its revenue for the period was $181,000, as compared to the $636,000 in the same period last year. Revenues for the first nine months of this year were $1.1 million, as compared to the $2.0 million in the same period last year.
The reduction in revenues in the quarter and in the first nine months of the year as compared to the same time last year is due to a license payment made last year to the company by GE Healthcare UK, Limited and the end of its license agreement with Asia Biotech Corporation at the end of last year.
Its license agreement with GE Healthcare UK, Limited was moved to Asterias Biotherapeutics, Inc. when it finally divested its stem cell assets. In the third quarter of the current year, the operating expenses of the company stood at $8.9 million, as compared to the $16.5 million in the same period last year.
In other news the company has announced that 22% of those treated with its cancer drug which is still under trial were cured of the disease which is considered to be a big boon for the company. The company had earlier failed in its development efforts for the drug to treat breast cancer and it was also forced to stop work on its drug for cancer of the brain. The new drug Imetelstat is being developed to treat myelofibrosis, which is a rare form of blood cancer.
