Thallion Pharmaceuticals Inc.
TSX : TLN

Thallion Pharmaceuticals Inc.

October 14, 2008 16:00 ET

Thallion Announces 2008 Third Quarter Results

MONTREAL, QUEBEC--(Marketwire - Oct. 14, 2008) - Thallion Pharmaceuticals Inc. (TSX:TLN) today announced its operational and financial results for the 2008 third quarter which ended on August 31, 2008.

Highlights

- Initiated enrollment in a Phase II trial evaluating TLN-4601 as a second line monotherapy treatment for glioblastoma multiforme after receiving authorization from the Therapeutic Products Directorate (TPD) of Health Canada.

- Received notification from the United States Food and Drug Administration (FDA) that it may proceed with the U.S. portion of the TLN-4601 Phase II trial.

- Received authorization from the Therapeutic Products Directorate (TPD) of Health Canada to initiate a Phase II clinical trial of TLN-232 as a monotherapy treatment for metastatic melanoma in patients that have failed at least one prior therapy.

- Received notification from the FDA that it may proceed with the U.S. portion of the TLN-232 Phase II trial, subsequent to the end of the quarter.

- Presented final results from an open label, single arm Phase II trial of TLN-232 for patients with treatment-refractory advanced renal cell carcinoma at the European Society for Medical Oncology 2008 annual meeting, subsequent to the end of the quarter. The results demonstrated that TLN-232 was generally safe and well-tolerated and that of the three patients that had completed three full cycles, two achieved stable disease.

- Expanded U.S. and Canadian patent coverage for TLN-4601 comprising production processes, formulation and use of TLN-4601 as a pharmaceutical product, and further expanded U.S. patent coverage for DECIPHER®, Thallion's proprietary drug discovery platform.

"We have advanced our two oncology candidates to a stage where we are enrolling patients in the TLN-4601 Phase II trial and expect to commence enrollment for the TLN-232 Phase II trial in the coming weeks," said Lloyd M. Segal, Chief Executive Officer of Thallion Pharmaceuticals Inc. "We believe the results from these two trials represent significant potential value events for our shareholders. As they progress through the clinic, we will continue to pursue a partnership for the development and commercialization of Shigamabs®. Despite the challenging market conditions, we continue to have sufficient capital on hand to facilitate the completion of both two Phase II oncology trials."

Financial Highlights

Total revenues for the three-month period ended August 31, 2008 were $127,447 compared with $1,022,001 for the corresponding period in 2007. Revenues for 2008 consisted entirely of interest revenues compared to interest revenues of $404,406 and contract revenues of $617,595 in 2007. Contract revenues in 2007 related to Thallion's proteomics business that was sold on July 10, 2007 and as such, no longer formed part of the Company's revenues as of that date forward.

Total revenues for the nine-month period ended August 31, 2008 were $563,635 compared with $2,774,176 for the nine-month period ended August 31, 2007. Revenues for 2008 consisted entirely of interest revenues compared to interest revenues of $720,981 and contract revenues of $2,053,195 in 2007.

Research and development expenses before tax credits for the three-month period ended August 31, 2008 were $1,968,212 (including approximately $50,000 of external costs pertaining to Shigamabs®), compared with $3,452,973 (including approximately $250,000 of external costs pertaining to Shigamabs®) for the same period last year. Research and development expenses in 2007 included $731,255 of expenses related to the Company's proteomics business which was sold on July 10, 2007 and as such, no longer formed part of the Company's research and development expenses as of that date forward. Although the Company has recently launched two oncology Phase II clinical trials, it has only incurred minor start-up costs to date, with an increase in expenses to begin in the fourth quarter of 2008.

Research and development expenses for the nine-month period ended August 31, 2008 were $7,625,543 (including approximately $1,270,000 of external costs pertaining to Shigamabs®) compared with $8,966,305 (including approximately $450,000 of external costs pertaining to Shigamabs®) for the same period last year. The research and development expenses in 2007 included $2,066,738 related to the Company's proteomics business which was sold on July 10, 2007. When excluding the 2007 proteomic expenses, research and development expenses increased by $725,976 due primarily to the addition of Caprion's operations following the amalgamation of Ecopia and Caprion on March 14, 2007.

General and administrative expenses for three-month period ended August 31, 2008 were $868,314, compared with $1,867,818 in the corresponding period last year. The decrease is primarily due to $245,000 in severance accruals recorded in the third quarter of 2007 for redundant positions due to the acquisition of Caprion on March 14, 2007, $98,565 of expenses related to the Company's proteomics business, which was sold on July 10, 2007, a decrease of approximately $163,000 mainly relating to a reversal of the prior year's capital tax accrual and a $266,491 decrease in stock based compensation expense mainly resulting from the immediate vesting of certain options upon the sale of the Company's proteomics business. The remaining variance is primarily the result of reduced operating costs now that the final operational integration of the Company's two operating facilities was completed at the end of the second quarter of 2008.

General and administrative expenses for the nine-month period ended August 31, 2008 were $3,395,723, compared with $3,825,942 in the same period last year. The decrease is primarily due to $245,000 in severance accruals recorded in 2007 for redundant positions due to the acquisition of Caprion on March 14, 2007, $262,203 of expenses related to the Company's proteomics business, which was sold on July 10, 2007, a decrease of approximately $210,000 mainly relating to a reversal of the prior year's capital tax accrual and a $192,056 decrease in stock based compensation expense mainly resulting from the immediate vesting of certain options upon the sale of the Company's proteomics business. These decreases were partially offset by legal fees related to the Expergen settlement recorded in the first half of 2008. Furthermore, as of November 30, 2007, the Company has been expensing $323,555 of patent related costs in G&A expenses as a result of an impairment assessment in the fourth quarter of 2007. Included in G&A is approximately $187,000 for the nine-month period ended August 31, 2008 and approximately $102,000 for the 2007 comparative period relating to expenses for maintaining a second operating facility following the amalgamation of Ecopia and Caprion, which became redundant as a result of the final operational integration completed at the end of the second quarter of 2008.

For the three-month period ended August 31, 2008, the Company recorded a loss before non-recurring items of $2,568,664, compared with $5,191,103 for the three-month period ended August 31, 2007. For the nine-month period ended August 31, 2008, the Company recorded a loss before non-recurring items of $10,132,012, compared with $11,768,310 for the nine-month period ended August 31, 2007. The changes in loss before non-recurring items are primarily due to changes in R&D and G&A expenses discussed above.

Net loss for the three-month period ended August 31, 2008 was $2,568,664 or $0.08 per share, compared with $5,293,367 or $0.17 per share for the corresponding period last year. The decrease in net loss is primarily attributable to lower amortization of intangible assets and lower financial expenses, as well as to changes in research and development expenses and general and administrative expenses as discussed above. The Company recorded a net loss of $12,485,868 or $0.39 per share for nine-month period ended August 31, 2008, compared with $11,870,574 or $0.53 per share in the first nine months of 2007. The increase in net loss is primarily due to the lease exit costs and related write-off of property, plant and equipment recorded in the second quarter of 2008 as well as to changes in research and development expenses and general and administrative expenses as discussed above.

As at August 31, 2008, the Company's cash position amounted to $15,396,293, which consists of cash and cash equivalents and short-term investments. Tax credits receivable amounted to $632,521. Consequently, the Company's liquidity availability amounted to $16,028,814 compared with $26,070,463 on November 30, 2007. The decrease in liquidity is primarily due to cash expenses relating to operations for the first nine months of 2008.

As at October 10, 2008, the Company had 32,144,316 common shares outstanding, 9,530,000 warrants, and 2,598,620 options.

Outlook

Thallion is focused on advancing the development of its clinical assets to the next significant milestone events, specifically as it relates to its oncology candidates. These milestones include:

- Continuing enrollment in both our Phase II trials for TLN-4601 and TLN-232, as monotherapies for glioblastoma multiforme and metastatic melanoma patients, respectively.

- Reporting interim analysis of Phase II TLN-4601 trial in the first quarter of calendar 2009.

- Reporting PET-PBR imaging data from its Phase II TLN-4601 trial in the fourth quarter of calendar 2008.

- Reporting dose escalation data from its Phase II TLN-232 trial in the first quarter of calendar 2009.

- Continuing its licensing discussions with potential partners, with the intent to complete a strategic transaction prior to initiating the next stage of clinical development for Shigamabs®.

- Continuing to pursue potential partners for the Company's two oncology programs to further support development activities.

Notice of Conference Call

Thallion will hold a conference call on October 14, 2008, at 4:30p.m. (ET) hosted by Mr. Lloyd M. Segal, Chief Executive Officer and Mr. Michael Singer, Chief Financial Officer to discuss the Company's financial results and corporate developments. To access the conference call by telephone, dial 416-644-3415 or 800-733-7560. A live audio webcast of the call will be available at www.thallion.com. The webcast will be archived for 90 days.

About Thallion Pharmaceuticals Inc.

Thallion Pharmaceuticals Inc. (TSX:TLN) is a biotechnology company developing pharmaceutical products in the areas of oncology and infectious disease. Thallion has three clinical programs at a Phase II, or later, stage of development. Two late stage Phase II oncology trials which include: TLN-4601, a novel anti-cancer therapy derived from a nonpathogenic microorganism and TLN-232, a targeted therapy with potential efficacy in multiple oncology indications. The Company's third product candidate, Shigamabs®, is a dual antibody product for the treatment of Shigatoxin-producing E. coli bacterial infections. Additional information about the Company can be obtained at www.thallion.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time-to-time in the Company's ongoing filings with the Canadian securities regulatory authorities which filings can be found at www.sedar.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.



THALLION PHARMACEUTICALS INC.
Consolidated Balance Sheets
August 31, 2008 and November 30, 2007
(Unaudited)

2008 2007
----------------------------------------------------------------------
Assets (audited)
Current assets:
Cash and cash equivalents $7,136,434 $10,606,914
Short-term investments 8,259,859 12,976,047
Sales tax receivable and other 345,038 651,591
Accounts receivable 59,786 68,160
Tax credits receivable 632,521 2,487,502
Deposits and prepaid expenses 597,085 711,017
----------------------------------------------------------------------
17,030,723 27,501,231
Long-term deposit 200,000 300,000
Property, plant and equipment 3,304,872 4,340,543
----------------------------------------------------------------------
$20,535,595 $32,141,774
----------------------------------------------------------------------
----------------------------------------------------------------------

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $1,803,683 $3,191,749
Deferred revenues 88,500 -
Current portion of lease exit obligations 631,184 -
----------------------------------------------------------------------
2,523,367 3,191,749

Long-term portion of lease exit obligations 984,933 -

Redeemable special preferred shares - 1

Shareholders' Equity:
Capital stock 115,502,723 115,450,222
Warrants 9,986,860 9,986,860
Contributed surplus 2,221,829 1,765,409

Deficit (110,683,710) (98,197,842)
Accumulated other comprehensive loss (407) (54,625)
----------------------------------------------------------------------
(110,684,117) (98,252,467)
----------------------------------------------------------------------
Total shareholders' equity 17,027,295 28,950,024

Commitments, contingencies and guarantees
----------------------------------------------------------------------
$20,535,595 $32,141,774
----------------------------------------------------------------------
----------------------------------------------------------------------




THALLION PHARMACEUTICALS INC.
Consolidated Statements of Operations
(Unaudited)

Three-month period Nine-month period
ended August 31 ended August 31
------------------------------------------------------------------------
------------------------------------------------------------------------
2008 2007 2008 2007
------------------------------------------------------------------------
Revenues
Contract revenues $- $617,595 $- $2,027,469
Interest revenues 127,447 404,406 563,635 720,981
Other revenues - - - 25,726
------------------------------------------------------------------------
127,447 1,022,001 563,635 2,774,176

Costs and expenses
Research and
development 1,968,212 3,452,973 7,625,543 8,966,305
Tax credits (245,981) (332,450) (800,981) (886,870)
------------------------------------------------------------------------
1,722,231 3,120,523 6,824,562 8,079,435

General and
administrative 868,314 1,867,818 3,395,723 3,825,942
Amortization of
property, plant
and equipment 128,142 186,667 463,737 436,833
Amortization of
intangible assets - 823,681 - 1,474,172
Financial expenses - 196,738 - 605,260
Foreign exchange
(gain)/loss (22,576) 17,677 11,625 120,844
------------------------------------------------------------------------
2,696,111 6,213,104 10,695,647 14,542,486
------------------------------------------------------------------------
Loss before
non-recurring
items (2,568,664) (5,191,103) (10,132,012) (11,768,310)

Non-recurring
items
Lease exit costs - - 1,728,550 -
Write-off of
property, plant
and equipment - - 625,306 -
Proportionate
share in loss
of company under
significant
influence - 102,264 - 102,264
------------------------------------------------------------------------
------------------------------------------------------------------------
- 102,264 2,353,856 102,264
------------------------------------------------------------------------

Net loss $(2,568,664) $(5,293,367) $(12,485,868) $(11,870,574)
------------------------------------------------------------------------
------------------------------------------------------------------------

Net basic and
diluted loss
per share $(0.08) $(0.17) $(0.39) $(0.53)
------------------------------------------------------------------------
------------------------------------------------------------------------

Weighted average
number of
outstanding
shares 32,144,316 31,994,316 32,118,134 22,501,380
------------------------------------------------------------------------
------------------------------------------------------------------------




THALLION PHARMACEUTICALS INC.
Consolidated Statements of Comprehensive Loss
(Unaudited)

Three-month period Nine-month period
ended August 31 ended August 31
------------------------------------------------------------------------
------------------------------------------------------------------------
2008 2007 2008 2007
------------------------------------------------------------------------
Net loss for
the period $(2,568,664) $(5,293,367) $(12,485,868) $(11,870,574)
Other
comprehensive
loss
Unrealized
(loss) gain
on available
for sale
investments
arising
during the
period (731) (13,655) 3,178 (41,290)
Reclassi-
fication
adjustment
for (gains)
and losses
included in
net loss 11,047 - 51,040 -
------------------------------------------------------------------------
Comprehensive
loss $(2,558,348) $(5,307,022) $(12,431,650) $(11,911,864)
------------------------------------------------------------------------
------------------------------------------------------------------------




THALLION PHARMACEUTICALS INC.
Consolidated Statements of Shareholders' Equity
Three and nine-month periods ended August 31, 2008 and 2007
(Unaudited)

Number of Number of
shares warrants
outstanding Capital stock outstanding Warrants
-------------------------------------------------------------------------
Balance, November
30, 2007 31,994,316 $115,450,222 9,945,417 $9,986,860
Issuance of share
capital 150,000 52,501 - -
Expiry of warrants - - (415,417) -
Stock-based
compensation - - - -
Net loss, first
quarter 2008 - - - -
Reclassification
adjustment for
gains and losses
included in
net income - - - -
Unrealized gains
on available
for sale
investments
arising during
the period - - - -
-------------------------------------------------------------------------
Balance, February
29, 2008 32,144,316 $115,502,723 9,530,000 $9,986,860
Stock-based
compensation - - - -
Net loss, second
quarter 2008 - - - -
Reclassification
adjustment for
gains and losses
included in
net income - - - -
Unrealized gains
on available
for sale investments
arising during
the period - - - -
-------------------------------------------------------------------------
Balance, May 31,
2008 32,144,316 $115,502,723 9,530,000 $9,986,860
Stock-based
compensation - - - -
Net loss, third
quarter 2008 - - - -
Reclassification
adjustment for
gains and losses
included in
net income - - - -
Unrealized gains on
available for sale
investments arising
during the period - - - -
-------------------------------------------------------------------------
Balance, August 31,
2008 32,144,316 $115,502,723 9,530,000 $9,986,860
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Accumulated
other
compre-
Contributed hensive
surplus Deficit loss Total
-------------------------------------------------------------------------
Balance, November
30, 2007 $1,765,409 $(98,197,842) $(54,625) $28,950,024
Issuance of share
capital - - - 52,501
Expiry of warrants - - - -
Stock-based
compensation 191,225 - - 191,225
Net loss, first
quarter 2008 - (3,969,087) - (3,969,087)
Reclassification
adjustment for
gains and losses
included in
net income - - 35,690 35,690
Unrealized gains on
available for sale
investments arising
during the period - - 16,171 16,171
-------------------------------------------------------------------------
Balance, February
29, 2008 $1,956,634 $(102,166,929) $(2,764) $25,276,524
Stock-based
compensation 159,066 - - 159,066
Net loss, second
quarter 2008 - (5,948,117) - (5,948,117)
Reclassification
adjustment for
gains and losses
included in
net income - - 4,303 4,303
Unrealized gains on
available for sale
investments arising
during the period - - (12,262) (12,262)
-------------------------------------------------------------------------
Balance, May 31,
2008 $2,115,700 $(108,115,046) $(10,723) $19,479,514
Stock-based
compensation 106,129 - - 106,129
Net loss, third
quarter 2008 - (2,568,664) - (2,568,664)
Reclassification
adjustment for
gains and losses
included in
net income - - 11,047 11,047
Unrealized gains on
available for sale
investments arising
during the period - - (731) (731)
-------------------------------------------------------------------------
Balance, August 31,
2008 $2,221,829 $(110,683,710) $(407) $17,027,295
-------------------------------------------------------------------------
-------------------------------------------------------------------------




THALLION PHARMACEUTICALS INC.
Consolidated Statements of Shareholders' Equity
Three and nine-month periods ended August 31, 2008 and 2007
(Unaudited)

Number of Number of
shares warrants
outstanding Capital stock outstanding Warrants
-------------------------------------------------------------------------
Balance, November
30, 2006 6,987,158 $54,567,028 782,084 $-
Stock-based
compensation - - - -
Net loss, first
quarter 2007 - - - -
Unrealized gains on
available for sale
investments arising
during the period - - - -
-------------------------------------------------------------------------
Balance, February
28, 2007 6,987,158 $54,567,028 782,084 $-
Issuance of share
capital 25,007,158 60,883,194 - -
Issuance of warrants - - 9,530,000 9,986,860
Expiry of warrants - - (366,667) -
Stock-based
compensation - - - -
Net loss, second
quarter 2007 - - - -
Share issue costs - - - -
Unrealized gains on
available for sale
investments arising
during the period - - - -
-------------------------------------------------------------------------
Balance, May 31,
2007 31,994,316 $115,450,222 9,945,417 $9,986,860
Stock-based
compensation - - - -
Net loss, third
quarter 2007 - - - -
Unrealized gains on
available for sale
investments arising
during the period - - - -
-------------------------------------------------------------------------
Balance, August 31,
2007 31,994,316 $115,450,222 9,945,417 $ 9,986,860
Stock-based
compensation - - - -
Net loss, fourth
quarter 2007 - - - -
Unrealized gains on
available for sale
investments arising
during the period - - - -
-------------------------------------------------------------------------
Balance, November
30, 2007 31,994,316 $115,450,222 9,945,417 $9,986,860
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Accumulated
other
compre-
Contributed hensive
surplus Deficit loss Total
-------------------------------------------------------------------------
Balance, November
30, 2006 $846,046 $(50,053,270) $- $5,359,804
Stock-based
compensation 89,490 - - 89,490
Net loss, first
quarter 2007 - (1,971,168) - (1,971,168)
Unrealized gains
on available for
sale investments
arising during
the period - - 200 200
-------------------------------------------------------------------------
Balance, February
28, 2007 $935,536 $(52,024,438) $200 $3,478,326
Issuance of share
capital - - - 60,883,194
Issuance of
warrants - - - 9,986,860
Expiry of
warrants - - - -
Stock-based
compensation 191,834 - - 191,834
Net loss, second
quarter 2007 - (4,606,039) - (4,606,039)
Share issue costs - (3,287,835) - (3,287,835)
Unrealized gains
on available
for sale
investments arising
during the period - - (27,835) (27,835)
-------------------------------------------------------------------------
Balance, May 31,
2007 $1,127,370 $(59,918,312) $(27,635) $66,618,505
Stock-based
compensation 493,648 - - 493,648
Net loss, third
quarter 2007 - (5,293,367) - (5,293,367)
Unrealized gains
on available for
sale investments
arising during
the period - - (13,655) (13,655)
-------------------------------------------------------------------------
Balance, August 31,
2007 $1,621,018 $(65,211,679) $(41,290) $61,805,131
Stock-based
compensation 144,391 - - 144,391
Net loss, fourth
quarter 2007 - (32,986,163) - (32,986,163)
Unrealized gains
on available for
sale investments
arising during
the period - - (13,335) (13,335)
-------------------------------------------------------------------------
Balance, November
30, 2007 $1,765,409 $(98,197,842) $(54,625) $28,950,024
-------------------------------------------------------------------------
-------------------------------------------------------------------------




THALLION PHARMACEUTICALS INC.
Consolidated Statements of Cash Flows
Three and nine-month periods ended August 31, 2008 and 2007
(Unaudited)

Three-month period Nine-month period
ended August 31 ended August 31
------------------------------------------------------------------------
------------------------------------------------------------------------
2008 2007 2008 2007
------------------------------------------------------------------------
Cash flows from
operating
activities:
Net loss $(2,568,664) $(5,293,367) $(12,485,868) $(11,870,574)
Adjustments for:
Accretion in
carrying value
of lease
liability 62,922 - 62,922 -
Proportionate
share in loss of
company under
significant
influence - 102,264 - 102,264
Accretion in
carrying value
of note receivable - (34,142) - (34,142)
Lease exit
costs - - 1,728,550 -
Write-off of
property, plant
and equipment - - 625,306 -
Amortization of
property, plant
and equipment 128,142 186,667 463,737 436,833
Amortization of
intangible assets - 823,681 - 1,474,172
Loss on disposal
of patents - - - 2,512
Loss on disposal
of short-term
investments 14,243 3,929 66,869 3,929
Stock-based
compensation 106,129 493,648 456,420 774,972
------------------------------------------------------------------------
(2,257,228) (3,717,320) (9,082,064) (9,110,034)
Changes in
operating assets
and liabilities:
Interest
receivable 68,907 - 250,341 27,674
Accounts
receivable 120,346 (54,099) 8,374 (46,559)
Sales tax
receivable
and other 80,701 103,893 56,212 (333,242)
Tax credits
receivable 694,478 (458,450) 1,854,981 (886,870)
Deposits and
prepaid
expenses 123,778 (72,531) 113,932 (18,217)
Current assets
held for sale - 1,185,379 - 1,153,468
Current
liabilities
- assets held
for sale - (2,697,750) - (3,292,705)
Accounts
payable and
accrued
liabilities (903,172) 1,082,923 (1,335,565) (2,273,750)
Deferred
revenues 5,750 - 88,500 -
------------------------------------------------------------------------
190,788 (910,635) 1,036,775 (5,670,201)
------------------------------------------------------------------------
(2,066,440) (4,627,955) (8,045,289) (14,780,235)
------------------------------------------------------------------------
Cash flows from
financing
activities:
Decrease in
long-term
deposit 100,000 100,000 100,000 100,000
Payment of
lease liability (175,355) - (175,355) -
Proceeds from
issuance of
shares and
warrants - - - 45,040,000
Share issue
costs - (14,992) - (3,287,835)
Redemption of
special
preferred
shares - - (1) -
Decrease in
bank
indebtedness - - - (1,720,803)
------------------------------------------------------------------------
(75,355) 85,008 (75,356) 40,131,362
------------------------------------------------------------------------
Cash flows from
investing
activities:
Acquisition of
short-term
investments (2,615,717) (6,505,890) (6,161,757) (11,711,815)
Proceeds from
disposal of
short-term
investments 4,111,000 1,162,279 10,865,294 3,576,490
Additions to
property, plant
and equipment (39,076) (41,774) (53,372) (71,136)
Costs relating
to patent
acquisitions - (162,714) - (422,352)
Business
acquisition,
net of cash
acquired - (19,218) - (1,059,761)
------------------------------------------------------------------------
1,456,207 (5,567,317) 4,650,165 (9,688,574)
------------------------------------------------------------------------
Net increase
(decrease) in
cash and cash
equivalents (685,588) (10,110,264) (3,470,480) 15,662,553
Cash and cash
equivalents,
beginning of
period 7,822,022 26,184,438 10,606,914 411,621
------------------------------------------------------------------------
Cash and cash
equivalents,
end of period $7,136,434 $16,074,174 $7,136,434 $16,074,174
------------------------------------------------------------------------
------------------------------------------------------------------------

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