Aeolus Pharmaceuticals, Inc. (OTCMKTS:AOLS) announced that it was making a solid progress in the AEOL 10150 development as a medical countermeasure. It was meant against the effects of pulmonary of Acute Radiation Syndrome. As a result, the company expects to reach a number of miles in the coming several months.
At the end of the December quarter, the company’s cash and cash equivalents totaled about $447,000. While accounts receivable of Aeolus Pharmaceuticals, Inc. (OTCMKTS:AOLS) stood at $1,81 million, accounts payable was only $1.26 million at the close of the first quarter.
The company suffered a net loss of about $690,000 or a loss of one cent a share for the first quarter. In comparison, it incurred a loss of $695,000 or a loss of one cent a share in the preceding year quarter.
Aeolus Pharmaceuticals, Inc. (OTCMKTS:AOLS)’s top line grew 16.7% to $925,000 from $793,000 in the previous year quarter. The company indicated it realized the revenue from a contract with BARDA disclosed on February 11 in 2011. The company indicated that the increase in 2014 reflected the timing of the program items initiation and revenue recognition as per the accounting rules.
Aeolus Pharmaceuticals, Inc. (OTCMKTS:AOLS) spent about $973,000 towards research and development, up 38% from $707,000 in the year-ago quarter. Aeolus attributed the higher R&D expenses to the program items of BARDA, as well as, cost recognition as per the accounting rules. However, its general and administrative costs reduced to $650,000 from $781,000 in the same quarter last year. The company cited stock-based compensation, as well as, reduced legal costs for the overall lower expenses.
Aeolus Pharmaceuticals, Inc. (OTCMKTS:AOLS)’s President and CEO, John McManus, said that the company has filed its response to the clinical hold placed on its IND for Lung ARS by the U.S. FDA’s Media Image Products Division. The company indicated that it would meet them in March and confirm its path of initiative the phase one trial of AEOL 10150 in healthy volunteers.