SuperGen Inc. (NASDAQ: SUPG) shares are climbing in today's trading after the company announced its fourth-quarter financial results.
SuperGen reported fourth-quarter net income of $6.7 million, or $0.11 per share, compared with a net income of $2.3 million, or $0.04 per share reported for the same period in the previous year. For full year 2010, the company reported net income of $16.3 million, or $0.27 per share, compared with a net income of $4.7 million, or $0.08 per share reported in 2009.
The company reported total revenue of $15.3 million for the fourth quarter of 2010, compared with $12 million reported for the same period in the previous year. The company's fourth-quarter revenue included royalty revenue of $15.2 million. For full year 2010, the company reported total revenue of $53 million, compared with $41.3 million reported in 2009. The company's 2010 total revenue included $52.5 million in royalty revenue, compared with $41.2 million in 2009.
Commenting on the company's operational and financial performance, James S. J. Manuso, Ph.D., president and CEO of SuperGen, said that during 2010, the company continued to make significant progress, operationally and financially. Manuso further said that the company's clinical-stage drugs amuvatinib and SGI-110 advanced in the clinic. He added the company has now reported a profit in three of the last four years and its balance sheet is the strongest it has ever been.
Following the fourth-quarter financial results, SuperGen shares climbed in today's trading. The small cap stock reached a high of $3.15 in today's trading, and ended the day 2.36% higher at $3.04, with volume up from daily average of 403,195 to 1.03 million.
SuperGen shares have a 52-week range of $1.71-$3.80. It is currently trading above its 50-day and 200-day moving averages. Year-! to-date the stock is up 16.03%.
SuperGen is a Dublin, California-based pharmaceutical company, focusing on the discovery and development of therapies to treat patients with cancer.
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