Introgen 'explores options' after troubled Q3

Austin-based Introgen Therapeutics reported Tuesday that the company had a third-quarter next loss of $6 million, or 14 cents a share, on revenue of $331,000. Not much better than its net loss of $7.5 million, or 17 cents a share, on $139,000 in revenue at the end of the Q3 last year. The troubled biotech has hired Torreya Partners, a life sciences advisory firm, to explore options, which include a sale of company assets, partnerships or a merger. Introgen was hit hard by the FDA's rejection of its cancer med Advexin back in September. The company now has only $6.29 million in cash and investments, compared with $14.9 million in December, according to SEC filings. With a rejection on its hands and a tough investment market, Introgen has few options. But an attractive pipeline may help the company find a buyer, according to analysts. Report