EXHIBIT 99.1
ATHEROGENICS, INC.
(Debtor-in-Possession)
BALANCE SHEET
May 31, 2009
(Unaudited)
(Debtor-in-Possession)
BALANCE SHEET
May 31, 2009
(Unaudited)
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 46,570,341 | ||
Prepaid expenses | 185,999 | |||
Interest receivable and other current assets | 11,602 | |||
Total current assets | 46,767,942 | |||
Equipment and leasehold improvements, net of accumulated depreciation and amortization | — | |||
Total assets | $ | 46,767,942 | ||
Liabilities and Shareholders’ Deficit | ||||
Current liabilities: | ||||
Accounts payable | $ | 211,717 | ||
Accrued professional fees | 278,676 | |||
Accrued and other liabilities | 12,163 | |||
Total current liabilities not subject to compromise | 502,556 | |||
Prepetition liabilities | 306,890,836 | |||
Shareholders’ deficit | ||||
Common stock | 219,855,598 | |||
Warrants | 598,173 | |||
Accumulated deficit | (481,079,221 | ) | ||
Total shareholders’ deficit | (260,625,450 | ) | ||
Total liabilities and shareholders’ deficit | $ | 46,767,942 | ||
ATHEROGENICS, INC.
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended May 31, 2009
(Unaudited)
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended May 31, 2009
(Unaudited)
Revenues | $ | — | ||
Operating expenses: | ||||
Research and development | — | |||
General and administrative | 86,693 | |||
Total operating expenses | 86,693 | |||
Net loss before reorganization items | (86,693 | ) | ||
Reorganization items, net | (277,624 | ) | ||
Net loss | $ | (364,317 | ) | |
Net loss per share — basic and diluted | $ | (0.01 | ) | |
Weighted average shares outstanding — basic and diluted | 39,518,492 | |||