EXHIBIT 99.1
ATHEROGENICS, INC.
BALANCE SHEET
October 31, 2008
(Unaudited)
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 51,744,542 | ||
Prepaid expenses | 1,134,595 | ||
Accounts receivable | 18,856 | ||
Total current assets | 52,897,993 | ||
Equipment and leasehold improvements, net of accumulated depreciation | |||
and amortization | 1,483,919 | ||
Total assets | $ 54,381,912 | ||
Liabilities and Shareholders' Deficit | |||
Current liabilities: | |||
Accounts payable | $ 194,147 | ||
Accrued compensation | 240,818 | ||
Accrued and other liabilities | 330,668 | ||
Total current liabilities not subject to compromise | 765,633 | ||
Prepetition liabilities | 306,337,734 | ||
Shareholders' deficit | |||
Common stock | 218,706,283 | ||
Warrants | 598,362 | ||
Accumulated deficit | (472,026,100 | ) | |
Total shareholders' deficit | (252,721,455 | ) | |
Total liabilities and shareholders' deficit | $ 54,381,912 | ||
ATHEROGENICS, INC.
STATEMENT OF OPERATIONS
For the month ended October 31, 2008
(Unaudited)
Revenues | $ — | |
Operating expenses (1): | ||
Research and development | 861,230 | |
General and administrative | 463,418 | |
Restructuring and impairment costs | — | |
Total operating expenses | 1,324,648 | |
Operating loss | (1,324,648 | ) |
Interest and other income | — | |
Interest expense | — | |
Net loss before reorganization items | (1,324,648 | ) |
Reorganization items, net | (223,693 | ) |
Net loss | $ (1,548,341 | ) |
Net loss per share – | ||
basic and diluted | $ (0.04 | ) |
Weighted average shares | ||
outstanding – basic and diluted | 39,518,492 | |
(1) Operating expenses include non-cash depreciation expense of $195,815.