LEXINGTON, Mass. - (Business Wire) Synta Pharmaceuticals Corp. (NASDAQ: SNTA), a biopharmaceutical company focused on discovering, developing, and commercializing small molecule drugs to treat severe medical conditions, today reported financial results for the quarter ended June 30, 2008. In the second quarter of 2008, the Company recorded $(0.6) million of net collaboration revenues under its partnership agreement with GlaxoSmithKline (GSK), which principally reflects $1.3 million of license and milestone revenue for the $80 million upfront payment received in November 2007 recognized ratably over the 15-year estimated life of the agreement. These revenues were offset by $2.0 million of melanoma development costs incurred by GSK. These GSK costs do not contribute to current cash outflow; they are reimbursable only following...
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