ALKERMES REPORTS FIRST QUARTER FINANCIAL RESULTS
ALKERMES REPORTS FIRST QUARTER FINANCIAL RESULTS CAMBRIDGE, Mass., Aug. 4 /PRNewswire/ -- Alkermes, Inc.
(NASDAQ: ALKS) today reported total revenues for the first quarter ended June 30, 1992, of $2,717,307 compared with $51,049 for the same period last year. The increase was mainly due to revenues from the research and development agreement witht Alkermes Clinical Partners, L.P. (the "partnership") entered into in April 1992, as well as the increase in interest income due primarily to the investment of the proceeds from equity offerings in fiscal 1992 in cash equivalents and investments.
The net loss for the first quarter of fiscal 1993 was $912,110 (9 cents per share) compared with a net loss of $1,940,580 (35 cents per share) for the same fiscal 1992 period. The decrease was attributable to the increase in research and development agreement revenue from the partnership in fiscal 1993, as well as a decrease of $629,823 from the first quarter of fiscal 1992 as compared to the same period this year of non-cash compensation charges relating to the grant of certain stock options. The company's research and development expenditures for the first quarter of fiscal 1993 were $2,909,503 as compared to $1,012,251 for the same period in the prior year. The increase was attributable to increased activity in each of the company's principal research projects and product development programs, including Phase I clinical trials of RMP-7 being developed for the partnership and the company's first industrial collaboration with Cortex Pharmaceuticals, Inc. In addition, the company continues to increase its staff and related purchases of laboratory supplies and services. At June 30, 1992, the company had total assets of $56,574,016, including $46,960,894 of cash and cash equivalents and total investments, and total liabilities of $3,149,630. Alkermes, Inc. is a neuropharmaceutical company founded in 1987 that is focused on the development and commercialization of therapeutic and diagnostic products for the treatment of diseases and disorders of the central nervous system. -0- 8/4/92 /CONTACT: Michael J. Landine, CFO of Alkermes, Inc., 617-494-0171; or Thomas A. Pearson of Pearson Communications, 215-644-4420, for Alkermes/ (ALKS) CO: Alkermes Inc. ST: Massachusetts IN: MTC SU: ERN
PB -- NE0011 -- 6655 08/04/92 12:24 EDT
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|Date:||Aug 4, 1992|
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