ARIAD Reports First Quarter 2004 Results; Presentation of AP23573 Phase 1 Results and Clinical Trial Plans Imminent.Business Editors/Health/Medical Writers BIOWIRE2K CAMBRIDGE, Mass.--(BUSINESS WIRE)--May 4, 2004 ARIAD ARIAD Allison Research Index of Art and Design Pharmaceuticals, Inc. (Nasdaq: ARIA) today announced results for the first quarter of 2004 and highlighted key upcoming events. Financial Highlights For the quarter ended March 31, 2004, the Company reported a net loss of $6.2 million, or $0.13 per share, compared to a net loss of $5.3 million, or $0.15 per share, for the same quarter of 2003. On March 29, 2004, the Company raised gross proceeds of $43.0 million through the sale of 5,060,000 shares of its common stock in an underwritten public offering led by Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. . The Company ended the quarter with $102.3 million in cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . This compares to cash, cash equivalents and marketable securities of $66.7 million at December 31, 2003. Upcoming Events Up-to-date clinical data on ARIAD's lead oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. product candidate, AP23573, will be presented at the upcoming 40th annual meeting of the American Society of Clinical Oncology American Society of Clinical Oncology, or ASCO, is an organization that represents all clinical oncologists. Every year, ASCO holds a large symposium where physicians and researchers meet to convey and discuss research and ideas. (ASCO ASCO American Society of Clinical Oncology ASCO Association of Schools and Colleges of Optometry (since 1941; Rockville, Maryland) ASCO Australian Standard Classification of Occupations ASCO Automatic Switch Company ) in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , Louisiana on Monday, June 7, 2004. In advance of this presentation, the Company will make the highlights of its clinical studies publicly available, coinciding with the distribution of abstracts by ASCO to its members. The published abstracts are based on results available as of the December 2003 abstract submission date. In addition, the Company's plans for advancing the clinical development of AP23573 in oncology will be announced prior to the ASCO meeting, and the Company's senior management will host a webcast analyst conference call in response to high-level investor interest in its lead clinical program. In addition, ARIAD's chairman and chief executive officer will be presenting updated overviews of the Company's progress and plans at three investor conferences - all to be webcast - during the next several weeks: -- Rodman and Renshaw Global Healthcare Conference at Claridge's Hotel in London on May 13, 2004. -- Banc of America Healthcare Conference at the Four Season's Hotel in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. on May 21, 2004. -- Needham & Company's Third Annual Biotechnology Conference at the New York Palace
Details concerning each of these webcasts will be made available in separate press releases for each event. ARIAD is engaged in the discovery and development of breakthrough medicines to treat cancer by regulating cell signaling Cell signaling is part of a complex system of communication that governs basic cellular activities and coordinates cell actions. The ability of cells to perceive and correctly respond to their microenvironment is the basis of development, tissue repair, and immunity as well as with small molecules. The Company is developing a comprehensive approach to patients with cancer that addresses the greatest medical need - aggressive and advanced-stage cancers for which current treatments are inadequate. ARIAD also has an exclusive license to pioneering technology and patents related to certain NF-(kappa Kappa Used in regression analysis, Kappa represents the ratio of the dollar price change in the price of an option to a 1% change in the expected price volatility. Notes: Remember, the price of the option increases simultaneously with the volatility. )B treatment methods, and the discovery and development of drugs to regulate NF-(kappa)B cell-signaling activity, which may be useful in treating certain diseases. Additional information about ARIAD can be found on the web at http://www.ariad.com. Some of the matters discussed herein are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are identified by the use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. These risks include, but are not limited to, risks and uncertainties regarding the Company's ability to conduct preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. and clinical studies of its product candidates and the results of such studies, regulatory oversight, intellectual property claims, the timing, scope, cost and outcome of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , future capital needs, key employees, dependence on the Company's collaborators and manufacturers, markets, economic conditions, products, services, prices, reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. rates, competition and other risks detailed in the Company's public filings with the Securities and Exchange Commission, including ARIAD's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2003. The information contained in this document is believed to be current as of the date of original issue. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in the Company's expectations, except as required by law.
ARIAD PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
In thousands, except share and Three Months Ended
per share data March 31,
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2004 2003
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(Unaudited)
Total revenue $ 190 $ 126
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Operating expenses:
Research and development 4,333 4,541
General and administrative 2,218 885
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Total operating expenses 6,551 5,426
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Other income (expense), net 126 (12 )
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Net loss $ (6,235 ) $ (5,312 )
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Net loss per common share
basic and diluted $ (.13 ) $ (.15 )
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Weighted average number of shares of
common stock outstanding basic and
diluted 47,540,863 34,849,405
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
March 31, December 31,
In thousands 2004 2003
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Cash, cash equivalents and
marketable securities $ 102,254 $ 66,740
Total assets $ 110,178 $ 74,284
Total liabilities $ 15,514 $ 14,958
Stockholders' equity $ 94,664 $ 59,326
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