Alliance Pharmaceutical Corp. announces first-quarter financial results.SAN DIEGO--(BUSINESS WIRE)--Nov. 5, 1996--Alliance Pharmaceutical Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALLP ALLP Aldo Leopold Leadership Program ) Tuesday reported a net loss of $4.4 million, or 15 cents per common share, for its first fiscal quarter ended Sept. 30, 1996, compared with a net loss of $7.6 million, or 31 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the quarter ended Sept. 30, 1995. The company reported revenues of $5.8 million, primarily license and research revenue under its license agreements with affiliates of Johnson & Johnson for Oxygent, a temporary "blood substitute," and with Hoechst Marion Roussel for LiquiVent, a "liquid ventilation" product. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter totaled $11.2 million, compared with $9.8 million for the 1995 quarter. At Sept. 30, 1996, Alliance had current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $73.1 million, including cash and short-term investments of $64.8 million. Alliance is a pharmaceutical research and development company focusing on transforming novel scientific discoveries into innovative drug products. Three products based on its perfluorochemical technologies are currently in clinical studies: Oxygent, an intravascular intravascular /in·tra·vas·cu·lar/ (in?trah-vas´ku-lar) within a vessel. in·tra·vas·cu·lar adj. Within one or more blood vessels. oxygen carrier for use as a temporary oxygen carrier to reduce or eliminate the need for allogeneic allogeneic /al·lo·ge·ne·ic/ (-je-ne´ik) 1. having cell types that are antigenically distinct. 2. in transplantation biology, denoting individuals (or tissues) that are of the same species but antigenically (donor) blood transfusions during elective surgery elective surgery Surgery Any operation that can be performed with advanced planning–eg, cholecystectomy, hernia repair, colonic resection, coronary artery bypass , which is being co-developed with affiliates of Johnson & Johnson; LiquiVent, an intrapulmonary drug for use in treating patients with acute respiratory failure Respiratory Failure Definition Respiratory failure is nearly any condition that affects breathing function or the lungs themselves and can result in failure of the lungs to function properly. to reduce the morbidity associated with conventional mechanical ventilation mechanical ventilation n. A mode of assisted or controlled ventilation using mechanical devices that cycle automatically to generate airway pressure. , which is being co-developed with Hoechst Marion Roussel; and Imagent US, an intravenous contrast agent for enhancement of ultrasound images to detect blood flow abnormalities (perfusion defects). -0-
ALLIANCE PHARMACEUTICAL CORP. AND SUBSIDIARIES
SUMMARY OF CONDENSED CONSOLIDATED OPERATIONS
Three Months Ended
Sept. 30,
1996 1995
(unaudited)
Revenues $ 5,750,000 $ 2,146,000
Operating expenses (11,197,000) (9,783,000)
Other income -- net 1,034,000 252,000
Dividends on preferred stock -- (187,000)
Net loss applicable to common
shares $ (4,413,000) $ (7,572,000)
Net loss per common share (15 cents) (31 cents)
Weighted average number of
common shares outstanding 30,026,000 24,817,000
SUMMARY OF CONDENSED CONSOLIDATED BALANCE SHEETS
Sept. 30, June 30,
1996 1996
(unaudited)
Cash and short-term investments $ 64,820,000 $ 71,401,000
Research revenue receivable 5,750,000 5,750,000
Other current assets 2,538,000 1,803,000
Property, plant and equipment
-- net 12,348,000 12,390,000
Purchased technology -- net 15,540,000 15,966,000
Other assets -- net 1,072,000 1,033,000
Total $102,068,000 $108,343,000
Current liabilities $ 3,797,000 $ 5,710,000
Long-term debt and other 952,000 1,166,000
Stockholders' equity 97,319,000 101,467,000
Total $102,068,000 $108,343,000
CONTACT: Alliance Pharmaceutical Corp., San Diego Gwen Rosenberg, 619/558-4300 |
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