Alliance Pharmaceutical Corp. announces second quarter financial results.SAN DIEGO--(BUSINESS WIRE)--Feb. 6, 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 $7.1 million, or 29 cents per common share, for the quarter ended Dec. 31, 1995, compared with a net loss of $7.2 million, or 34 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 Dec. 31, 1994. The company reported revenues of $2.0 million, primarily license and research revenue under its license agreement with affiliates of Johnson & Johnson for Oxygent, a temporary "blood substitute". 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 1995 three-month period totaled $9.2 million, compared with $9.3 million for the three months ended Dec. 31, 1994. The net loss for the six months ended Dec. 31, 1995, was $14.7 million, or 59 cents per common share, compared with a net loss of $15.4 million, or 72 cents per share, for the corresponding 1994 period. Alliance is a pharmaceutical research and development company focusing on transforming novel scientific discoveries into innovative drug products. Two products based on its perfluorochemical (PFC PFC abbr. private first class Noun 1. PFC - a powerful greenhouse gas emitted during the production of aluminum perfluorocarbon ) 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 "blood substitute" 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 ; and 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. . Imagent US, a PFC-based intravenous contrast agent for enhancement of ultrasound images to detect blood flow abnormalities (perfusion defects), is in the preclinical phase. For further information contact Gwen Rosenberg, director of corporate communications, at 619/558-4300. -0-
Alliance Pharmaceutical Corp. and Subsidiaries
Summary of condensed consolidated operations
Three months ended Six months ended
Dec. 31, Dec. 31,
(Unaudited) (Unaudited)
1995 1994 1995 1994
Revenues $ 2,040,000 $ 2,026,000 $ 4,186,000 $ 7,209,000
Operating expenses (9,164,000) (9,315,000) (18,947,000) (22,933,000)
Other income - net 177,000 272,000 430,000 575,000
Dividends on
preferred stock (188,000) (219,000) (375,000) (219,000)
Net loss applicable
to common shares (7,135,000) (7,236,000) (14,706,000) (15,368,000)
Net loss per
common share $ (0.29) $ (0.34) $ (0.59) $ (0.72)
Weighted average
number of common
shares outstanding 24,884,000 21,398,000 24,851,000 21,385,000
Summary of condensed consolidated balance sheets
Dec. 31, June 30,
1995 1995
(Unaudited)
Cash and short-term investments $ 12,722,000 $ 23,483,000
Other current assets 3,798,000 3,973,000
Property, plant and equipment - net 10,542,000 9,946,000
Purchased technology - net 16,725,000 17,371,000
Other assets - net 1,105,000 1,257,000
Total $ 44,892,000 $ 56,030,000
Current liabilities $ 5,376,000 $ 5,110,000
Long-term debt and other 2,513,000 843,000
Stockholders' equity 37,003,000 50,077,000
Total $ 44,892,000 $ 56,030,000
CONTACT: Alliance Pharmaceutical Corp. Gwen Rosenberg, 619/558-4300 |
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