Alliance Pharmaceutical Corp. announces third fiscal quarter financial results.SAN DIEGO--(BUSINESS WIRE)--May 14, 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 $3.9 million, or 15 cents per common share, for the quarter ended March 31, 1996, compared with a net loss of $6.7 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 March 31, 1995. The company reported revenues of $7.2 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 1996 three-month period totaled $11.0 million, compared with $9.2 million for the three months ended March 31, 1995. The net loss for the nine months ended March 31, 1996, was $18.6 million, or 75 cents per common share, compared with a net loss of $22.0 million, or $1.03 per share, for the corresponding 1995 period. 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 "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 blood transfusion, transfer of blood from one person to another, or from one animal to another of the same species. Transfusions are performed to replace a substantial loss of blood and as supportive treatment in certain diseases and blood disorders. 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 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 perfusion /per·fu·sion/ (-zhun) 1. the act of pouring over or through, especially the passage of a fluid through the vessels of a specific organ. 2. a liquid poured over or through an organ or tissue. defects). -0-
Alliance Pharmaceutical Corp. and subsidiaries
Summary of Condensed Consolidated Operations
Three months ended
March 31,
1996 1995
(Unaudited)
Revenues $ 7,232,000 $ 2,476,000 Operating expenses (11,041,000) (9,189,000) Other income - net 137,000 232,000 Dividends on preferred stock (187,000) (188,000) Net loss applicable to common shares $ (3,859,000) $(6,669,000) Net loss per common share (15 cents) (31 cents) Weighted average number of common shares outstanding 25,023,000 21,409,000
Nine months ended
March 31,
1996 1995
(Unaudited)
Revenues $ 11,418,000 $ 9,685,000 Operating expenses (29,987,000) (32,122,000) Other income - net 567,000 807,000 Dividends on preferred stock (563,000) (407,000) Net loss applicable to common shares $(18,565,000) $(22,037,000) Net loss per common share (75 cents) $ (1.03) Weighted average number of common shares outstanding 24,908,000 21,393,000
Summary of Condensed Consolidated Balance Sheets
March 31, June 30,
1996 1995
(Unaudited)
Cash and short-term investments $32,048,000 $23,483,000 Other current assets 3,860,000 3,973,000 Property, plant and equipment - net 11,845,000 9,946,000 Purchased technology - net 16,345,000 17,371,000 Other assets - net 1,109,000 1,257,000 Total $65,207,000 $56,030,000 Current liabilities $ 6,215,000 $ 5,110,000 Long-term debt and other 2,497,000 843,000 Stockholders' equity 56,495,000 50,077,000 Total $65,207,000 $56,030,000 CONTACT: Alliance Pharmaceutical Corp., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Gwen Rosenberg, 619/558-4300 |
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