Altus Pharmaceuticals Reports First Quarter 2006 Results.CAMBRIDGE Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , Mass. -- Altus Altus (ăl`təs), city (1990 pop. 21,910), seat of Jackson co., SW Okla.; inc. 1907. The city's agricultural products include cotton, wheat, sorghum, and cattle. There is light manufacturing. Pharmaceuticals Inc. (Nasdaq: ALTU), a biopharmaceutical company focused on the development and commercialization of oral and injectable in·ject·a·ble adj. Capable of being injected. Used of a drug. n. A drug or medicine that can be injected. protein therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. for patients with gastrointestinal gastrointestinal /gas·tro·in·tes·ti·nal/ (-in-tes´ti-n'l) pertaining to or communicating with the stomach and intestine. gas·tro·in·tes·ti·nal adj. Abbr. and metabolic disorders Noun 1. metabolic disorder - a disorder or defect of metabolism disorder, upset - a physical condition in which there is a disturbance of normal functioning; "the doctor prescribed some medicine for the disorder"; "everyone gets stomach upsets from time to time" , today reported financial results for the first three months ended March 31, 2006. The Company reported a net loss attributable to common stockholders of $11.5 million for the first three months of 2006, compared to a net loss attributable to common stockholders of $9.8 million for the same three month period in 2005. Cash and cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investment balances at March 31, 2006 were $127.9 million. "In the first quarter of 2006 Altus executed on a number of critical corporate objectives. We successfully transitioned to a public company while building a strong financial position, we made important additions to our commercial management team and Board of Directors and continued to make significant progress in our key product development programs," stated Sheldon
Sheldon may refer to: Places
First Quarter 2006 Accomplishments include: --Raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $110.2 million in an initial public offering of common stock that closed on January January: see month. 31, 2006. --Completed a technology transfer for ALTU-135 to a contract manufacturing partner for the manufacture of the active pharmaceutical ingredients in ALTU-135 for the upcoming phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trial. --Appointed Harry H. Penner, Jr., Co-founder, Chairman and Chief Executive Officer of Marinus Marinus may refer to: People with the given name Marinus:
--Received the 2006 Cystic Fibrosis Foundation The Cystic Fibrosis Foundation (CFF) is a non-profit organization in the United States established to provide the means to cure and control cystic fibrosis. The Foundation provides information about cystic fibrosis (CF) and finances CF research that aims to improve the Corporate Champions of Hope Award for Commitment to the Cystic Fibrosis cystic fibrosis (sĭs`tĭk fībrō`sĭs), inherited disorder of the exocrine glands (see gland), affecting children and young people; median survival is 25 years in females and 30 years in males. (CF) Community and dedication to advancing CF research. First Quarter 2006 Results For the first quarter of 2006, the Company reported a net loss attributable to common stockholders of $11.5 million or $0.76 per share, compared to a net loss attributable to common stockholders of $9.8 million or $5.71 per share in the first quarter of 2005. Total revenues were $1.5 million in the first quarter of 2006 and the first quarter of 2005. Revenues consisted primarily of amounts earned under collaborative research and development agreements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc ALTU-135. Research and development expenses totaled $9.8 million in the first quarter of 2006 compared to $6.9 million in the first quarter of 2005. The 42% increase in R&D expenses is primarily due to an increase in development costs relating to ALTU-135, ALTU-238 and our pre-clinical product candidates. General and administrative expenses were $3.1 million in the first quarter of 2006 compared to $1.8 million in the first quarter of 2005. The increase in 2006 G&A expenses was primarily attributable to an increase in salaries and professional fees related to the Company's accounting, human resource and information technology functions. 2006 Financial Guidance Based on current operating plans, expected timing and cost of clinical trials and other product development programs, Altus reiterates its previous guidance that net cash used in operating activities will be between $55 million and $65 million in 2006. About Altus Pharmaceuticals Inc. Altus Pharmaceuticals is a company focused on the development and commercialization of oral and injectable protein therapeutics for patients with gastrointestinal and metabolic disorders. The Company's website is http://www.altus.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements in this news release concerning Altus' business are considered "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. These statements include, but are not limited to the anticipated use of cash in operating activities by the Company in 2006. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions Altus might make or by known or unknown risks and uncertainties, including, but not limited to uncertainties as to the future success of ongoing and planned clinical trials; and the unproven unproven Dubious, nonscientific, not proven, quack, questionable, unscientific adjective Relating to that which has not been validated by reproducible experiments or other scientific methods for determining effect or efficacy safety and efficacy of products under development. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Altus' reports to the Securities and Exchange Commission, including its 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, 2005. However, Altus undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.
ALTUS PHARMACEUTICALS INC. (ALTU)
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Condensed Consolidated Statements of
Operations
(Unaudited, in thousands, except per
share amounts)
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Three Months Ended
March 31,
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2006 2005
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Total revenue $1,512 $1,484
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Costs and expenses:
Research and development 9,789 6,887
General, sales, and administrative 3,107 1,762
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Total costs and expenses 12,896 8,649
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Loss from operations (11,384) (7,165)
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Other income (expense):
Interest income 1,046 241
Interest expense (192) (175)
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Total other income (expense)
--net 854 66
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Net loss (10,530) (7,099)
Preferred stock dividends and accretion (986) (2,706)
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Net loss attributable to common
stockholders $(11,516) $(9,805)
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Net loss attributable to common
stockholders
per share - basic and diluted $(0.76) $(5.71)
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Weighted average shares outstanding -
basic and diluted 15,146 1,718
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Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except per
share amounts)
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March 31, December 31,
2006 2005
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Cash and cash equivalents and short-
term investments $127,902 $30,061
Prepaid expenses and other current
assets 1,639 2,406
Property and equipment, net 6,376 6,763
Other assets, net 1,300 1,354
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Total assets $137,217 $40,584
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Current liabilities $16,844 $18,218
Noncurrent liabilities 5,835 7,940
Redeemable preferred stock 5,980 119,373
Total stockholders' equity (deficit) 108,558 (104,947)
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Total liabilities, redeemable preferred
stock and
stockholders' equity (deficit) $137,217 $40,584
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