Aphton Reports Preliminary Unaudited Financial Results For the Year Ended December 31, 2003.Business Editors/Health/Medical Writers BIOWIRE2K MIAMI--(BUSINESS WIRE)--Feb. 9, 2004 Aphton Corporation (Nasdaq:APHT APHT Advance Physical Test ) announced its preliminary unaudited operating results for the year ended December 31, 2003. Assets at December 31, 2003 consisted of $19 million in cash, $7 million in supplies receivable due from Aventis, one of our strategic partners, and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. of less than $1 million. Liabilities consisted of $6 million in current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. , of which $3 million was due to Aventis, $7 million in convertible debentures net of a discount of $16 million and $10 million in deferred revenue relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Aventis alliance. Net stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was less than $4 million at December 31, 2003. During the year ended December 31, 2003 the company had no operating revenues and sustained a net loss of approximately $28 million or $1.10 per weighted share outstanding on a basic and fully diluted basis. Aphton Corporation is a biopharmaceutical company developing products using its innovative targeted immunotherapy technology for neutralizing hormones that participate in gastrointestinal system gastrointestinal system: see digestive system. and reproductive system reproductive system, in animals, the anatomical organs concerned with production of offspring. In humans and other mammals the female reproductive system produces the female reproductive cells (the eggs, or ova) and contains an organ in which development of the fetus cancer and non-cancer diseases. Aphton has strategic alliances with Aventis Pasteur for treating gastrointestinal system and other cancers with G17DT in North America and Europe; GlaxoSmithKline for reproductive system cancer and non-cancer diseases worldwide. This press release includes forward looking statements. Specifically, the preliminary results for the year ended December 31, 2003 above are the Company's expectations. However, these numbers are subject to adjustment by management before the audit is completed and may be adjusted based upon the results of the audit. Should management or audit adjustments be necessary, audited results could differ materially from these preliminary results. In addition, these statements may be subject to the risks addressed in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's Form S-3 filed on December 24, 2003. |
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