Applied Immune Sciences reports second quarter results.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--July 13, 1995--Applied Immune Sciences, Inc. (AIS) (NASDAQ/NMS:AISX) today reported results for the second quarter of fiscal 1995, which ended June June: see month. 30, 1995. The company reported revenues of $380,000 and a net loss of $8,414,000, or $0.65 per share, compared to revenues of $251,000 and a net loss of $8,716,000, or $0.76 per share, for the second quarter of the prior year. For the six months ended June 30, 1995, the company reported revenues of $690,000 and a net loss of $14,611,000, or $1.16 per share, compared to revenues of $463,000 and a net loss of $16,968,000, or $1.48 per share, for the same period in 1994. 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. of $9,387,000 for the second quarter and $16,364,000 for the six months ended June 30, 1995 included charges of $892,000 for the second quarter and $1,067,000 for the six-month period relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the continuing cash-out of stock options pursuant to the 1993 Investment Agreement with Rhone-Poulenc Rorer ("RPR (Resilient Packet Ring) A packet-based protocol that provides fault tolerance and statistical multiplexing for the metropolitan and national SONET and Ethernet networks of the carriers. "). Expenses incurred in connection with the RPR transaction were $1,854,000 for the second quarter and $4,141,000 for the six months ended June 30, 1994. Excluding the RPR charge, operating expenses were $8,495,000 for the second quarter and $15,297,000 for the six months ended June 30, 1995, compared to $7,441,000 for the second quarter of fiscal 1994 and $13,951,000 for the six months ended June 30, 1994. Increases in fiscal 1995 second quarter and six month operating expenses were in substantial part the result of non-recurring charges related to a separation payment paid to an officer retiring from the Company and expenses related to personnel recruitment and hiring. Other increases for the period were the result of investments in ongoing clinical research and development of AIS technologies for product commercialization. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dr. Thomas Okarma Dr. Thomas Okarma is the current CEO of Geron Corporation, a biotechnology company. Education Dr. Okarma earned his undergraduate degree from Dartmouth College and his Master's & Ph.D. from Stanford University. Previous Work Dr. , Chairman, Chief Executive, and Chief Scientific Officer of Applied Immune Sciences, "Aside from non-recurring charges for the quarter, operating expenses are in line with our expectations. We are aggressively enrolling patients in two 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 trials and, as anticipated, there are some increases in expenses due to both the execution of these trials and the further development of our technology to reduce costs and optimize optimize - optimisation product efficiency. With nearly $45,000,000 in cash at June 30, we believe that we can fund operations into early 1997." In other news, Applied Immune Sciences announced that Jim Smith There are several famous people with the name Jim Smith, including:
Applied Immune Sciences develops, manufactures, and delivers innovative cell and gene therapy products designed to enhance and restore the immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. in immune-related conditions such as bone marrow transplantation Bone Marrow Transplantation Definition The bone marrow—the sponge-like tissue found in the center of certain bones—contains stem cells that are the precursors of white blood cells, red blood cells, and platelets. and autoimmune autoimmune /au·to·im·mune/ (-i-mun´) directed against the body's own tissue; see under disease and response. au·to·im·mune adj. , infectious, and malignant malignant /ma·lig·nant/ (-nant) 1. tending to become worse and end in death. 2. having the properties of anaplasia, invasiveness, and metastasis; said of tumors. diseases. Products are now in human clinical trials for bone marrow transplantation and the treatment of AIDS and cancer. The Company during 1993 entered into a strategic alliance with Rhone-Poulenc Rorer that included equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , a research and development collaboration Working together on a project. See collaborative software. , and a worldwide joint venture to develop a network of cell therapy centers to accelerate the commercialization of AIS cell and gene therapy products. -0-
Applied Immune Sciences, Inc.
Condensed Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
Product sales $131 $141 $268 $285 Grant & research fees 249 110 422 178 Net revenues 380 251 690 463
Operating Expenses:
Cost of product sales 74 62 151 142
Research & development 6,183 5,645 11,534 10,821
Selling, general &
administration 2,238 1,734 3,612 2,988
Special charge - RPR
transaction 892 1,854 1,067 4,141
------- ------ ------- -------
Total operating expenses 9,387 9,295 16,364 18,092
Loss from operations (9,007) (9,044) (15,674) (17,629) Net interest income 593 328 1,063 661 Net loss ($8,414) ($8,716) ($14,611) ($16,968) Net loss per share ($0.65) ($0.76) ($1.16) ($1.48) Shares used in calculation of net loss per share 12,892 11,477 12,623 11,477
Condensed Consolidated Balance Sheet
(in thousands)
June 30, Dec. 31,
1995 1994
(Unaudited)
Assets
Current assets:
Cash, cash equivalents and
short term investments $44,829 $16,577
Inventories 1,051 1,305
Other current assets 2,440 1,295
Total current assets 48,320 19,177
Property and equipment, net 14,993 15,701
Other assets 1,310 1,311
------- -------
$64,623 $36,189
Liabilities and stockholders' equity Current liabilities: Accounts payable and other accrued liabilities $5,073 $3,708 Current portion of capital lease obligations 596 1,024 Deferred revenue 1,983 2,291 Total current liabilities 7,652 7,023
Capital lease obligations, net
of current portion -- 94
Stockholders' equity:
Capital stock 208,507 165,997
Accumulated deficit (151,536) (136,925)
Total stockholders' equity 56,971 29,072
--------- ---------
$64,623 $36,189
CONTACT: Applied Immune Sciences, Inc., Santa Clara Jackie Cossmon, 408/980-5804 |
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