Applied Molecular Evolution, Inc. Reports Financial Results for First Quarter 2002.Business Editors & Health/Medical Writers BIOWIRE2K SAN DIEGO--(BW HealthWire)--May 7, 2002 Applied Molecular Evolution, Inc. (AME See AIT. ) (Nasdaq: AMEV AMEV Armored Medical Evacuation Vehicle ) today reported financial results for the first quarter of 2002. For the quarter ended March 31, 2002, the Company reported a net loss of $3.7 million or ($0.17) per share, compared to a net loss of $3.3 million or ($0.16) per share for the quarter ended March 31, 2001. Revenues for the first quarter of 2002 were $2.6 million, reflecting revenue recognized under the Company's strategic alliances, licensing agreements and NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. grants, compared to $852,000 for the first quarter of 2001. Total 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. were $6.2 million, excluding non-cash, stock based compensation of $1.0 million, for the first quarter of 2002, as compared to $3.4 million, excluding non-cash, stock based compensation of $2.3 million, for the first quarter of 2001. On March 31, 2002, restricted and unrestricted cash, 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. investments were $80.5 million, compared to unrestricted cash, cash equivalents and short-term investments of $80.2 million on December 31, 2001. "AME is successfully implementing its focused, biotherapeutic business model. Our strategy is based on the forward integration of our internal development projects, for which we have retained to date 100% of the commercialization rights, as well as a growing portfolio of corporate collaborations," said Lawrence E. Bloch Bloch , Konrad Emil 1912-2000. German-born American biochemist. He shared a 1964 Nobel Prize for research on cholesterol and fatty acid metabolism. , M.D., J.D., Chief Financial Officer of AME. "AME has completed the construction of a small-scale GMP GMP (guanosine monophosphate): see guanine. clinical supply pilot plant. This is an important first step toward developing the bioprocessing infrastructure to support the continuing advancement of our internal development projects. The plant is designed to enable the production of 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 animal model testing and human clinical trials through Phase II. In addition, during the first quarter of 2002, we signed a second corporate collaboration Working together on a project. See collaborative software. with Lilly to optimize optimize - optimisation a therapeutic antibody candidate." Applied Molecular Evolution, Inc., (AME) is a leader in applying directed molecular evolution to improve healthcare by optimizing and developing human biotherapeutics. Directed molecular evolution is a process for optimizing genes and proteins for specific commercial purposes. Since its inception, AME's principal focus has been on applying its proprietary AMEsystem(TM) technology platform to human biotherapeutics, the largest market for directed molecular evolution. Biotherapeutics, or biopharmaceuticals, are protein pharmaceuticals such as antibodies, cytokines Cytokines Chemicals made by the cells that act on other cells to stimulate or inhibit their function. Cytokines that stimulate growth are called "growth factors. , hormones Hormones Chemicals produced by glands in the body that circulate in the blood and control the actions of cells and organs. Estrogens are hormones that affect breast cancer growth. Mentioned in: Breast Cancer, Hypoparathyroidism and enzymes Enzymes Organic substances (proteins) composed of amino acids that trigger and regulate chemical reactions in the body. There are over 700 identified human enzymes. Mentioned in: Interactions, Nutritional Supplements . AME uses its proprietary technology to develop improved versions of currently marketed, FDA-approved biopharmaceuticals as well as novel human biotherapeutics. This press release contains 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including uncertainties related to product development, uncertainties related to the need for regulatory or other government approvals, dependence on proprietary technology, uncertainty of market acceptance of the Company's products, uncertainties related to business opportunities, the receipt of future payments, including royalties, the continuation of customer relationships and other risks cited in the Company's 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 year ended December 31, 2001, and other SEC Filings. These forward-looking statements speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company disclaims any intent or obligation to update these forward-looking statements.
Applied Molecular Evolution, Inc.
Selected Financial Data
(In thousands, except per share data)
For the Three Months Ended March 31,
Statements of Operations Data ------------------------------------
2002 2001
-------- ---------
(unaudited) (unaudited)
Revenues...................... $ 2,615 $ 852
Expenses:
Research and development..... 3,366 1,879
General and administrative... 2,804 1,486
Non-cash, stock based
compensation................ 1,039 2,292
-------- ---------
Total operating expenses...... 7,209 5,657
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Loss from operations.......... (4,594) (4,805)
Minority interest............ -- (13)
Net interest income.......... 924 1,516
-------- ---------
Net loss...................... $(3,670) $(3,302)
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Basic and diluted net loss per
common share................. $ (0.17) $ (0.16)
Weighted average shares used in
computing basic and diluted net
loss per common share....... 21,842 21,125
Balance Sheet Data March 31, December 31,
2002 2001
-------- ---------
(unaudited)
Cash, cash equivalents and
short-term investments.......$ 68,499 $ 80,196
Other current assets.......... 1,956 3,814
Restricted cash, cash equivalents
and short-term investments... 11,990 --
Other noncurrent assets....... 15,070 6,672
-------- ---------
Total Assets.................$ 97,515 $ 90,682
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Current liabilities...........$ 4,338 $ 4,268
Noncurrent liabilities........ 10,411 478
Stockholders' equity.......... 82,766 85,936
-------- ---------
Total Liabilities and Stockholders'
Equity......................$ 97,515 $ 90,682
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