Ariad Reports First Quarter 1999 Financial Results.CAMBRIDGE, Mass.--(BUSINESS WIRE)--May 12, 1999-- ARIAD ARIAD Allison Research Index of Art and Design Pharmaceuticals, Inc. (Nasdaq: ARIA) today reported total revenues of $4.8 million for the first quarter of 1999, an increase of 50% or $1.6 million from the $3.2 million reported for the first quarter of 1998. The Company reported a net loss of $5.0 million or $.23 per share for the first quarter of 1999, down $400,000 from the net loss of $5.4 million or $.28 per share reported for the first quarter of 1998. The increase in revenue for the first quarter was due primarily to the achievement of the second milestone under the 1995 osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia research collaboration with Hoechst Marion Roussel, Inc. as well as an increase in research revenue resulting from increased services provided to the Hoechst-ARIAD Genomics Center (the "Genomics Center"), a 50/50 joint venture between ARIAD and Hoechst Marion Roussel, Inc. Research and development expenses for the first quarter increased to $8.5 million from $7.7 million reported for the first quarter of 1998. This increase is due primarily to the expanded research services provided to the Genomics Center and included costs associated with the Company's Phase 1 clinical trials phase 1 clinical trial Phase 1 study. See Phase study. of its product to treat graft-versus-host-disease (GvHD). At March 31, 1999, the Company reported cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $15.9 million. On January 5, 1999, the Company completed the sale of 478,120 shares of its Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to Hoechst Marion Roussel and received proceeds of approximately $5.75 million. In addition, on February 23, 1999, the Company received a $2,000,000 milestone payment from Hoechst Marion Roussel from its 1995 bone disease collaboration. ARIAD Pharmaceuticals (www.ariad.com) is a leader in the discovery and development of orally administered therapeutics based on signal transduction Signal transduction The transmission of molecular signals from a cell's exterior to its interior. Molecular signals are transmitted between cells by the secretion of hormones and other chemical factors, which are then picked up by different cells. technology. ARIAD is developing diverse products in multiple businesses, including signal transduction inhibitors, gene and cell therapy (based on ARGENT ar·gent n. 1. Heraldry The metal silver, represented by the color white. 2. Archaic Silver or something resembling it. (tm)) and functional genomics Noun 1. functional genomics - the branch of genomics that determines the biological function of the genes and their products genomics - the branch of genetics that studies organisms in terms of their genomes (their full DNA sequences) . ARIAD recently announced the successful completion of Phase 1 human clinical trials on its small-molecule drug (AP1903) to treat GvHD using ARGENT(tm) in patients undergoing 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 bone marrow transplants bone marrow transplant: see bone marrow. . Some of the matters discussed in this news release are 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 involve risks and uncertainties, including, but not limited to, risks and uncertainties regarding the success of the Company's operations, as well as risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc economic conditions, markets, products, competition, intellectual property, services and prices, key employees, future capital needs, dependence on our collaborators and other factors discussed under the heading "Cautionary Statement Regarding Forward-Looking Statements" in ARIAD'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 fiscal year ended December 31, 1998 filed with the Securities Exchange Commission.
ARIAD PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
1999 1998
Revenue:
Research revenue
(principally related parties) $ 4,582,897 $ 2,846,586
Interest income 172,891 313,045
Total revenue 4,755,788 3,159,631
Operating expenses:
Research and development 8,510,816 7,735,955
General and administrative 730,247 699,029
Interest expense 105,781 130,582
Total operating expenses 9,346,844 8,565,566
Equity in net loss of Genomics Center 338,039
Net loss (4,929,095) (5,405,935)
Preferred stock dividends 61,644
Net loss attributable to common stockholders $(4,990,739)$(5,405,935)
Net loss per common share (basic and diluted) $ (.23) $ (.28)
Weighted average number of shares of 21,963,809 19,317,955
common stock outstanding
ARIAD PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
March 31, December 31,
1999 1998
Cash and marketable securities $ 15,869,684 $ 14,176,136
Net fixed assets 7,543,983 8,049,673
Other assets 8,736,948 8,560,131
Total assets $ 32,150,615 $ 30,785,940
Debt $ 4,695,212 $ 5,156,160
Other liabilities 9,739,026 8,860,876
Total liabilities 14,434,238 14,017,036
Redeemable preferred stock 5,097,260 5,035,616
Stockholders' equity 12,619,117 11,733,288
Total liabilities and $ 32,150,615 $ 30,785,940
stockholders' equity
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