Arris Pharmaceutical Announces 1994 Year-End Financial Results.SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--Feb. 21, 1995-- Arris ar·ris n. pl. arris or ar·ris·es The sharp edge or ridge formed by two surfaces meeting at an angle, as in a molding. [Alteration of Old French areste, fishbone, spine Pharmaceutical Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARRS ARRS American Roentgen Ray Society. ) today reported financial results for the year and fourth quarter ended December 31, 1994. The company reported contract revenues and net interest income of $8.8 million with a net loss of $8.3 million, representing a $.97 net loss per share for the year ending December 31, 1994. These results compare to contract revenues and net interest income of $2.7 million with a net loss of $8.5 million, or a $2.10 net loss per share in 1993. For the fourth quarter of 1994, the company reported contract revenues and net interest income of $2.8 million with a net loss of $2.2 million, representing a $.26 net loss per share, as compared to the fourth quarter of 1993, which had contract revenues and net interest income of $1.7 million and a net loss of $2.0 million, or a $.49 net loss per share. The increase in revenues for the year and the fourth quarter of 1994 compared to the same periods in the prior year, was due to (i) increased revenues from the Amgen and Pharmacia collaborations entered into in 1993 for the development of small molecule mimetics of erythropoietin erythropoietin /eryth·ro·poi·e·tin/ (-poi´e-tin) a glycoprotein hormone secreted by the kidney in the adult and by the liver in the fetus, which acts on stem cells of the bone marrow to stimulate red blood cell production and human growth factors, respectively; (ii) revenues from Pharmacia related to two expansions of its collaborations with Arris, one to apply Arris' artificial intelligence technology to an in-house research program and the other for the collaborative expansion of Arris' combinatorial chemistry Combinatorial chemistry involves the rapid synthesis or the computer simulation of a large number of different but structurally related molecules. Introduction Synthesis of molecules in a combinatorial fashion can quickly lead to large numbers of molecules. and high throughput screening technology; and (iii) the initiation of research and licensing revenues associated with the five-year collaboration signed with Bayer A.G. for the development of inhibitors of tryptase and chymase. The Bayer collaboration initially focuses on the treatment of asthma and other inflammatory diseases Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; . The company's net loss for the year decreased slightly from the same period in 1993, although the company's expenses for 1994 were significantly greater than those for 1993. Increased expenses were more than offset by contract revenue and interest income increases. The company's net loss for the fourth quarter increased over the same period in 1993 due to an increase in expenses related to further development of the company's contract and proprietary research efforts, and clinical activities. Payments from corporate collaborators increased the company's cash equivalents and investments to $30.1 million at December 31, 1994 from $25.6 million at December 31, 1993. During the first quarter of 1995, the company received a clinical trial exemption in the U.K. to continue clinical studies on APC-366, a tryptase inhibitor inhibitor /in·hib·i·tor/ (in-hib´i-tor) 1. any substance that interferes with a chemical reaction, growth, or other biologic activity. 2. , for the treatment of asthma. These multi-dose tolerance studies in asthmatics will be conducted at Guy's Drug Research Unit in London. As the worldwide respiratory center respiratory center n. The region of neurons in the brain that receives afferent information that is then translated to signals controlling the sequence of breathing. for Bayer is located in Stokecort, U.K., the company plans to focus its clinical activities in England proceeding toward multiple challenge studies later this year. Accordingly, the company's clinical studies in the U.S. have been suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. . Arris Pharmaceutical is engaged in the discovery and development of synthetic small molecule 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. that modulate To insert a data signal into a carrier wave or direct current. See modulation. the activity of medically important proteins. The company is focusing its initial product development programs on protease-based therapies for human inflammatory diseases and on oral cytokine Cytokine Any of a group of soluble proteins that are released by a cell to send messages which are delivered to the same cell (autocrine), an adjacent cell (paracrine), or a distant cell (endocrine). and growth factor mimetics. The company's structure-based drug design approach is supported by a proprietary artificial intelligence technology designed to shorten the drug discovery and development cycle. Statements of operations and balance sheet follow. -0- Arris Pharmaceutical Corp. Statements of Operations Data: (in thousands, except per-share amounts)
Three Months Ended Years Ended
Dec. 31 Dec. 31
1994 1993 1994 1993
Contract revenues $ 2,691 $ 1,586 $ 8,304 $ 2,542 Operating expenses: Research and development 3,883 2,830 13,155 8,910 General and administrative 1,165 857 4,010 2,283 Total operating expenses 5,048 3,687 17,165 11,193 Operating loss (2,357) (2,101) (8,861) (8,651) Interest and other income, net 155 85 522 172 Net loss $(2,202) $(2,016) $(8,339) $(8,479) Net loss per share $ (0.26) $ (0.49) $ (0.97) $ (2.10) Weighted average shares used in computing net loss per share 8,633 4,096 8,579 4,031
Balance Sheet Data:
(in thousands)
Dec. 31
1994 1993
Cash, cash equivalents
and investments $30,070 $25,610
Total assets 34,786 31,063
Accumulated deficit (33,143) (24,804)
Total shareholders' equity 13,425 21,654
-0- Note: This release moved over Business Wire February 21, 1995. CONTACT: Arris Pharmaceutical Corp. Daniel H. Petree or Patty Lord, 415/737-8600 |
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