BIOCRYST REPORTS FIRST QUARTER FINANCIAL RESULTS.BIRMINGHAM, Ala.--(BUSINESS WIRE)--April 24, 1996--BioCryst Pharmaceuticals, Inc. (Nasdaq NM: BCRX) today announced financial results for the first quarter of 1996. The Company reported revenues of $169,000 in the first quarter of 1996, compared to $157,000 in the first quarter of 1995. The net loss for the quarter ended March 31, 1996 was $1,913,000 or $0.20 per share, compared with a net loss of $2,908,000, or $0.37 per share, for the first period last year. As of March 31, 1996 the Company had cash, cash equivalents and short-term investments of $17.4 million and working capital of $16.7 million. In January, BioCryst announced the initiation of a Phase I/II dose escalation trial with an oral formulation of its lead drug, BCX-34, for the treatment of cutaneous T-cell lymphoma Cutaneous T-Cell Lymphoma Definition Cutaneous T-cell lymphoma (CTCL) is a malignancy of the T-helper (CD4+) cells of the immune system. Description (CTCL CTCL Cutaneous T Cell Lymphoma ) and other T-cell cancers. The Company also reported results from a completed open-label Phase I trial of oral BCX-34 in CTCL patients where the drug appeared to be well tolerated and have high bioavailability bioavailability /bio·avail·a·bil·i·ty/ (bi?o-ah-val?ah-bil´i-te) the degree to which a drug or other substance becomes available to the target tissue after administration. bi·o·a·vail·a·bil·i·ty n. in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. . Also, during the first quarter, BioCryst announced the completion of an $8.0 million private placement of 1,000,000 newly issued shares of restricted common stock, priced at $8.00 per share. BioCryst directly placed the shares with investors and did not pay any commissions. The proceeds will be used to fund research and development programs. BioCryst has 10,544,813 shares of common stock outstanding and has raised a total of $49.4 million through equity financings 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. , including this financing, since its inception in 1986. "We are pleased with the success of our recent offering and the continued progress of our clinical programs," said Charles E. Bugg, Ph.D., Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BioCryst. "The additional funding will help us to execute our business plan and support our expanding R&D programs. During the quarter, we were particularly pleased to continue enrollment of both our Phase I/II oral trial and our pivotal 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 topical trial for CTCL and near completion of our Phase II trial for the topical treatment of psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the ." Founded in 1986, BioCryst Pharmaceuticals, Inc. designs and develops novel, small-molecule pharmaceuticals using structure-based drug design, an approach to drug discovery that integrates advanced biology, biophysics biophysics, application of various methods and principles of physical science to the study of biological problems. In physiological biophysics physical mechanisms have been used to explain such biological processes as the transmission of nerve impulses, the muscle and medicinal chemistry Medicinal or pharmaceutical chemistry is a scientific discipline at the intersection of chemistry and pharmacology involved with designing, synthesizing and developing pharmaceutical drugs. . BioCryst's lead drug, BCX-34, is in clinical trials with both topical and oral formulations. The Company is developing drug treatments for immunological immunologic, immunological emanating from or pertaining to immunology. immunologic competence see immunocompetence. immunologic domains and infectious diseases infectious diseases: see communicable diseases. . -0-
BIOCRYST PHARMACEUTICALS, INC.
FINANCIAL SUMMARY
Statement of Operations data (Unaudited)
Three Months Ended
March 31,
1996 1995
Revenues:
Collaborative and other
research and development $ 21,279 $ 30,872
Interest and other 147,425 126,592
Total 168,704 157,464
Expenses:
Research and development 1,551,526 2,446,060
General and administrative 500,646 577,962
Interest 29,168 41,302
Total 2,081,340 3,065,324
Net Loss $ (1,912,636) $ (2,907,860) Net loss per share $ (.20) $ (.37) Weighted average shares outstanding 9,620,896 7,907,232 Balance sheet data
March 31, 1996 December 31, 1995
(Unaudited) (Audited)
Cash, cash equivalents and securities $ 17,387,092 $ 11,414,044 Working capital 16,721,169 10,564,126 Long-term debt and obligations under capital leases, excluding current portion 224,352 300,411 Total assets 19,127,219 13,056,213 Total stockholders' equity 17,474,847 11,326,498 CONTACT: BioCryst Pharmaceuticals, Inc. John L. Higgins Vice President, Corporate Development (205) 444-4600 or Burns McClellan, Inc. John M. Nugent (Investor inquiries) James W. Heins (Media inquiries) (212) 505-1919 |
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