BioCryst Reports 2000 Fourth Quarter and Year-End Financial Results.Business/Health Editors & Medical Writers BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Feb. 1, 2001 BioCryst Pharmaceuticals, Inc. (Nasdaq/NM:BCRX), today announced financial results for the fourth quarter and year ended December 31, 2000. In these results, BioCryst is reporting the adoption of the Securities and Exchange Commission's Staff Accounting Bulletin No. 101 (SAB SAB Spontaneous abortion. See Abortion. 101) in the fourth quarter of 2000. The adoption of SAB 101 resulted in a change in accounting principle effective January 1, 2000 related to contract revenues and expenses recorded in prior periods. These deferred amounts are being recognized prospectively over the applicable contractual periods, beginning in the first quarter of 2000. The Company reported revenues of $1,924,000 in the fourth quarter of 2000, compared to $1,952,000 in the fourth quarter of 1999. The net loss for the quarter ended December 31, 2000 was $1,842,000, or $0.11 per share, compared to a net loss of $441,000, or $0.03 per share, for the same period last year. Contract revenues for the fourth quarter are up over the same period last year as a result of the SAB 101 implementation. Net interest and other revenue was lower in the fourth quarter 2000 compared to the fourth quarter of 1999, primarily due to the settlement of a $1.2 million lawsuit lawsuit: see procedure; tort. in our favor in 1999. Research and development expenses were higher in the last quarter of 2000 compared to the same period in 1999, primarily due to pre-clinical work being performed on current targets. The Company also reported revenues for the fiscal year ended December 31, 2000 of $7,661,000, compared to $5,328,000 in 1999. The net loss before the cumulative effect of the change in accounting principle required by SAB 101 for 2000 was $5,490,000, or $0.31 per share, compared to a net loss of $5,298,000, or $0.34 per share, in 1999. For 2000, the net loss after the cumulative effect of the change in accounting principle required by SAB 101 was $11,578,000, or $0.66 per share. At December 31, 2000, the net deferred revenue to be recognized prospectively was $7,293,000. Contract revenues were higher in 2000 as a result of the SAB 101 implementation, while interest income increased over the same period, due to the reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. of funds from the November 1999 $46.8 million follow-on equity offering. Research and development costs for the year 2000 were higher than 1999, primarily due to increases in contracted research costs, supplies, personnel and pre-clinical work being performed on current targets. General and administrative expenses have increased over 1999, due to increased personnel costs and a new Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). share tax assessment. As of December 31, 2000, the Company had cash, cash equivalents and investments of $65.6 million. The Company will conduct a conference call at 10:00 am EST EST electroshock therapy. EST abbr. electroshock therapy on Thursday, February 1, which is open to the public. The conference call dial-in number is 800/289-0487, and the passcode number is 712450. The conference call will also be available by webcast on the Company's investor relations Investor relations The process by which the corporation communicates with its investors. website, www.biocryst.com. Founded in 1986, BioCryst Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development of pharmaceuticals for the treatment of viral Meaning "related or caused by a virus," with regard to computers and information technology, the term refers less to a computer virus than it does to information that spreads quickly via the Internet. See viral marketing and viral video. , inflammatory/autoimmune and cardiovascular diseases Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease and disorders. BioCryst's most advanced drug candidate, RWJ-27021, is a neuraminidase inhibitor neuraminidase inhibitor Infectious disease Any antiviral that inhibits neuraminidase, an enzyme essential for replication of influenza and other viruses. See Influenza. designed to treat and prevent viral influenza influenza or flu, acute, highly contagious disease caused by a virus; formerly known as the grippe. There are three types of the virus, designated A, B, and C, but only types A and B cause more serious contagious infections. . The Company licensed this drug candidate to The R.W. Johnson Pharmaceutical Research Institute (RWJPRI) and Ortho-McNeil Pharmaceutical Ortho-McNeil Pharmaceutical, inc. is a pharmaceutical manufacturer based in Raritan, New Jersey, and a subsidiary of Johnson & Johnson. The company was formed from the merger of Ortho Pharmaceutical and McNeil Pharmaceutical in 1993. , Inc., both Johnson & Johnson (NYSE NYSE See: New York Stock Exchange :JNJ JNJ Johnson and Johnson (stock symbol) JNJ Journal of Nursing Jocularity ) companies. RWJ-270201 is currently in Phase III clinical trials Noun 1. phase III clinical trial - 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 in Europe. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the 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. . Forward-looking statements include, but are not limited to RWJPRI and Ortho-McNeil Pharmaceutical, Inc.'s progress with respect to our influenza neuraminidase inhibitors and developments with respect to clinical trials and the regulatory approval process. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include, without limitation, that any Phase III clinical trials may not be successful or be pivotal in nature, that an NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any might not be filed, or that our license with RWJPRI and Ortho-McNeil might be terminated. Even if RWJPRI completes the Phase III clinical trials, we do not know when, if ever, it will receive FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. or foreign regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. approvals for, or when Ortho-McNeil will begin marketing of RWJ-270201.
BIOCRYST PHARMACEUTICALS, INC.
FINANCIAL SUMMARY
Condensed Statements of Operations (unaudited)
(in thousands, except per share)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Collaborative and other
research and development $ 803 $ 43 $ 3,315 $ 2,499
Miscellaneous income 0 1,200 0 1,200
Interest income and other 1,121 709 4,346 1,629
-------- -------- ----- ---------
Total revenues 1,924 1,952 7,661 5,328
-------- -------- ----- ---------
Expenses:
Research and development 2,914 1,788 9,590 7,683
General and administrative 811 604 3,424 2,738
Royalty expense 40 0 133 200
Interest 1 1 4 5
-------- -------- -------- --------
Total expenses 3,766 2,393 13,151 10,626
-------- -------- -------- --------
Loss before cumulative
effect of change in
accounting principle $ (1,842) $ (441) $ (5,490) $ (5,298)
Cumulative effect of
change in accounting
principle 0 0 (6,088) 0
-------- -------- -------- --------
Net loss $ (1,842) $ (441) $(11,578) $ (5,298)
======== ======== ======== ========
Amounts per common share:
Loss before cumulative
effect of change in
accounting principle $(.11) $(.03) $(.31) $(.34)
Cumulative effect of change
in accounting principle .00 .00 (.35) .00
-------- ----- --------- -----
Net loss per share $(.11) $(.03) $(.66) $(.34)
======== ===== ========= =====
Weighted average shares
outstanding 17,537 16,426 17,467 15,380
Balance Sheet Data (December 31 - unaudited)
(in thousands)
2000 1999
---- ----
Cash, cash equivalents and securities $ 65,583 $ 70,047
Total assets 70,826 73,387
Accumulated deficit (70,045) (58,467)
Stockholders' equity 61,481 71,403
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