BioCryst Reports Third Quarter 2000 Financial Results.Business Editors/Health & Medical Writers BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BW HealthWire)--Oct. 25, 2000 BioCryst Pharmaceuticals, Inc. (Nasdaq NM:BCRX) today announced financial results for the third quarter ended September 30, 2000. The Company reported revenues for the third quarter of $1,105,000, compared to $335,000 in the third quarter of 1999. The net loss for the quarter ended September 30, 2000 was $1,643,000, or $0.09 per share, compared to a net loss of $2,206,000, or $0.15 per share, for the same period last year. Revenues for the nine months ended September 30, 2000 were $7,912,000, compared to $3,376,000 in the nine months ended September 30, 1999. The net loss for the nine months ended September 30, 2000 was $1,780,000, or $0.10 per share, compared to a net loss of $4,857,000, or $0.32 per share, for the same period last year. As of September 30, 2000, the Company had cash, cash equivalents and investments of $68.5 million. Revenues increased in the third quarter of 2000 over the comparable period in 1999, primarily due to an increase in interest income from 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. The increase in total expenses for the 2000 third quarter compared to the same period in 1999 was primarily attributable to an increase in contracted research costs at various institutions, supplies and personnel costs. These costs tend to fluctuate from period to period depending upon the status of the Company's research projects and collaborative efforts. The increase in revenues for the nine months ended September 30, 2000 from the nine months ended September 30, 1999 is primarily due to the Company receiving a $4.0 million milestone payment in February 2000 versus a $2.0 million payment received in June 1999 from The R.W. Johnson Pharmaceutical Research Institute (RWJPRI) in connection with the initiation of 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 of RWJ-270201, RWJPRI's oral 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. neuraminidase inhibitor neuraminidase inhibitor Infectious disease Any antiviral that inhibits neuraminidase, an enzyme essential for replication of influenza and other viruses. See Influenza. , in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. Both milestone payments were pursuant to the Company's worldwide license agreement with RWJPRI and Ortho-McNeil, both Johnson & Johnson (NYSE NYSE See: New York Stock Exchange : JNJ JNJ Johnson and Johnson (stock symbol) JNJ Journal of Nursing Jocularity ) companies, for the development and commercialization of BioCryst's influenza neuraminidase inhibitor. Founded in 1986, BioCryst Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development of pharmaceuticals for the treatment of infectious, inflammatory 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-270201 (formerly known as BCX-1812), is a neuraminidase inhibitor designed to treat and prevent 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. influenza. The Company licensed this drug candidate to 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: JNJ) companies. For additional information on BioCryst, visit the company's web site at www.biocryst.com. 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, performance 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, The R.W. Johnson Pharmaceutical Research Institute (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 the 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. may not accept RWJPRI's clinical protocols, 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 in 2002 or ever, 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 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 Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues:
Collaborative and other research
and development $ 60 $ 48 $ 4,688 $ 2,456
Interest income and other 1,045 287 3,224 920
-------- -------- -------- --------
Total revenues 1,105 335 7,912 3,376
-------- -------- -------- --------
Expenses:
Research and development 2,038 1,889 6,676 5,895
General and administrative 709 651 2,613 2,134
Royalty expense 0 0 400 200
Interest 1 1 3 4
-------- -------- -------- --------
Total expenses 2,748 2,541 9,692 8,233
-------- -------- -------- --------
Net loss $ (1,643) $ (2,206) $ (1,780) $ (4,857)
======== ======== ======== ========
Net loss per share $ (.09) $ (.15) $ (.10) $ (.32)
Weighted average shares
outstanding 17,523 15,119 17,444 15,028
----------------------------------------------------------------------
Balance Sheet Data (in thousands)
September 30, 2000 December 31, 1999
(Unaudited) (Audited)
Cash, cash equivalents
and securities $ 68,474 $ 70,047
Working capital 25,518 22,877
Total assets 72,375 73,387
Accumulated deficit (60,247) (58,467)
Stockholders' equity 71,143 71,403
----------------------------------------------------------------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion