Bone Care International Inc. Announces First Quarter Results.MADISON, Wis.--(BUSINESS WIRE)--Oct. 20, 1997--Bone Care International Inc. (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 :BCII BCII Battle Command and Intelligence Integration ) today announced a net loss of $1,008,000 or 23 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , in the quarter ended Sept. 30, 1997 compared with a net loss of $296,000, or 7 cents per share, for the quarter ended Sept. 30, 1996. Bone Care has completed Phase 3 development of oral One-alpha D2 as a treatment for secondary hyperparathyroidism secondary hyperparathyroidism Endocrinology ↑ Parathyroid activity with overproduction of PTH due to parathyroid hyperplasia in response to an extraparathyroid defect that results in ↓ Ca2+ Etiology Rickets, vitamin D deficiency, chronic renal failure associated with end stage renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg . Two large multi-center clinical trials, conducted under a common protocol, were concluded in August 1997 and will provide the foundation for filing a New Drug Application (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 ) with the Food and Drug Administration (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. ) in early 1998. Updated interim results from these trials were published in Nephrology nephrology Branch of medicine dealing with kidney function and diseases. An understanding of kidney physiology is important not only in treating kidney disease but in knowing the effect of drugs, diet, and hypertension on kidney disease, and vice versa. , Dialysis & Transplantation (1997;12:A31) and were presented at the annual meeting of the European Renal Association The Renal Association is a British professional organisation of nephrologists (specialists in nephrology or kidney disease). It was founded in 1950 by Arthur Arnold Osman after the example of the French Societé de Pathologie Renale. (Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. ) in September. Analysis of these studies is ongoing, with final data scheduled for presentation at the annual meeting of the American Society of Nephrology (San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. ) in November 1997. The corresponding Phase 3 program for intravenous One-alpha D2 is continuing and is on schedule for completion in early 1998. Bone Care recently launched a multi-center Phase 3 program for oral One-alpha D2 as a treatment for secondary hyperparathyroidism in pre-dialysis patients. The estimated completion date for this study is September 1998. Phase 1/Phase 2 clinical trials with oral One-alpha D2 are continuing in patients with terminal prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. and in elderly osteoporosis patients having mild secondary hyperparathyroidism. Bone Care International is an emerging pharmaceutical company which is developing improved D-hormone therapies, with low toxicity, for hyperparathyroidism Hyperparathyroidism Definition Parathyroid glands are four pea-sized glands located just behind the thyroid gland in the front of the neck. The function of parathyroid glands is to produce a hormone called parathyroid hormone (parathormone), which helps , osteoporosis, prostate cancer, breast cancer, and 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 . -0-
Bone Care International Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30, September 30,
1997 1996
______________________________
Revenues $ - $ 525
Operating expenses
Research and development 1,002,517 369,364
General and administrative 117,300 71,678
____________ _____________
1,119,817 441,042
____________ _____________
Loss from operations (1,119,817) (440,517)
Interest income 111,339 144,515
____________ _____________
Net loss $(1,008,478) $ (296,002)
____________ _____________
____________ _____________
Net loss per common share $ (0.23) $ (0.07)
____________ _____________
____________ _____________
Weighted average number of
common shares 4,361,191 4,353,691
____________ _____________
____________ _____________
Bone Care International Inc.
Consolidated Balance Sheets
September 30, 1997 June 30, 1997
(Unaudited) (Audited)
__________________ _____________
Assets
Current assets:
Cash and cash equivalents $ 7,644,033 $ 8,531,714
Inventory 52,565 52,565
Other current assets 62,785 -
___________ ___________
Total current assets 7,759,383 8,584,279
Property, plant and
equipment - net 118,733 82,950
Intangible assets - net 1,233,259 1,233,227
___________ ___________
Total Assets $ 9,111,375 $ 9,900,456
___________ ___________
___________ ___________
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 92,029 $ 114,445
Wages and other accrued
liabilities 608,313 366,500
___________ ___________
Total current liabilities 700,342 480,945
Shareholders' equity 8,411,033 9,419,511
___________ ___________
Total liabilities and shareholders'
equity $ 9,111,375 $ 9,900,456
___________ ___________
___________ ___________
NOTE TO EDITORS: In the word "One-alpha D2," in this press release, the "2" should be subscript. CONTACT: Bone Care International Dale W. Gutman, 608/274-7533 Fax: 608/277-7534 |
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