COR Therapeutics, Inc. Announces 1997 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.--(BW HealthWire)--January 27, 1998-- COR 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. , Inc. (Nasdaq: CORR CORR Used on the consolidated tape to indicate a correction in a reported transaction : CORR.LAST.GY 50 WAS 51. ) announced today its financial results for the fiscal year ended December 31, 1997. The Company reported revenues for 1997 of $22,190,000, compared to $18,755,000 for 1996. Revenues for both periods resulted primarily from the collaborative arrangement with Schering-Plaugh Corporation. The net loss for 1997 was $33,492,000, or $1.60 per share, compared to $36,546,000, or $1.86 per share, for 1996. The Company also reported revenues for the fourth quarter of 1997 of $6,374,000 and a net loss for the same period of $5,994,000, or $0.26 per share. Fourth quarter 1997 revenues include a milestone payment of $5,000,000 related to the submission of the amendment to COR's original New Drug Application for INTEGRILIN(TM) (eptifibatide). These results compare with revenues of $4,888,000, which included a safety-related milestone payment of $3,000,000 pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the conduct of clinical studies of INTEGRILIN(TM), and a net loss of $9,805,000, or $0.49 per share, for the same period last year. At December 31, 1997, the Company had cash, cash equivalents and short-term investments of $82,569,000. COR Therapeutics, Inc. is dedicated to the discovery, development and commercialization of novel pharmaceutical products for the treatment and prevention of severe cardiovascular diseases Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease . COR has complementary research and development programs that seek to address critical needs in severe cardiovascular care, including unstable angina un·sta·ble angina n. Angina pectoris characterized by pain of coronary origin that occurs in response to less exercise or other stimuli than usually required to produce pain. , acute myocardial infarction acute myocardial infarction (  ·kyōōtˑ mī·ō·karˑ·dē· , deep vein thrombosis A blood clot (thrombos) in a vein deep within the muscle, typically in the thigh or calf. It is caused by disease or the lack of activity such as sitting for hours at a computer screen. and restenosis restenosis /re·ste·no·sis/ (re?ste-no´sis) recurrent stenosis, especially of a cardiac valve after surgical correction of the primary condition.restenot´ic re·ste·no·sis n. . In addition to the historical information contained herein, this press release contains 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. that are subject to risks and uncertainties. A full discussion of the Company's operations and financial condition, and specific factors that could cause the Company's actual performance to differ from current expectations, are discussed in the Company's SEC reports, including, but not limited to, the factors discussed in "Risk Factors" in the Company's Registration Statement on Form S-3, as amended, filed with the SEC on September 8, 1997, as well as the Company's Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 1997, and Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1996. -0-
COR COR THERAPEUTICS, INC.
Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Years Ended
December 31, December 31,
1997 1996 1997 1996
(unaudited)
Revenues $6,374 $4,888 $22,190 $18,755
Expenses
Research & development 10,575 13,673 47,831 50,791
Marketing, general &
administrative 2,821 1,687 10,067 7,303
Total expenses 13,396 15,360 57,898 58,094
Loss from operations (7,022) (10,472) (35,708) (39,339)
Interest income 1,156 844 2,840 3,552
Interest expense (128) (177) (624) (759)
Net loss $(5,994) $(9,805) $(33,492) $(36,546)
Net loss per share
(basic and diluted) $(0.26) $(0.49) $(1.60) $(1.86)
Shares used in computing
net loss per share 23,495 19,999 20,952 19,636
Condensed Balance Sheets
(derived from audited financial
statements/in thousands)
December 31, December 31,
1997 1996
Assets
Cash, cash equivalents &
short-term investments $82,569 $53,134
Other current assets 7,408 11,064
Total current assets 89,977 64,198
Property and equipment, net 5,408 7,047
$95,385 $71,245
Liabilities & stockholders' equity
Current liabilities $14,236 $17,438
Long-term obligations 2,751 3,365
Stockholders' equity 78,398 50,442
$95,385 $71,245
CONTACT: COR Therapeutics, Inc. Burns McClellan, Inc. Laura A. Brege Lisa Burns Jacquelyn A. Jeffries Jonathan M. Nugent (650) 244-6893 (212) 213-0006 |
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