COR Therapeutics, Inc. Announces 1999 Financial Results and Increasing Sales of INTEGRILIN-R-.Business Editors and Health/Medical Writers 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)--Jan. 25, 2000 COR cor (kor) [L.] heart. acute cor pulmonale acute overload of the right ventricle due to pulmonary hypertension, usually due to acute pulmonary embolism. 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 that worldwide sales of INTEGRILIN(R) (eptifibatide eptifibatide /ep·ti·fib·a·tide/ (ep?ti-fib´ah-tid) an inhibitor of platelet aggregation used for the prevention of thrombosis in patients with acute coronary syndrome or undergoing certain percutaneous coronary procedures. ) Injection, as reported to COR by its partner for INTEGRILIN, Schering-Plough Schering-Plough Corporation (NYSE: SGP) is a pharmaceutical company which traces its history back to 1851 when Ernst Schering founded Schering AG in Germany. Following the entry of the United States into World War II in 1941, U.S. Corporation, were $63,700,000 for the fiscal year ended December 31, 1999. Sales for the quarter ended December 31, 1999 were $19,800,000, up 136% from $8,400,000 reported for the quarter ended December 31, 1998. The Company reported copromotion revenue of $11,309,000 for the quarter ended December 31, 1999 related to the sales of INTEGRILIN by Schering-Plough, compared to $2,121,000 for the quarter ended December 31, 1998. The Company reported total contract revenues for the fiscal year ended December 31, 1999 of $56,658,000, compared to $41,963,000 for the fiscal year ended December 31, 1998. Contract revenues included milestone payments from Schering-Plough totaling $12,000,000 in 1999 and $32,000,000 in 1998. The net loss for the fiscal year ended December 31, 1999 was $26,070,000, or $1.05 per share, compared to a net loss of $27,614,000, or $1.14 per share, for the fiscal year ended December 31, 1998. The Company also reported total contract revenues of $16,660,000 for the quarter ended December 31, 1999, compared with total contract revenues of $6,188,000 for the quarter ended December 31, 1998. The net loss for the quarter ended December 31, 1999 was $5,316,000, or $0.21 per share, compared with a net loss of $15,292,000, or $0.63 per share, for the quarter ended December 31, 1998. As of December 31, 1999, the Company had cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $45,753,000. 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 cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. 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. . For additional information about COR Therapeutics, please visit the Company's Web site at http://www.corr.com. In addition to the historical information contained herein, this press release may contain 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 involve risks and uncertainties. Actual results of the Company's activities may differ significantly from the potential results discussed in such forward-looking statements. Forward-looking statements are based on current expectations and the Company assumes no obligation to update such information. A full discussion of COR Therapeutics' operations and financial condition, and specific factors that could cause the Company's actual performance to differ from current expectations, can be found in the Company's SEC reports, including, but not limited to, the Company's Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 1999, 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, 1998. INTEGRILIN(R) is a registered trademark of COR Therapeutics, Inc.
COR Therapeutics, Inc.
Statements of Operations
(unaudited, in thousands,
except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
-------------------------------------------
1999 1998 1999 1998
-------- ------- -------- --------
Contract revenues:
Copromotion revenue $ 11,309 $ 2,121 $ 34,132 $ 3,933
Milestone revenue -- -- 12,000 32,000
Development and other
contract revenue 5,351 4,067 10,526 6,030
-------- ------- -------- --------
Total contract revenues 16,660 6,188 56,658 41,963
-------- ------- -------- --------
Expenses:
Cost of copromotion revenue 8,390 7,070 22,471 11,803
Research and development 7,950 11,951 36,563 39,915
Marketing, general and
administrative 6,061 3,305 26,018 21,474
-------- ------- -------- --------
Total expenses 22,401 22,326 85,052 73,192
-------- ------- -------- --------
Loss from operations (5,741) (16,138) (28,394) (31,229)
Interest income 666 995 2,953 4,342
Interest expense (241) (149) (629) (727)
-------- ------- -------- --------
Net loss $ (5,316) $(15,292) $ (26,070) $(27,614)
======== ======= ======== ========
Basic and diluted net
loss per share $ (0.21) $ (0.63) $ (1.05) $ (1.14)
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Shares used in computing
basic and diluted net
loss per share 25,203 24,400 24,822 24,141
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Condensed Balance Sheets
(unaudited, in thousands)
December 31, December 31,
1999 1998
-------- --------
Assets:
Cash, cash equivalents
&short-term investments $ 45,753 $ 75,205
Other current assets 37,289 22,451
-------- --------
Total current assets 83,042 97,656
Property and equipment, net 4,855 5,437
-------- --------
$ 87,897 $103,093
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Liabilities &stockholders' equity:
Current liabilities $ 48,216 $ 45,236
Long-term obligations 2,925 3,261
Stockholders' equity 36,756 54,596
-------- --------
$ 87,897 $103,093
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