COR Therapeutics, Inc. Announces Second Quarter 1998 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)--July 28, 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 second quarter of 1998. The Company reported revenues of $24,511,000 for the quarter ended June 30, 1998, compared with revenues of $6,580,000 for the same period last year. Revenues for the quarter ended June 30, 1998 result primarily from COR's collaboration with Schering-Plough Corporation, including a milestone payment of $24,000,000 in connection with regulatory approval of INTEGRILIN(TM) (eptifibatide) in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. for certain indications. The Company and Schering-Plough launched INTEGRILIN(TM) in June 1998 in the United States. Initial sales of INTEGRILIN(TM) to wholesalers, as reported to the Company by Schering-Plough, were $1,400,000 from launch through June 30, 1998. The Company reported net income of $9,229,000, or $0.38 per share, for the second quarter of 1998, compared with a net loss of $8,962,000, or $0.45 per share, for the same period in 1997. The Company also reported revenues for the six months ended June 30, 1998 of $32,923,000 compared with revenues of $12,905,000 for the same period last year. Revenues for the six months ended June 30, 1998 include an $8,000,000 milestone payment from Schering-Plough in connection with the acceptance for review of the centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. Marketing Authorization application seeking European marketing approval for INTEGRILIN(TM). Net income for the first six months of 1998 was $3,953,000, or $0.16 per share, compared to a net loss of $16,637,000, or $0.83 per share, for the same period in 1997. As of June 30, 1998, the Company had cash, cash equivalents and short-term investments of $84,502,000. 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, 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 involve risks and uncertainties. Actual results of the Company's activities may differ significantly from the potential results discussed in such forward-looking statements. These forward-looking statements are based on current expectations and the Company assumes no obligation to update this information. A full discussion of COR Therapeutics, Inc.'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 Company's Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 1998, 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, 1997. -0-
COR THERAPEUTICS, INC.
Statements of Operations
(unaudited, in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
Contract revenues $24,511 $6,580 $32,923 $12,905
Expenses:
Research & development 8,848 13,813 18,847 25,846
Marketing, general
& administrative 7,186 2,091 11,882 4,596
Total expenses 16,034 15,904 30,729 30,442
Income (loss) from
operations 8,477 (9,324) 2,194 (17,537)
Interest income 1,074 539 2,221 1,248
Interest expense (322) (177) (462) (348)
Net income (loss) $9,229 $(8,962) $3,953 $(16,637)
Basic net income
(loss) per share $0.38 $(0.45) $0.16 $(0.83)
Shares used in computing
basic net income (loss)
per share 24,091 20,086 23,985 20,063
Diluted net income
(loss) per share $0.36 $(0.45) $0.16 $(0.83)
Shares used in computing
diluted net income (loss)
per share 25,662 20,086 25,438 20,063
Condensed Balance Sheets
(unaudited, in thousands)
June 30, December 31,
1998 1997
Assets:
Cash, cash equivalents &
short-term investments $84,502 $82,569
Other current assets 16,642 7,408
Total current assets 101,144 89,977
Property and equipment, net 5,771 5,408
$106,915 $95,385
Liabilities & stockholders' equity:
Current liabilities $20,289 $14,170
Long-term obligations 2,128 2,817
Stockholders' equity 84,498 78,398
$106,915 $95,385
CONTACT: COR Therapeutics, Inc. Burns McClellan, Inc. Laura A. Brege Lisa Burns 650/244-6893 Jonathan M. Nugent 212/213-0006 |
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