COR Therapeutics Announces First Quarter 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)--April 22, 1997-- 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 first quarter of 1997. The Company reported revenues of $6,325,000 for the quarter ended March 31, 1997, compared with revenues of $2,531,000 for the same period last year. The Company reported a net loss of $7,675,000, or $0.38 per share, for the first quarter of 1997, compared with a net loss of $11,490,000, or $0.59 per share, for the same period last year. The lower net loss arises from timing of contract revenues associated with the Company's collaboration agreement with Schering-Plough Corporation for the clinical development of INTEGRILIN(TM) (antithrombotic injection). As of March 31, 1997, the Company had cash, cash equivalents and short-term investments of $46,432,000. 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 product 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. . 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 that may cause the Company's actual results to differ materially. 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 Company's 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. (see attached table) -0-
COR THERAPEUTICS
Statements of Operations
(unaudited/in thousands, except per share amounts)
Three Months Ended
March 31,
1997 1996
Contract revenues $6,325 $2,531
Expenses
Research & development 12,033 13,141
Marketing, general &
administrat ive 2,505 1,812
Total expenses 14,538 14,953
Loss from operations (8,213) (12,422)
Interest income 709 1,126
Interest expense (171) (194)
Net loss $(7,675) $(11,490)
Net loss per share $(0.38) $(0.59)
Shares used in computing
net loss per share 20,040 19,464
Condensed Balance Sheets
(in thousands)
March 31, December 31,
1997 1996
(unaudited)
Assets
Cash, cash equivalents
& short-term investments $46,432 $53,134
Other current assets 10,632 11,064
Total current assets 57,064 64,198
Property and equipment,
net 6,613 7,047
$63,677 $71,245
Liabilities and
stockholders' equity
Current liabilities $17,379 $17,438
Long-term obligations 3,336 3,365
Stockholders' equity 42,962 50,442
$63,677 $71,245
CONTACT: COR Therapeutics, Inc. Burns McClellan, Inc. Laura A. Brege Lisa Burns Jacquelyn A. Jeffries Jonathan M. Nugent 415/244-6893 212/505-1919 |
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