CYTEL ANNOUNCES FIRST QUARTER FINANCIAL RESULTS.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , CA--(BUSINESS WIRE)--April 22, 1997--Cytel Corporation (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 : CYTL) today announced financial results for the first quarter of 1997. For the three month period ended March 31, 1997, Cytel reported a net loss of $3.4 million, or $0.14 per share, on revenues of $1.7 million. This compares with a net loss of $3.4 million, or $0.14 per share, on revenues of $2.3 million in the first quarter of 1996. As of March 31, 1997, Cytel had cash, cash equivalents and short-term investments of $19.4 million and 25,133,754 shares of common stock outstanding. Cytel Corporation is a leader in the discovery and development of cell adhesion Cellular adhesion is the binding of a cell to another cell or to a surface or matrix. Cellular adhesion is regulated by specific adhesion molecules that interact with molecules on the opposing cell or surface. inhibitors for treatment of acute and chronic inflammation chronic inflammation n. Inflammation that may have a rapid or slow onset but is characterized primarily by its persistence and lack of clear resolution; it occurs when the tissues are unable to overcome the effects of the injuring agent. , and its Glytec (TM) unit is a leader in the manufacture of bioactive bi·o·ac·tive adj. Of or relating to a substance that has an effect on living tissue. bioactive having an effect on or eliciting a response from living tissue. carbohydrates Carbohydrates Compounds, such as cellulose, sugar, and starch, that contain only carbon, hydrogen, and oxygen, and are a major part of the diets of people and other animals. Mentioned in: Laxatives carbohydrates, n. for use in medical and consumer products. The company is in the process of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). its operations and spinning off its vaccine vaccine Preparation containing either killed or weakened live microorganisms or their toxins, introduced by mouth, by injection, or by nasal spray to stimulate production of antibodies against an infectious agent. program to form a new company. The newly formed vaccine company will focus on the discovery of novel vaccines for the treatment and prevention of cancer and infectious diseases infectious diseases: see communicable diseases. . -0-
Cytel Corporation
Condensed Consolidated Statements of Operations
(in thousands, except for per share data)
Three months ended March 31,
1997 1996
Revenues:
Research and development $ 1,125 $ 1,667
Research grants and other income 540 637
Total revenues 1,665 2,304
Operating expenses:
Research and development 4,527 5,259
General and administrative 835 896
Total expenses 5,362 6,155
Interest income, net 269 470
Net loss $ (3,428) $ (3,381)
Net loss per share $ (0.14) $ (0.14)
Shares used in computing net loss per share 25,106 24,664
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
1997 1996
Assets
Current assets:
Cash, cash equivalents, and
short-term investments $ 19,408 $ 24,251
Other current assets 1,490 1,422
Total current assets 20,898 25,673
Property and equipment, net 1,805 2,935
Other assets 6,469 5,682
Total assets $ 29,172 $ 34,290
Liabilities and stockholders' equity
Current liabilities $ 2,508 $ 4,089
Other liabilities 2,543 2,711
Stockholders' equity 24,121 27,490
Total liabilities and stockholders' equity $ 29,172 $ 34,290
CONTACT: Cytel Corporation, San Diego Deborah A. Schueren Vice President and Chief Financial Officer (619) 552-3000 |
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