Cell Therapeutics, Inc. Announces First Quarter Financial Results.SEATTLE--(BW HealthWire)--May 13, 1999-- Cell 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. (cti) (Nasdaq:CTIC CTIC Conservation Technology Information Center CTIC Chicago Title Insurance Company CTIC Centro Tecnológico de la Información y de la Comunicación (Spanish: Center for the Development of Information and Communication Technologies in Asturias) ) today reported financial results for the first quarter ended March 31, 1999. The net loss for the period was approximately $8.1 million, or $0.52 per share, compared to a net loss of approximately $6.2 million, or $0.40 per share, in the comparable period of 1998. cti did not record any revenues for the quarter ended March 31, 1999 under its amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. collaboration agreement with Johnson & Johnson. After reviewing both the interim data from the Company's pivotal Phase II/III trial for lisofylline (LSF LSF Lisofylline, see there (TM)) in patients with acute lung injury and acute respiratory distress syndrome acute respiratory distress syndrome n. See adult respiratory distress syndrome. and the results of the Company's pivotal Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trial for LSF in patients following induction chemotherapy induction chemotherapy Oncology The use of chemotherapy as a primary treatment for Pts presenting with advanced CA for which no alternative treatment exists. See Salvage treatment. for acute myeloid leukemia myeloid leukemia n. See myelogenous leukemia. , which data and results are expected to be available later this year, Johnson & Johnson may elect to resume responsibility for the development and commercialization of LSF subject to certain additional payments upon resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of its obligations. Revenues for the comparable quarter in 1998 were approximately $3.3 million, reflecting development cost reimbursements under the collaboration agreement. The Company's total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the first quarter decreased to approximately $8.5 million from approximately $10.3 million for the same period in 1998. The decrease in operating expenses was primarily in research and development expenses, which declined to approximately $6.4 million from approximately $7.8 million, reflecting a decrease in manufacturing and preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. development activities for LSF. General and administrative expenses also decreased to $2.1 million from $2.6 million for the comparable quarter in 1998. The decrease is attributed to the reduction in operating expenses associated with supporting the Company's research, development, and clinical activities. As of March 31, 1999, the Company had cash, cash equivalents, and securities available-for-sale totaling approximately $40.5 million, compared to approximately $47.1 million at December 31, 1998. The Company currently has approximately 15.5 million shares of common stock outstanding. Cell Therapeutics, Inc. focuses on the discovery, development and commercialization of small molecule drugs that selectively regulate the metabolism metabolism, sum of all biochemical processes involved in life. Two subcategories of metabolism are anabolism, the building up of complex organic molecules from simpler precursors, and catabolism, the breakdown of complex substances into simpler molecules, often of oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. lipids lipids, a broad class of organic products found in living systems. Most are insoluble in water but soluble in nonpolar solvents. The definition excludes the mineral oils and other petroleum products obtained from fossil material. and phospholipids relevant to the treatment of cancer and inflammatory and immune diseases. The Company's web site is located at www.cticseattle.com. This announcement includes 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 a number of risks and uncertainties, the outcome of which could materially adversely affect actual future results. Specifically, the risks and uncertainties that could affect the development of cti's products under development include risks associated with preclinical and clinical developments in the biotechnology industry in general and of cti's products under development in particular (including, without limitation, the potential failure of Apra(TM), LSF(TM), PG-TXL(TM), SC-7 and related compounds to prove safe and effective for treatment of disease), determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, costs of developing, producing and selling cti's products under development, and the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's most recent registrations on Forms 10-K, 8-K and 10-Q. Financial Tables Follow -0-
Cell Therapeutics, Inc.
(A Development Stage Company)
Selected Financial Data
(dollars in thousands, except per share data)
September 4,
Statement of Operations Data: 1991 (Date of
Incorporation)
Three Months Ended March 31, To March 31,
1999 1998 1999
------------- ------------ -------------
Revenues:
Collaboration agreements $ -- $ 3,278 $ 34,253
Operating Expenses:
Research and development 6,364 7,769 $ 123,752
General and administrative 2,146 2,575 48,578
------------ ------------ ------------
8,510 10,344 172,330
------------ ------------ ------------
Loss From Operations: (8,510) (7,066) (138,077)
Other Income (Expense):
Investment income 583 972 10,546
Interest expense (133) (106) (2,599)
------------ ------------ ------------
Net Loss: $ (8,060) $ (6,200) $ (130,130)
============ ============ ============
Net Loss per Share:
Basic and diluted
net loss per share $ (0.52) $ (0.40)
============ ============
Shares used in
computation of basic
and diluted net
loss per share 15,534,359 15,381,435
============ ============
Balance Sheet Data: (dollars in thousands)
March 31, December 31,
1999 1998
------------------ ---------------
Cash, cash equivalents
and securities available-for-sale $ 40,508 $ 47,072
Collaboration agreement receivable $ -- $ 3,254
Working capital $ 36,237 $ 44,143
Total assets $ 47,545 $ 58,156
Accumulated deficit $(130,144) $(122,070)
Shareholders' equity $ 39,175 $ 47,165
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