Cellcor Inc. announces fourth quarter results.NEWTON, Mass.--(BUSINESS WIRE)--Jan. 26, 1995--Cellcor Inc. (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 :CLTX) announced Thursday a net loss of $7.0 million, or $(1.29) per share, for the year ended Dec. 31, 1994. That compares to a loss of $7.4 million, or $(1.36) per share, for fiscal 1993. For the three months ended Dec. 31, 1994, the company posted a net loss of $2.1 million or $(.39) per share compared to $1.9 million or $(.35) per share, for the same period in 1993. The reduction in the yearly net loss is the result of revenue related to the company's corporate partnering arrangement and the restructuring that the company announced in March of 1993. The increase in the 1994 fourth quarter loss versus 1993 is attributable to spending related to the 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. During 1994, Cellcor accrued over 100 patients to this trial at more than 20 sites across the United States and Canada. Cash and short term investments totaled $3,895,547 as of Dec. 31, 1994. Richard R. D'Antoni, president and chief executive officer of Cellcor, said, "1994 was a year of clinical progress for Cellcor. The company received Orphan Drug orphan drug, drug developed under the U.S. Orphan Drug Act (1983) to treat a disease that affects fewer than 200,000 people in the United States. The orphan drug law offers tax breaks and a seven-year monopoly on drug sales to induce companies to undertake the designation for ALT in kidney cancer Kidney Cancer Definition Kidney cancer is a disease in which the cells in certain tissues of the kidney start to grow uncontrollably and form tumors. . The Pivotal Phase III trial of ALT for metastatic Metastatic The term used to describe a secondary cancer, or one that has spread from one area of the body to another. Mentioned in: Coagulation Disorders metastatic pertaining to or of the nature of a metastasis. kidney cancer that was begun in 1994 was expanded into Canada. Over 100 patients were accrued in 1994 at over 20 sites in North America. This Pivotal Phase III trial compares survival of kidney cancer patients treated with either ALT or alpha interferon." He added, "Cellcor completed its preclinical work in the first infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. application for ALT, and is positioned to soon begin a Phase I clinical trial Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I in patients infected with chronic hepatitis Chronic hepatitis Long lasting inflammation of the liver due to viruses or other causes. Mentioned in: Tube Compression of the Esophagus and Stomach chronic hepatitis B." Cellcor Inc. is a biotechnology company engaged in the development of cellular therapies. The company's proprietary cellular immunotherapy, autolymphocyte therapy autolymphocyte therapy Experimental oncology A form of immunotherapy for treating metastatic renal carcinoma, in which a Pt's WBCs are removed, stimulated by monoclonal antibodies, which causes the WBCs to produce and secrete cytokines; the cytokine supernatant is (ALT), has initial application in the treatment of renal cell carcinoma renal cell carcinoma or hypernephroma Malignant tumour of the cells that cover and line the kidney. It usually affects persons over age 50 who have vascular disorders of the kidneys. It seldom causes pain, unless it is advanced. (RCC RCC - An extensible language. ) and may have potential for the treatment of other forms of cancer and serious infectious diseases. Cellcor is the leading organization to perform patient-specific cell processing under GMP GMP (guanosine monophosphate): see guanine. for large numbers of patients at multiple sites. As a result, Cellcor is seeking to provide reproducible cell processing and quality control expertise to other biotechnology companies and academic institutions. -0-
Cellcor Inc.
Statements of Operations
(unaudited)
Three Months Ended Year Ended
12/31/94 12/31/93 12/31/94 12/31/93
Net Revenue $265,455 $ -- $871,859 $ -- Research and development expenses 1,879,360 1,359,186 5,602,053 4,803,028 General and administrative expenses 566,946 557,726 2,394,588 2,836,851 Operating loss (2,190,851) (1,916,912) (7,124,782) (7,639,879) Other income (expense): Interest income 63,910 38,849 135,513 316,319 Other income -- -- 8,000 -- Interest expense (10,179) (13,391) (39,802) (82,524) Total other income 53,731 25,458 103,711 233,795 Net loss $(2,137,120) $(1,891,454) $(7,021,071) $(7,406,084) Net loss per common share $(.39) $(.35) $(1.29) $(1.36) Weighted average shares 5,452,797 5,436,276 5,441,853 5,436,191
Cellcor Inc.
Condensed Balance Sheets
12/31/94 12/31/93
Assets
Current assets:
Cash and short-term investments $3,895,547 $4,793,046
Receivable and other current assets 360,912 276,389
Total current assets 4,256,459 5,069,435
Property and equipment, net 993,107 1,364,217 Other assets 118,447 127,223 Total assets $5,368,013 $6,560,875 Liabilities and Stockholders' Equity Total current liabilities $1,669,437 $1,217,782 Long-term obligations 366,432 474,818 Total liabilities 2,035,869 1,692,600 Stockholders' equity 3,332,144 4,888,275 Total liabilities and stockholders' equity $5,368,013 $6,580,875 CONTACT: Cellcor Inc. Harry W. Wilcox, 617/332-2500 |
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