Cellpro reports results for third fiscal quarter.CPRO CPRO Columbia Pike Revitalization Organization CPRO Connecticut Peer Review Organization, Inc. ) today reported a net loss of $4.9 million, or $0.34 per share, for its third fiscal quarter ended Dec. 31, 1995. This compares with a net loss of $4.8 million, or $0.37 per share, for the quarter ended Dec. 31, 1994. CellPro reported $2.0 million in product sales for the quarter ended Dec. 31, 1995. This represents a 59% increase from the $1.2 million reported in the comparable prior-year fiscal quarter. Sales of the CEPRATE(R) SC Stem Cell stem cell In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. Concentration System accounted for the increase. The CEPRATE SC System is currently approved for commercial sale throughout the 18-nation European Economic Area European Economic Area: see European Free Trade Association; European Union. , and Canada. The CEPRATE SC System is currently under review by the U.S. Food and Drug Administration and will be presented to an FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. advisory committee for its recommendations on February 28, 1996. The CEPRATE SC System is being used to purify stem cells stem cells, unspecialized human or animal cells that can produce mature specialized body cells and at the same time replicate themselves. Embryonic stem cells are derived from a blastocyst (the blastula typical of placental mammals; see embryo), which is very young from bone marrow and peripheral blood peripheral blood Cardiology Blood circulating in the system/body , which are used to repopulate the blood and immune systems of patients being treated with very high-dose chemotherapy high-dose chemotherapy Oncology The administration of chemotherapeutics in excess of BM toxicity; given the risk of aplastic anemia, HDC requires autologous BMT and use of 'rescue' factors such as G-CSF, GM-CSF, and erythropoietin. See Bone marrow transplantation. for diseases such as breast and ovarian cancer ovarian cancer Malignant tumour of the ovaries. Risk factors include early age of first menstruation (before age 12), late onset of menopause (after age 52), absence of pregnancy, presence of specific genetic mutations, use of fertility drugs, and personal history of breast , lymphoma, multiple myeloma multiple myeloma A malignant proliferation of abnormal plasma cells that populate the marrow-containing bones of the body. The affected plasma cells produce myeloma protein, a monoclonal antibody that replaces normal antibodies in the blood, thereby increasing susceptibility and other acute hematological malignancies. The company also reported interest income totaling $1.2 million for the third fiscal quarter. This was comparable to the $1.0 million earned in the quarter ended Dec. 31, 1994. At Dec. 31, 1995, the company's cash, cash equivalents, and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has totaled $77.9 million. Research and development expense totaled $3.9 million for the quarter ended Dec. 31, 1995, on par with the $3.9 million in the quarter ended Dec. 31, 1994. The company is conducting a Phase III trial to demonstrate the CEPRATE SC System's ability to deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. tumor cells from peripheral blood stem cell transplants in patients being treated for multiple myeloma. Enrollment for this 134 patient trial is approximately 60% complete with full enrollment targeted by mid-1996. The company is also conducting numerous Phase I/II trials in the United States and in Europe including applications in dose-intensified, multicycle chemotherapy to treat solid-tissue tumors and allogeneic allogeneic /al·lo·ge·ne·ic/ (-je-ne´ik) 1. having cell types that are antigenically distinct. 2. in transplantation biology, denoting individuals (or tissues) that are of the same species but antigenically matched- and mismatched-donor trials to treat leukemias. Additionally, the company is participating in a large number of gene therapy trials in which the CEPRATE SC System is used to concentrate stem cells to enhance the efficiency of gene insertion to treat genetic disorders and diseases such as cancer and AIDS. On Jan. 11, 1996, CellPro and Corixa Corp. of Seattle announced a collaboration to develop T-lymphocyte therapies to treat cancer. Selling, general and administrative expenses were $3.1 million and $2.3 million for the quarters ended Dec. 31, 1995 and 1994, respectively. This increase resulted primarily from legal fees incurred in connection with the company's patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with Baxter Healthcare Corp. ("Baxter"), Becton Dickenson and Co. ("B-D B-D Becton, Dickinson & Co. "), and Johns Hopkins University Johns Hopkins University, mainly at Baltimore, Md. Johns Hopkins in 1867 had a group of his associates incorporated as the trustees of a university and a hospital, endowing each with $3.5 million. Daniel C. . On Aug. 4, 1995, a verdict was reached in this case in favor of CellPro. The jury ruled that none of the claims asserted against CellPro were valid and that CellPro's products did not infringe on any of the patents at issue. Based on current advice of counsel, CellPro intends to vigorously pursue its antitrust and unfair competition claims against Baxter, B-D and Johns Hopkins University. Located in Bothell, CellPro Inc. is a biotechnology company specializing in the development, manufacturing and marketing of proprietary continuous-flow, cell-selection systems for use in a variety of therapeutic, diagnostic and research applications. -0-
CELLPRO INC.
(A company in the development stage)
Selected Financial Data
Statement of Operations Data: (unaudited)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994
Product sales $1,985,374 $1,244,828 $4,492,800 $2,980,595
Related party
revenue 6,000,000/a
Contract and other
revenue 41,600 41,600
Interest income 1,189,053 972,031 3,236,963 2,824,922
3,216,027 2,216,859 13,771,363 5,805,517
Costs and expenses: Cost of sales 1,122,945 764,655 2,448,249 1,681,423 Research and development 3,861,652 3,946,060 12,167,050 9,929,746 Selling, general and administrative 3,098,143 2,294,471 9,417,980 6,350,556 Interest 18,347 34,430 71,619 117,816 Total costs and expenses 8,101,087 7,039,616 24,104,898 18,079,541 Net loss ($4,885,060)($4,822,757)($10,333,535)($12,274,024) Net loss per share ($0.34) ($0.37) ($0.75) ($0.94) Weighted average number of shares outstanding 14,185,265 13,077,677 13,703,167 13,051,762
Dec. 31, March 31,
1995 1995
Balance Sheet Data: (unaudited)
Cash, cash equivalents and marketable securities $77,872,997 $64,649,630 Total assets 101,762,452 89,512,935 Long-term debt, net of current portion 305,334 486,428 Total stockholders' equity 96,134,943 80,760,680 /a/ This is non-recurring revenue received for prior research and development services rendered by CellPro as part of the termination of business arrangements between CellPro and Corange International Ltd. CONTACT: CellPro Inc. Lee M. Parker, 206/485-7644, www.cellpro.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion