Cerus Corporation Announces First Quarter Results.Business Editors/Health/Medical Writers CONCORD, Calif.--(BUSINESS WIRE)--April 28, 2003 Cerus Corporation (Nasdaq:CERS) today announced results for the first quarter ended March 31, 2003. The net loss for the first quarter of 2003 was $17.2 million, or $1.07 per share, compared to a net loss of $13.5 million, or $0.86 per share, for the first quarter of 2002. The increased net loss for the quarter was due primarily to increased research and development expenses in support of the INTERCEPT Blood System and interest expense accrued on a $50 million loan from Baxter Capital Corporation. No principal or interest payments on the loan are due until 2008. Total revenue from product sales, development agreements and government grants was $1.3 million for the first quarter of 2003, compared to $0.5 million for the first quarter of 2002. In the first quarter of 2003, Cerus recorded $20,000 of revenue from product sales of the INTERCEPT Blood System for platelets in Europe. At March 31, 2003, the company had cash, cash equivalents and short-term investments of $96.4 million. "Our top priority is to support Baxter's efforts towards penetration of the $115 million European platelet market," said Stephen Isaacs, president and chief executive officer of Cerus. "Overall, we will continue to focus on commercialization of INTERCEPT platelets and late-stage development of INTERCEPT plasma and red blood cells Red blood cells Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body. Mentioned in: Bone Marrow Transplantation red blood cells as we target the broader $2.5 billion market opportunity for our pathogen Pathogen Any agent capable of causing disease. The term pathogen is usually restricted to living agents, which include viruses, rickettsia, bacteria, fungi, yeasts, protozoa, helminths, and certain insect larval stages. inactivation inactivation /in·ac·ti·va·tion/ (in-ak?ti-va´shun) the destruction of biological activity, as of a virus, by the action of heat or other agent. products." First quarter Cerus Corporation highlights included: -- INTERCEPT Blood System for platelets: Recognized product sales in two additional European countries; -- INTERCEPT Blood System for plasma: Made design changes to improve the manufacturability of the system; and -- INTERCEPT Blood System for red blood cells: Continued enrollment and transfusion Transfusion Definition Transfusion is the process of transferring whole blood or blood components from one person (donor) to another (recipient). of patients in two 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 clinical trials for acute and chronic transfusion support and received 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. concurrence CONCURRENCE, French law. The equality of rights, or privilege which several persons-have over the same thing; as, for example, the right which two judgment creditors, Whose judgments were rendered at the same time, have to be paid out of the proceeds of real estate bound by them. Dict. de Jur. h.t. to expand inclusion criteria
Inclusion criteria are a set of conditions that must be met in order to participate in a clinical trial. for patients in the chronic trial. Cerus and subsidiaries of Baxter International Baxter International Inc. (NYSE: BAX), is a global healthcare company with 48,000 employees and 2006 sales of US$10.4 billion. Its headquarters is in Deerfield, Illinois. Inc. are collaborating on development of the INTERCEPT Blood System to enhance the safety of blood transfusions blood transfusion, transfer of blood from one person to another, or from one animal to another of the same species. Transfusions are performed to replace a substantial loss of blood and as supportive treatment in certain diseases and blood disorders. . The INTERCEPT Blood System for platelets is being launched in Europe, while the companies have begun the regulatory submission process to obtain approval in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The companies are also in late stage development of the INTERCEPT Blood System for plasma and red blood cells. Quarterly Conference Call The company has scheduled its quarterly conference call for 4:30 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT today. Interested parties can access a live Internet broadcast at http://www.firstcallevents.com/service/ajwz378739680gf12.html . For those unable to listen to the live broadcast, the call will be archived at www.cerus.com. About Cerus Cerus Corporation is developing medical systems and 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. to provide safer and more effective options to patients. The company is developing products based on its most proprietary Helinx(R) technology for controlling biological replication. Cerus' advanced programs are focused on systems to enhance the safety of the world's blood supply. The INTERCEPT Blood System, based on the company's Helinx technology, is designed to inactivate in·ac·ti·vate v. 1. To render nonfunctional. 2. To make quiescent. in·ac  ti·va viruses, bacteria, other pathogens
and white blood cells White blood cellsA group of several cell types that occur in the bloodstream and are essential for a properly functioning immune system. Mentioned in: Abscess Incision & Drainage, Bone Marrow Transplantation, Complement Deficiencies . The Concord, California-based company also is pursuing therapeutic applications of Helinx technology to treat and prevent serious diseases. Note to Editors: Helinx is a U.S. registered trademark of Cerus Corporation. INTERCEPT Blood System and INTERCEPT Blood are trademarks of Baxter International Inc. (NYSE NYSE See: New York Stock Exchange :BAX). Statements in this news release, including those regarding clinical trials, regulatory filings and approvals, product development, commercial potential and potential revenue, are 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 risks and uncertainties. Actual results could differ materially from the above forward-looking statements as a result of certain factors, including the risks and uncertainty of the timing, rates of enrollment and results of clinical trials and other development and commercialization activities, actions by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities at any stage of the development process, additional financing activities, manufacturing, market acceptance of any products, competitive conditions and other factors discussed in the company's most recent filings with the Securities and Exchange Commission. Cerus does not undertake any obligation to update forward-looking statements.
CERUS CORPORATION
SELECTED UNAUDITED FINANCIAL INFORMATION
Condensed Statements of Operations Three Months Ended
(in thousands, except per share information) March 31,
2003 2002
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Revenue $1,269 $503
Operating expenses:
Research and development 14,695 11,921
General and administrative 2,695 2,802
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Total operating expenses 17,390 14,723
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Loss from operations (16,121) (14,220)
Interest income (expense), net (1,038) 673
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Net loss (17,159) (13,547)
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Net loss per share - basic and diluted ($1.07) ($0.86)
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Shares used in computing
net loss per share - basic and diluted 15,964 15,751
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Condensed Balance Sheets March 31, December 31,
(in thousands) 2003 2002
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Cash, cash equivalents and short-term
investments $96,406 $64,318
Accounts receivable from a related party 21 46
Other current assets 3,764 2,884
Furniture and equipment, net 4,838 5,547
Other assets 156 152
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Total assets $105,185 $72,947
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Accounts payable to a related party $7,441 $8,538
Other current liabilities 7,146 8,224
Long-term debt, payable to a related party 51,417 -
Capital lease obligation, less current
portion 6 16
Stockholders' equity 39,175 56,169
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Total liabilities and stockholders'
equity $105,185 $72,947
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