Cerus Corporation Announces Fourth Quarter and Year End Results.Business Editors and Health/Medical Writers CONCORD, Calif.--(BUSINESS WIRE)--Jan. 30, 2003 Cerus Corporation (Nasdaq:CERS) today announced results for the fourth quarter and year ended December December: see month. 31, 2002. The net loss for the fourth quarter of 2002 was $15.8 million, or $0.99 per share, compared to a net loss of $13.5 million, or $0.86 per share, for the fourth quarter of 2001. For the year ended December 31, 2002, the company reported a net loss of $57.2 million, or $3.61 per share, compared to a net loss of $49.4 million, or $3.27 per share, for 2001. The increased net losses for the fourth quarter and year 2002 were primarily due to expanded research and development activities in support of the INTERCEPT intercept in mathematical terms the points at which a curve cuts the two axes of a graph. Blood System. Total revenue from product sales, development agreements and government grants was $1.6 million for the fourth quarter of 2002, compared to $1.0 million for the fourth quarter of 2001. In the fourth quarter of 2002, Cerus recorded $3,000 of revenue from product sales of the INTERCEPT Blood System for Platelets Platelets Fragments of a large precursor cell (a megakaryocyte) found in the bone marrow. These fragments adhere to areas of blood vessel damage and release chemical signals that direct the formation of a blood clot. in Europe. At December 31, 2002, the company had cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $64.3 million. This balance does not include proceeds received in January 2003 from a $50 million loan from Baxter Capital Corporation. "In 2002, Cerus joined the ranks of companies that have seen the successful development of their technologies through to commercialization," said Stephen Isaacs, president and chief executive officer of Cerus. "In 2003, we look forward to continuing penetration of the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. marketplace and setting a new standard of safety for transfusion Transfusion Definition Transfusion is the process of transferring whole blood or blood components from one person (donor) to another (recipient). blood products." Fourth quarter Cerus Corporation highlights include: -- INTERCEPT Blood System for platelets: Recognized product sales to the first customers in Portugal and Italy and recorded the first revenue from product sales in December 2002; also, received CE Mark approvals for use with platelets collected on Baxter's Amicus apheresis platform and for preparation sets for platelets collected using the Haemonetics and Cobe apheresis systems; -- INTERCEPT Blood System for red blood cells: Continued enrollment and transfusion of patients in two Phase III clinical trials for acute and chronic transfusion support; -- INTERCEPT Blood Systems: Presented data at the American Society of Hematology meeting that demonstrated the ability of Cerus' Helinx(R) technology to inactivate Parvovirus B19, a non-enveloped virus, and the protozoans that cause malaria, Chagas'disease and leishmaniasis; and -- Financing: Secured a $50 million loan facility from Baxter Capital Corporation. Cerus and Baxter Healthcare Corporation 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. . A CE Mark for the INTERCEPT Blood System for platelets has been received. 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 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 . Quarterly Conference Call The company has scheduled its quarterly conference call for 4:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. today. Interested parties can access a live Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the broadcast at http://www.firstcallevents.com/service/ajwz372277369gf12.html. For those unable to listen to the live broadcast, the call will be archived for 72 hours at www.cerus.com. About Cerus Cerus Corporation is building on its leading position in the biopharmaceutical industry by 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 proprietary Helinx technology for controlling biological replication In database management, the ability to keep distributed databases synchronized by routinely copying the entire database or subsets of the database to other servers in the network. There are various replication methods. . Cerus' most 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. Helinx is a U.S. registered trademark of Cerus Corporation. INTERCEPT Blood System and Amicus AMICUS Automated Management Information Civil Users System are trademarks 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. (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 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
(in thousands, except per Three Months Ended Year Ended
share information) December 31, December 31,
2002 2001 2002 2001
--------- --------- --------- ---------
Revenue $ 1,608 $ 1,015 $ 8,490 $ 4,535
Operating expenses:
Research and development 15,135 12,649 56,421 48,247
General and administrative 2,595 2,782 11,346 10,166
--------- --------- --------- ---------
Total operating expenses 17,730 15,431 67,767 58,413
--------- --------- --------- ---------
Loss from operations (16,122) (14,416) (59,277) (53,878)
Interest income, net 352 915 2,085 4,611
--------- --------- --------- ---------
Loss before income taxes (15,770) (13,501) (57,192) (49,267)
Provision for income taxes - - - (100)
-------------------------------- ---------
Net loss ($15,770) ($13,501) ($57,192) ($49,367)
========= ========= ========= =========
Net loss per share - basic
and diluted ($0.99) ($0.86) ($3.61) ($3.27)
========= ========= ========= =========
Shares used in computing
net loss per share - basic
and diluted 15,927 15,725 15,833 15,105
========= ========= ========= =========
Condensed Balance Sheets December 31, December 31,
(in thousands) 2002 2001
----------- ---------
Cash, cash equivalents and short-term
investments $64,318 $123,461
Accounts receivable from related parties 46 26
Other current assets 2,884 1,573
Furniture and equipment, net 5,547 3,012
Other assets 152 188
----------- ---------
Total assets $72,947 $128,260
=========== =========
Accounts payable to a related party $8,538 $5,029
Other current liabilities 8,224 11,425
Capital lease obligation, less current
portion 16 51
Redeemable convertible preferred stock - 5,000
Stockholders' equity 56,169 106,755
----------- ---------
Total liabilities and stockholders'
equity $72,947 $128,260
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