Columbia Laboratories reports first quarter 1996 financial results.MIAMI--(BUSINESS WIRE)--May 13, 1996--Columbia Laboratories, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : COB) today reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $1,322,966 for the first quarter ended March 31, 1996, compared to net sales of $3,205,366 for the same period in 1995. The Company's net loss for the quarter was $1,640,675, or $0.06 per share, compared to a net loss of $1,032,778, or $0.04 per share, for the first quarter of 1995. Columbia recently reported encouraging results from its U.S. Phase III clinical trials Noun 1. phase III clinical trial - 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 of its vaginally delivered natural progesterone progesterone (prōjĕs`tərōn'), female sex hormone that induces secretory changes in the lining of the uterus essential for successful implantation of a fertilized egg. product, Crinone(R). Patients taking Crinone in combination with estrogen reported a decrease in the incidence of depression, emotional lability lability /la·bil·i·ty/ (lah-bil´i-te) 1. the quality of being labile. 2. in psychiatry, emotional instability. lability the quality of being labile. , sleep disorders Sleep Disorders Definition Sleep disorders are a group of syndromes characterized by disturbance in the patient's amount of sleep, quality or timing of sleep, or in behaviors or physiological conditions associated with sleep. , headache and bloating bloating Vox populi A lay term for post-prandial abdominal fullness or swelling . These symptoms typically increase with the use of synthetic progestins Progestins A female hormone, like progesterone, that acts on the inner lining of the uterus. Mentioned in: Anabolic Steroid Use, Endometrial Cancer currently being used with estrogen therapy. "We are very excited by the results of our U.S. Phase III clinical trials of Crinone," stated William J. Bologna, Chairman of the Board of Columbia Laboratories. "These studies will provide the basis for a New Drug Application that we intend to file with the Food and Drug Administration in mid-1996." Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company, dedicated to the development of women's prescription and over-the-counter products, including those which help prevent sexually transmitted diseases Sexually transmitted diseases Infections that are acquired and transmitted by sexual contact. Although virtually any infection may be transmitted during intimate contact, the term sexually transmitted disease is restricted to conditions that are largely . Columbia's products primarily utilize the Company's patented bioadhesive delivery technology. -0- COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
1996 1995
NET SALES $ 1,322,966 $ 3,205,366
COST OF GOODS SOLD 593,395 1,631,813 Gross profit 729,571 1,573,553
Operating Expenses:
Selling and distribution 626,170 643,775
General and administrative 880,867 652,290
Research and development 2,403,677 1,429,511
Total operating expenses 3,910,714 2,725,576
Loss from operations (3,181,143) (1,152,023)
Other income (Expense):
License fees 1,500,000 --
Interest income 47,041 5,787
Interest expense (3,632) (71,569)
Other, net (2,941) 185,027
Total other income 1,540,468 119,245
Net loss $ (1,640,675) $ (1,032,778)
Net loss per common share $ (0.06) $ (0.04) Weighted average number of shares outstanding 26,485,000 24,931,000 CONTACT: Columbia Laboratories Margaret J. Roell Chief Financial Officer (305) 860-1692 or Burns McClellan Reagan Codner (investors) Karen Bergman (media) (212) 505-1919 |
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