Connective Therapeutics Reports First Quarter Results.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--April 25, 1996--Connective Therapeutics, 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 :CNCT CNCT Connect CNCT Certified Network Computer Technician ) today reported its financial results for the first quarter ended March 31, 1996. The net loss for the first quarter of 1996 was $3.4 million, or $0.54 per share (calculated to reflect the effect of the conversion of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. from date of issuance), compared to a net loss of $3.0 million, or $0.88 per share, for the first quarter of 1995. The first quarter results were consistent with company expectations. As of March 31, 1996, the company had $28.2 million in cash and short-term investments. Research and development expenses were $2.1 million for the first quarter of 1996, down from $2.6 million in the first quarter of 1995 which included $0.9 million in technology acquisition costs. General and administrative expenses increased to $1.3 million for the quarter ended March 31, 1996 from $0.3 million for the same period in 1995 primarily due to increased infrastructure costs associated with operating as a public company and staffing-up of commercial development activities. "In our first quarter as a public company, we made significant progress toward our clinical and commercial goals and are enthusiastic about hitting our 1996 milestones," said Tom Wiggans, president and chief executive officer of Connective. Connective Therapeutics, Inc., headquartered in Palo Alto, Calif., is focused on the development of novel therapeutics for serious connective tissue disorders. The company has three products in development for the treatment of six initial indications: gamma interferon for atopic dermatitis Atopic Dermatitis Definition Eczema is a general term used to describe a variety of conditions that cause an itchy, inflamed skin rash. Atopic dermatitis, a form of eczema, is a non-contagious disorder characterized by chronically inflamed skin and and keloids Keloids Definition Keloids are overgrowths of fibrous tissue or scars that can occur after an injury to the skin. These heavy scars are also called cheloid or hypertrophic scars. ; relaxin re·lax·in n. A female hormone secreted by the corpus luteum that helps soften the cervix and relax the pelvic ligaments in childbirth. relaxin, n for scleroderma scleroderma or progressive systemic sclerosis Chronic disease that hardens the skin and fixes it to underlying structures. Swelling and collagen buildup lead to loss of elasticity. The cause is unknown. and other fibrotic indications; and TCR TCR T cell receptor. peptide vaccines for rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. and multiple sclerosis. -0-
CONNECTIVE THERAPEUTICS, INC.
Condensed Statement of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31,
1996 1995
Operating expenses:
Research and development 2,144 2,646
General and administrative 1,299 303
Total operating expenses 3,433 2,949
Interest and other income, net (3) (10) Net loss $(3,446) $ (2,959) Net loss per share $ (0.72) $ (0.67) Shares used in computation of net loss per share 4,791 4,433 Supplemental net loss per share $ (.54) $ (0.88) Shares used in computation of supplemental net loss per share 6,377 3,351
Condensed Balance Sheet
(in thousands)
March 31, Dec. 31,
1996 1995
(unaudited)
Assets:
Cash and short-term
investments and other $ 28,266 $ 9,177
Property and equipment, net 1,556 1,367
Long-term assets 750 1,252
Total assets $ 30,572 $ 11,796
Liabilities and stockholders'
equity:
Current liabilities $ 3,483 $ 3,333
Other liabilities 5,629 8,400
Stockholders' equity 21,460 63
Total liabilities and stock-
holders' equity $ 30,572 $ 11,796
CONTACT: Connective Therapeutics, Inc. Sylvia Wheeler, 415/843-2857 |
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