Coulter Pharmaceutical Reports 1999 Fourth Quarter and Year-End Results.Business Editors/Health &Medical Writers SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BW HealthWire)--Jan. 28, 2000 Coulter Pharmaceutical Inc. (Nasdaq:CLTR CLTR China Liver Transplant Registry CLTR CPPU (Constant Pressure Power Uprate) Licensing Topical Report (nuclear) ) today reported financial results for the fourth quarter and year ended December 31, 1999. The company reported a net loss of $14,469,000, or $0.86 per share for its fourth quarter ended December 31, 1999 compared to net income of $25,477,000, or $1.47 per share, for the same period in 1998. The net loss was due to an increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. to support increasing research and development activities as well as ongoing pre-commercialization activities for the potential launch of Bexxar(TM) (tositumomab, iodine iodine (ī`ədīn, –dĭn) [Gr.,=violet], nonmetallic chemical element; symbol I; at. no. 53; at. wt. 126.9045; m.p. 113.5°C;; b.p. 184.35°C;; sp. gr. 4.93 at 20°C;; valence −1, +1, +3, +5, or +7. I 131 tositumomab), Coulter's lead cancer therapy for the treatment of non-Hodgkin's lymphoma non-Hodg·kin's lymphoma n. Any of various malignant lymphomas characterized by the absence of Reed-Sternberg cells. Non-Hodgkin's lymphoma . The company's profitability in the fourth quarter of 1998 was attributable to a license fee payment of $34,250,000 received from SmithKline Beecham under a joint development and commercialization agreement for Bexxar. For the fiscal year ended December 31, 1999, the company reported a net loss of $50,607,000, or $3.03 per share, compared to a net loss of $1,958,000, or $0.13 per share, for 1998. The increase in net loss, as historically experienced, was primarily due to expenses discussed above, plus expenses associated with expanded research and development, clinical trials and manufacturing costs. Coulter ended 1999 with approximately $82 million in cash, cash equivalents and short-term investments. Coulter Pharmaceutical, Inc. is engaged in the development of novel drugs and therapies for the treatment of cancer and autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause . The company currently is developing a family of cancer therapeutics based upon three drug development programs: radioimmunotherapy, therapeutic antibodies and targeted oncologics. The company's most advanced product candidate is Bexxar, a monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing conjugated conjugated adj. Conjugate. estrogens, conjugated Warning - Hazardous drug! C.E.S. to a radioisotope radioisotope: see radioactive isotope. Radioisotope (biology) A radioactive isotope used in studying living systems, such as in the investigation of metabolic processes. . The company's therapeutic antibody program includes an antibody-based approach to block the Type I interferon receptor The interferon receptor is a molecule displayed on the surface of cells which allows them to interact with the anti-viral substance interferon. The receptor is genetically coded for by number of different genes, as there are a few distinct types of interferon. for the treatment of autoimmune diseases and transplant rejection transplant rejection Graft rejection, organ rejection, tissue rejection Immunology The constellation of host immune responses evoked when an allograft tissue is transplanted into a recipient; rejection phenomena may be minimized by optimal matching of MHC antigens . Initial efforts in the targeted oncologics program are focused on the development of a tumor-activated peptide pro-drug version of doxorubicin doxorubicin /doxo·ru·bi·cin/ (dok?so-roo´bi-sin) an antineoplastic antibiotic, produced by Streptomyces peucetius, which binds to DNA and inhibits nucleic acid synthesis; used as the hydrochloride salt and as a liposome-encased to potentially treat certain solid tumor cancers. For more company information, visit Coulter Pharmaceutical's web site at www.coulterpharm.com. Except for the historical information contained herein, the matters discussed in this news release 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, including uncertainties related to product development, uncertainties related to the need for regulatory and other government approvals, dependence on proprietary technology, uncertainty of market acceptance of I-131 Anti-B1 Antibody or the company's other product candidates and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC). In particular, see &uot;Risk Factors&uot; in Coulter's filed Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998.
COULTER PHARMACEUTICAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended Year ended
December 31, December 31,
1999 1998 1999 1998
(unaudited) (unaudited) (Note)
Corporate partner
revenues $ -- $ 34,250 $ -- $ 34,250
Operating expenses:
Research and
development $ 9,794 $ 6,117 $ 36,411 $ 28,698
Selling,
general and
administrative 4,474 4,037 15,948 11,758
Total operating
expenses 14,268 10,154 52,359 40,456
Interest income and
other, net (201) 1,381 1,752 4,248
Net income (loss) $(14,469) $ 25,477 $(50,607) $ (1,958)
Basic earnings
(loss) per share $ (0.86) $ 1.56 $ (3.03) $ (0.13)
Shares used in
computing basic
earnings (loss) per
share 16,789 16,303 16,695 14,562
Diluted earnings
(loss) per share $ (0.86) $ 1.47 $ (3.03) $ (0.13)
Shares used in
computing diluted
earnings (loss)
per share 16,789 17,298 16,695 14,562
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
1999 1998
(unaudited) (Note)
Assets
Cash, cash equivalents and
short-term investments $ 82,425 $139,778
Other current assets 5,279 3,063
Total current assets 87,704 142,841
Property and equipment, net $ 21,029 $ 9,449
Other assets 1,472 1,140
-------- --------
$110,205 $153,430
Liabilities and stockholders' equity
Current liabilities $ 13,970 $ 11,578
Long-term obligations 9,428 6,659
Stockholders' equity 86,807 135,193
-------- --------
$110,205 $153,430
Note: Derived from audited financial statements.
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