Coulter Pharmaceutical Reports Second 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.--(BW HealthWire)--July 31, 1998--Coulter Pharmaceutical 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 :CLTR CLTR China Liver Transplant Registry CLTR CPPU (Constant Pressure Power Uprate) Licensing Topical Report (nuclear) ) today reported a net loss of $8,348,000, or $0.62 per share, for its second quarter ended June 30, 1998, compared to a net loss of $4,994,000, or $0.50 per share, for the quarter ended June 30, 1997. The company reported a net loss of $18,613,000, or $1.39 per share, for the six months ended June 30, 1998. For the same period in 1997, the company reported a net loss of $8,800,000, or $1.05 per share. The increase in net loss for both the second quarter and year-to-date 1998 periods was primarily 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 reflect the company's ongoing support of significant clinical and commercialization development activities for the potential launch of Bexxar(TM) (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), its lead investigational 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 . Cash, cash equivalents and short-term investments were approximately $56 million at June 30, 1998. Coulter Pharmaceutical Inc. is engaged in the development of novel drugs and therapies for the treatment of people with cancer. The company is developing a family of cancer therapeutics based upon two drug discovery programs: therapeutic antibodies and targeted oncologics. The company's most advanced investigational product candidate, Bexxar(TM) (iodine I 131 tositumomab), consists of 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. with 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 is gathering data from a 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 investigational trial for the treatment of non-Hodgkin's lymphoma and intends to file a Biologic License Application for Bexxar by the end of 1998. The company currently is developing 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 treat certain solid tumor tumor: see neoplasm. cancers. 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 Bexxar(TM) 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 "Risk Factors" in the company's Registration Statement on Form S-3, as amended, filed with the SEC on July 10, 1998. -0-
COULTER PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended Six months ended
June 30, June 30,
1998 1997 1998 1997
Operating expenses
Research and development $ 6,217 $ 3,547 $ 15,234 $ 6,583
Selling, general and
administrative 2,918 1,972 5,078 3,180
Total operating expenses 9,135 5,519 20,312 9,763
Interest income and other, net 787 525 1,699 963
Net loss $ (8,348) $(4,994)$ (18,613) $(8,800)
Basic and diluted net loss per
share $ (0.62)$ (0.50) $ (1.39)$ (1.05)
Shares used in computing
basic and diluted net
loss per share 13,444 9,999 13,411 8,404
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, Dec. 31,
1998 1997
Assets (unaudited) (Note)
Cash, cash equivalents and
short-term investments $55,709 $75,445
Other current assets 424 269
Total current assets 56,133 75,714
Property and equipment, net 3,903 2,263
Other assets 723 694
------- -------
$60,759 $78,671
Liabilities and stockholders' equity
Current liabilities $10,757 $10,512
Long-term obligations 1,913 2,298
Stockholders' equity 48,089 65,861
------- -------
$60,759 $78,671
-0- Note: Derived from audited financial statements at that date. CONTACT: Coulter Pharmaceutical Inc. Sylvia Wheeler, 650/842-7306 (Director, IR) http://www.businesswire.com/cnn/cltr.htm |
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