Coulter Pharmaceutical 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.--(BW HealthWire)--May 13, 1997--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 $3,806,000, or $0.53 center per share, for its first quarter ended March 31, 1997, compared to a net loss of $1,941,000, or $0.25 per share, for the same period ended March 31, 1996. Cash, cash equivalents and short term investments were $45.3 million at March 31, 1997. "As planned, the increase in expenses is primarily due to increases in development costs and staffing related to the clinical development of, and pre-commercialization efforts for, our lead product candidate, Bexxar(TM)," said Michael F. Bigham, president and chief executive officer of Coulter Pharmaceutical. As we pursue our goal of submitting a BLA BLA abbr. Bachelor of Liberal Arts for Bexxar in the second half of 1998, we expect these expenses to continue to increase." Coulter Pharmaceutical is engaged in the development of novel drugs and therapies for the treatment of people with cancer. The company currently is developing a family of cancer 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. based upon two platform technologies: conjugated conjugated adj. Conjugate. estrogens, conjugated Warning - Hazardous drug! C.E.S. antibodies and tumor-activated peptide peptide, organic compound composed of amino acids linked together chemically by peptide bonds. The peptide bond always involves a single covalent link between the α-carboxyl (oxygen-bearing carbon) of one amino acid and the amino nitrogen of a second amino acid. (TAP) pro-drugs. The company's most advanced product candidate is Bexxar(TM) (previously referred to as the B-1 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 also is developing a TAP pro-drug pro-drug a compound that, on administration, must undergo chemical conversion by metabolic processes before becoming an active pharmacological agent; a precursor of a 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 tumor: see neoplasm. cancers. Except for the historical information contained herein, the matters discussed in this news release, such as Bigham's quote, 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. In particular, see "Item 1. Financial Business-Risk Factors," of the company's 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, 1996. -0-
Coulter Pharmaceutical Inc.
(a development stage company)
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three months ended March 31,
1997 1996(a)
(unaudited)
Operating costs and expenses:
Research and development $ 3,036 $ 1,717
Selling, general and
administrative 1,208 257
Total operating costs and --------- ----------
expenses 4,244 1,974
Interest income, net 438 33
--------- ----------
Net loss $(3,806) $(1,941)
Pro forma loss per share $ (0.53) $ (0.25)
--------- ----------
Shares used in computing
net loss per share 7,134 7,736
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
1997 1997(b)
(unaudited)
Assets
Cash, cash equivalents and
short-term investments $45,266 $16,443
Other current assets 600 534
--------- ---------
Total current assets 45,866 16,977
Property and equipment, net 1,087 924
Other assets 374 420
--------- ---------
$47,327 $18,321
Liabilities and stockholders' equity
Current liabilities $ 3,519 $ 6,240
Long-term obligations 2,411 1,535
Stockholders' equity 41,397 10,546
---------- ----------
$47,327 $18,321
a. The net loss per share for the three month period ended March
31, 1996 is calculated using the weighted average number of common
shares outstanding, and gives effect to the conversion of
convertible preferred shares that subsequently converted on January
28, 1997 upon the completion of the Company's initial public offering
and also includes those shares required by the Securities and
exchange Commission's Staff accounting bulletins and guidelines.
b. Derived from audited financial statements or at that time.
CONTACT: Coulter Pharmaceutical Sylvia Wheeler, 415/842-7306 |
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