Creative BioMolecules Reports Second Quarter Financial Results.HOPKINTON, Mass.--(BW HealthWire)--July 29, 1999-- Creative BioMolecules This page aims to list articles on Wikipedia that describe particular biomolecules or types of biomolecules. This list is not necessarily complete or up to date - if you see an article that should be here but isn't (or one that shouldn't be here but is), please update the page , Inc. (Nasdaq:CBMI CBMI Christian Blind Mission International (Australia) CBMI Content Based Multimedia Indexing CBMI Commercial Building Mold Inspector ) today announced financial results for the second quarter of fiscal 1999, ended June 30, 1999. Losses for the second quarter and first half were smaller in 1999 than for comparable periods in 1998. Substantial progress was made toward the commercialization of the Company's lead product as Stryker Corporation completed the regulatory filing for the OP-1 Implant implant /im·plant/ (im-plant´) to insert or to graft (tissue, or inert or radioactive material) into intact tissues or a body cavity. (TM) in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and submitted the OP-Implant(TM) for regulatory review in Europe. Revenues during the second quarter 1999 were $1,253,000 and expenses were $4,179,000, resulting in a net loss of $2,926,000 as compared to a net loss of $6,109,000 in the second quarter of 1998. The net loss to common shareholders was $0.14 per share and included a one-time charge associated with the repurchases of the Series 1998/A 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. in May 1999 as described below. Without this one-time charge, the net loss to common shareholders would have been $0.09 per share. For the six month period ended June 30, 1999, the Company's revenues were $2,834,000 and expenses were $8,471,000, resulting in a net loss of $5,637,000 or $0.23 per share. The net loss for the six month period ending June 30, 1998 was $11,027,000 or $0.33 per share. Revenues generated during the second quarter 1999 resulted primarily from research funding Research funding is a term generally covering any funding for scientific research, in the areas of both "hard" science and technology and social science. The term often connotes funding obtained through a competitive process, in which potential research projects are evaluated and from Biogen, Inc. in support of the development of a therapy to treat renal failure renal failure n. Acute or chronic malfunction of the kidneys resulting from any of a number of causes, including infection, trauma, toxins, hemodynamic abnormalities, and autoimmune disease, and often resulting in systemic symptoms, especially edema, and from interest income. The Company's second quarter 1999 research and development expenses included costs associated with the development of therapies to treat renal failure, stroke and other indications. The accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the on Series 1998/A Preferred Stock recorded in the second quarter 1999 includes a one-time charge of approximately $1,867,000 associated with the May 1999 repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of the outstanding balance of this preferred stock. The repurchase fully retired the Series 1998/A Preferred Stock, ending any future conversions into Common Stock. Creative BioMolecules is a biopharmaceutical company focused on the development of therapies for human tissue repair and regeneration. The Company's core technologies are based on its understanding of the role that morphogenic proteins play in human biology Human biology is an interdisciplinary academic field of biology, biological anthropology, and medicine which focuses on humans; it is closely related to primate biology, and a number of other fields. . These proteins are involved in the initiation and regulation of the cellular events responsible for the formation of human tissues and organs. Having completed development of its first product candidate, for use in orthopaedic and dental reconstruction, Creative is now pursuing applications for morphogenic proteins in the areas of stroke recovery, chronic renal failure chronic renal failure Chronic kidney failure Nephrology A slow decline in renal function, which may be 2º to chronic HTN, DM, CHF, SLE, or sickle cell anemia and, if extreme, leads to ESRD, mandating kidney dialysis; an abrupt decline in renal function may be , and the treatment of chronic neurological disorders This is a list of major and frequently observed neurological disorders (e.g. Alzheimer's disease), symptoms (e.g.back pain), signs (e.g. aphasia) and syndromes (e.g. Aicardi syndrome). . This news release includes 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. Factors which could cause actual results to differ from the Company's expectations include, without limitation, the course of the research and development programs, including the achievement of development milestones by the Company and/or its partner, the inability to partner programs, the initiation, progress and completion of clinical testing, the impact of competitive products, the timely receipt of regulatory approval required for clinical testing, manufacturing and marketing of products and the other risks and uncertainties detailed from time to time in the Company's periodic reports. NOTE: For additional information, please consult Creative BioMolecules' Homepage on the World Wide Web at http://www.creativebio.com. -0-
Creative BioMolecules, Inc.
Consolidated Statements of Operations
Three Months Ended Six Months Ended
06/30/99 06/30/98 06/30/99 06/30/98
REVENUES:
Research and
development
contracts $ 757,542 $ 1,800,615 $ 1,582,187 $ 4,803,474
Interest and
other 495,667 480,175 1,251,400 895,435
Total
revenues 1,253,209 2,280,790 2,833,587 5,698,909
COSTS AND
EXPENSES:
Research and
development 2,613,208 6,130,923 5,342,125 12,428,790
General and
Administrative 1,530,690 2,171,785 3,060,328 4,138,395
Interest and
other 35,591 86,633 68,252 159,143
Total costs
and
expenses 4,179,489 8,389,341 8,470,705 16,726,328
NET LOSS (2,926,280) (6,108,551) (5,637,118) (11,027,419)
ACCRETION ON
SERIES 1998
/A PREFERRED
STOCK (2,006,391) (152,043) (2,395,559) (152,043)
NET LOSS
APPLICABLE
TO COMMON
STOCKHOLDERS $ (4,932,671)$ (6,260,594) $ (8,032,677) $(11,179,462)
BASIC AND
DILUTED
LOSS PER
COMMON
SHARE $ (0.14)$ (0.19) $ (0.23) $ (0.33)
SHARES FOR BASIC
AND DILUTED
LOSS
COMPUTATION 35,512,694 33,507,137 35,091,833 33,474,918
06/30/99
Cash, Cash Equivalents and
Marketable Securities $26,566,742
Total Assets $34,714,881
Total Stockholders' Equity $28,215,506
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