Creative BioMolecules Reports Third Quarter Financial Results.HOPKINTON Hopkinton is the name of several towns in the United States:
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 third quarter of fiscal 1999, ended September September: see month. 30, 1999. Total revenues for the third quarter of 1999 were $1,190,000 and expenses were $4,184,000, resulting in a net loss of $2,995,000 as compared to a net loss of $5,676,000 in the third quarter of 1998. The net loss to common shareholders was $0.08 per share. For the nine months ended September 30, 1999, the Company's revenues were $4,023,000, and expenses were $12,655,000, resulting in a net loss of $8,632,000 or $0.31 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. The net loss for the nine-month period ending September 30, 1998 was $16,703,000 or $0.52 per share. Revenues generated during the third quarter of 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 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 research and development expenses during this period included costs associated with the development of therapies to treat renal failure, stroke and other indications. "As Stryker Corporation moves our lead product, 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), through regulatory review 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 Europe, we are focusing our financial and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. on the development of a clinical pipeline in the fields of stroke recovery and renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg . We are developing clinical plans which will enable the Company to move these two important indications forward with Investigational New Drug applications planned in the second half of 2000," commented Michael M. Tarnow, President and Chief Executive Officer of Creative BioMolecules, Inc. On October 19, 1999, Creative BioMolecules announced that it had focused its operational and financial resources on the development of its morphogenic protein-based clinical candidates for the treatment of stroke and renal disease. This directed effort makes available several million dollars originally budgeted in 2000 to support discovery research programs. Approximately $650,000 of costs will be recorded in the fourth quarter 1999 as a result of this reorganization. Creative BioMolecules is a biopharmaceutical company developing therapies for human tissue repair and regeneration Regeneration (biology) The process by which an animal restores a lost part of its body. Broadly defined, the term can include wound healing, tissue repair, and many kinds of restorative activities. . The company is focused on morphogenic protein-based therapies to enhance stroke recovery and treat renal disease. Both applications are currently undergoing preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. development, with the submission of INDs to begin clinical trials expected in 2000. The first product resulting from Creative BioMolecules' technology, the OP-1 Implant(TM) for orthopaedic reconstruction, is licensed to Stryker Corporation and is under regulatory review for approval in the U.S. and Europe. 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 its preclinical and clinical development programs, including the achievement of clinical development milestones by the Company and/or its partners, the initiation, progress and successful completion of human clinical testing, the timely receipt of regulatory approval required for clinical testing, manufacturing and marketing of products, the impact of competitive 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 at http://www.creativebio.com. -0-
Creative BioMolecules, Inc.
Consolidated Statements of Operations
Three Months Ended Nine Months Ended
09/30/99 09/30/98 09/30/99 09/30/98
(unaudited) (unaudited)
REVENUES:
Research and
development
contracts $ 823,573 $ 2,197,479 $ 2,405,760 $ 7,000,953
Interest and
other 366,177 629,328 1,617,577 1,524,762
Total revenues 1,189,750 2,826,807 4,023,337 8,525,715
COSTS AND
EXPENSES:
Research and
development 2,689,158 6,354,031 8,031,283 18,934,863
General and
Administrative 1,448,623 2,048,438 4,508,951 6,034,790
Interest and
other 46,528 100,250 114,780 259,393
Total costs
and expenses 4,184,309 8,502,719 12,655,014 25,229,046
NET LOSS (2,994,559) (5,675,912) (8,631,677) (16,703,331)
ACCRETION ON
SERIES 1998/A
PREFERRED
STOCK -- (422,213) (2,395,559) (574,256)
NET LOSS
APPLICABLE TO
COMMON
STOCKHOLDERS $(2,994,559) $(6,098,125) $(11,027,236) $(17,277,587)
BASIC AND
DILUTED LOSS
PER COMMON
SHARE $ (0.08) $ (0.18) $ (0.31) $ (0.52)
COMMON SHARES
FOR BASIC
AND DILUTED
LOSS
COMPUTATION 35,993,359 33,620,764 35,395,653 33,523,588
Balance Sheet Data
09/30/99
Cash, Cash Equivalents and Marketable Securities $23,468,050
Total Assets $31,524,730
Total Stockholders' Equity $25,685,512
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