Cubist Pharmaceuticals Reports Fourth-Quarter and Full-Year 2002 Results; Conference Call & Webcast Today at 10:30 am ET.Business Editors & Health/Medical Writers BIOWIRE2K LEXINGTON Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. , Mass.--(BUSINESS WIRE)--Feb. 19, 2003 Cubist Pharmaceuticals, Inc. (Nasdaq: CBST CBST Center for Biophotonics Science and Technology CBST Congregation Beth Simcha Torah (NYC) CBST Complete Binary Search Tree ) today reported results for the fourth quarter and full year ended December December: see month. 31, 2002. Total revenues for the fourth quarter ended December 31, 2002 were $1,087,153 as compared to $3,571,397 for the same period in 2001. Total 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. for the quarter ended December 31, 2002 were $23,329,354 as compared to $24,679,228 for the same period in 2001. Net loss for the quarter ended December 31, 2002 was $24,751,892 or ($0.87) per share as compared to a net loss of $21,866,339 or ($0.77) per share for the same period in 2001. Total revenues for the twelve months ended December 31, 2002 were $11,486,309 as compared to $14,388,688 for the same period in 2001. Total operating expenses for the twelve months ended December 31, 2002 were $85,007,102 as compared to $85,513,330 for the same period in 2001. Net loss was $82,411,826 or ($2.89) per share for the twelve months ended December 31, 2002 as compared to a net loss of $69,854,157 or ($2.49) per share for the same period in 2001. Selling, General and Administrative expenses increased as a percentage of total expenses as a result of expanded headcount and increased marketing expenses, in preparation for the U.S. launch of the Company's investigational antibiotic antibiotic, any of a variety of substances, usually obtained from microorganisms, that inhibit the growth of or destroy certain other microorganisms. Types of Antibiotics Cidecin(R) (daptomycin for injection), should CIDECIN receive regulatory approval. In addition, research and development expenses decreased as a percentage of total expenses due to the completion of multiple Phase 3 Cidecin trials. Interest expense increased in 2002 relative to 2001 as a result of a $165 million convertible debt offering completed in the fourth quarter of 2001. The Company's cash and investment balance as of December 31, 2002 was $151,219,900. The total number of common shares outstanding as of December 31, 2002 was 28,702,035. "2002 was an important year for Cubist--particularly as a result of the December 20, 2002 filing of the U.S. NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any for CIDECIN," said Scott M. Rocklage, Ph.D., Chairman and Chief Executive Officer of Cubist. "In addition to achieving a significant milestone for CIDECIN, we made a key addition to our product pipeline and advanced an important pre-clinical candidate. Over the past twelve months," Dr. Rocklage continued, "Cubist also made significant changes to its senior management team, creating what we believe to be an 'all-star' team capable of taking Cubist forward on the path to becoming a revenue-generating commercial organization." Dr. Rocklage concluded, "As we await AWAIT, crim. law. Seems to signify what is now understood by lying in wait, or way-laying. word from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. on the acceptability of the CIDECIN filing, we continue to prepare for a 2003 launch. We invite you to join us on our conference call and webcast at 10:30 am Eastern Time today for a more in-depth discussion and update on last year's accomplishments and our plans for 2003." CONFERENCE CALL & WEBCAST INFORMATION WHEN: Wednesday, February 19, 2003 at 10:30 am ET DOMESTIC & CANADA CALL-IN: (800) 915-4836 INTERNATIONAL CALL-IN: (973) 317-5319 CALL WILL ALSO BE BROADCAST LIVE, LISTEN ONLY, VIA THE WEB AT: www.cubist.com Replay will be available for 30 days via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the ; a transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record of the call will be filed with the SEC and will also be available upon request. About Cubist Cubist Pharmaceuticals, Inc. is focused on becoming a global leader in the research, development and commercialization of novel pharmaceuticals to combat serious and life-threatening infections. Cubist has submitted a New Drug Application (NDA) with the U.S. Food & Drug Administration (FDA) for Cidecin(R) (daptomycin for injection) for the treatment of complicated skin and skin structure infections (cSSSI) and is conducting additional Phase 3 studies in both infective infective /in·fec·tive/ (in-fek´tiv) 1. capable of producing infection. 2. infectious (1). in·fec·tive adj. Capable of producing infection; infectious. endocarditis/bacteremia and vancomycin-resistant enterococcal (VRE VRE vancomycin-resistant enterococcus. VRE Vancomycin-resistent enterococcus, see there ) infections. Cubist has broadened its pipeline to include multiple pre-clinical drug candidates, including an oral version of ceftriaxone ceftriaxone /cef·tri·ax·one/ (cef?tri-ak´son) a semisynthetic, ß–resistant, third-generation cephalosporin effective against a wide range of gram-positive and gram-negative bacteria, used as the sodium salt. (OCTX), a broad-spectrum broad-spectrum adj. Effective against a wide range of organisms, especially gram-positive and gram-negative bacteria. broad-spectrum adjective cephalosporin cephalosporin (sĕf'əlōspôr`ĭn), any of a group of more than 20 antibiotics derived from species of fungi of the genus Cephalosporium and closely related chemically to penicillin. Cephalosporins, e.g. antibiotic, and CAB-175, a next generation cephalosporin antibiotic with demonstrated in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment. in vi·tro adj. In an artificial environment outside a living organism. activity against methicillin-resistant Staphylococcus aureus methicillin-resistant Staphylococcus aureus Methicillin-aminoglycoside resistant Staphylococcus aureus, MRSA An organism with multiple antibiotic resistances–eg, aminoglycosides, chloramphenicol, clindamycin, erythromycin, rifampin, tetracycline, (MRSA MRSA Methicillin-resistant Staphylococcus aureus. See MARSA. ). Cubist is headquartered in Lexington, MA. Cubist Safeharbor Statement Statements contained herein that are not historical fact may be 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements made by the Company. These factors include, but are not limited to: (i) the Company's ability to successfully complete product research and development, including pre-clinical and clinical studies and commercialization; (ii) the Company's ability to obtain required governmental approvals; (iii) the Company's ability to attract and/or maintain manufacturing, sales, distribution and marketing partners; (iv) the Company's ability to develop and commercialize its products before its competitors; and (v) the Company's ability to finance its operations. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in the Company's recent SEC filings. Cidecin(R) is a registered trademark of Cubist Pharmaceuticals, Inc.
CUBIST PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
UNAUDITED
December 31, December 31,
2002 2001
ASSETS
Cash, cash equivalents and investments $151,219,900 $243,134,679
Property and equipment, net 48,267,760 48,056,157
Other assets 22,034,842 23,643,359
Total assets $ 221,522,502 $ 314,834,195
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $9,599,490 $7,336,002
Accrued expenses 6,289,058 15,709,766
Deferred revenue 2,500,083 9,900,080
Debt and capital lease obligations 210,033,493 212,387,769
Total liabilities 228,422,124 245,333,617
Total stockholders' equity (6,899,622) 69,500,578
Total liabilities and stockholders'
equity $221,522,502 $314,834,195
CUBIST PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
Three months ended Twelve months ended
December 31, December 31,
2002 2001 2002 2001
Sponsored research
revenues $1,087,153 $3,571,397 $11,486,309 $14,388,688
Operating expenses:
Research and
development 14,543,436 17,195,949 55,900,797 63,686,101
General and
administrative 8,785,918 7,483,279 29,106,305 21,827,229
Total operating
expenses 23,329,354 24,679,228 85,007,102 85,513,330
Interest income 1,003,890 1,086,176 5,198,594 6,922,292
Interest expense (3,400,803) (2,502,136) (13,796,091) (5,739,860)
Other income
(expense) (112,778) 657,452 (293,536) 88,073
Net loss ($24,751,892)($21,866,339)($82,411,826)($69,854,157)
Basic and diluted
net loss per
common share ($0.87) ($0.77) ($2.89) ($2.49)
Weighted average
number of common
shares for basic
and diluted net
loss per common
share 28,570,430 28,122,074 28,515,435 28,088,435
For additional information, visit the Company's website at www.cubist.com. |
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