Cubist Pharmaceuticals Reports Second-Quarter 2003 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)--Aug. 6, 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 second quarter ended June June: see month. 30, 2003. Cubist had no revenue for the second quarter ended June 30, 2003 as compared to $2.3 million for the same period in 2002. The revenue in the second quarter of 2002 included $1.4 million from Gilead Sciences Gilead Sciences NASDAQ: GILD is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. , $0.6 million from Novartis and $0.3 million in funding from Small Business Innovation Research grants. 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 June 30, 2003 were $21.6 million, which was the same spending level as the second quarter of 2002. Net loss for the quarter ended June 30, 2003 was $24.3 million or $0.82 per share as compared to a net loss of $21.2 million or $0.74 per share for the second quarter of 2002. The Company's cash and investment balance was $103.0 million on June 30, 2003. The total number of common shares outstanding as of June 30, 2003 was 29,699,326. Michael W. Bonney, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cubist commented on the quarter: "As expected, the second quarter of 2003 proved to be quite eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. for Cubist, particularly in the month of June. During the month, we completed our CEO succession plan, commenced U.S. human clinical trials for CAB-175, our investigational 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 antibiotic, any of a variety of substances, usually obtained from microorganisms, that inhibit the growth of or destroy certain other microorganisms. Types of Antibiotics , and received notification from the U.S. Food & Drug Administration (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. ) of an extension of the targeted action date on our New Drug Application for our investigational antibiotic Cidecin(R) (daptomycin for injection) to September 20, 2003." "All of the reformatted data sets requested by FDA have been submitted. In anticipation of final approval to market CIDECIN in the U.S.," Mr. Bonney continued, "we have begun hiring our sales force, with the first of three groups having started employment at the Company this past Monday. At this time, we expect to have all territories filled by early September for a CIDECIN launch in early November. We invite you to join us on our quarterly conference call and webcast at 10:30 am Eastern Time today to hear a comprehensive update on Cubist."
CONFERENCE CALL & WEBCAST INFORMATION
WHEN: Wednesday August 6, 2003 at 10:30 am ET
LIVE DOMESTIC & CANADA CALL-IN: (800) 404-1354
LIVE INTERNATIONAL CALL-IN: (706) 643-0825
24-HOUR REPLAY DOMESTIC & CANADA: (800) 642-1687 (#1916757)
24-HOUR REPLAY INTERNATIONAL: (706) 645-9291 (#1916757)
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;
a transcript of the call will be filed with the SEC and will also be
available upon request
Cubist Pharmaceuticals, Inc. is a biopharmaceutical company focused on the research, development and commercialization of antiinfective antiinfective /an·ti·in·fec·tive/ (-in-fek´tiv) counteracting infection, or an agent that does this. drugs. Cubist has submitted a New Drug Application (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 ) to the U.S. Food & Drug Administration (FDA) for Cidecin(R) (daptomycin for injection) for the treatment of complicated skin and skin structure infections. The NDA for CIDECIN is currently being reviewed by the FDA under priority review status. Cubist's pipeline includes CAB-175, a next-generation parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. cephalosporin antibiotic in Phase 1 trials, and 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 antibiotic in pre-clinical development Pre-clinical development is a stage in the development of a new drug that begins before clinical trials (testing in humans) can begin, and during which important safety and pharmacology data is collected. . Cubist is headquartered in Lexington, MA. Cubist Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 is a registered trademark of Cubist Pharmaceuticals, Inc.
CUBIST PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
UNAUDITED
June 30, December 31,
2003 2002
ASSETS
Cash, cash equivalents and investments $102,991,162 $151,219,900
Property and equipment, net 47,724,927 48,267,760
Other assets 18,661,713 22,034,842
Total assets $169,377,802 $221,522,502
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $2,278,344 $9,599,490
Accrued expenses 9,808,301 6,289,058
Deferred revenue 2,500,083 2,500,083
Debt and capital lease obligations 208,868,729 210,033,493
Total liabilities 223,455,457 228,422,124
Total stockholders' equity (54,077,655) (6,899,622)
Total liabilities and stockholders'
equity $169,377,802 $221,522,502
CUBIST PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
Three months ended Six months ended
June 30, June 30,
2003 2002 2003 2002
Total revenues $0 $2,327,125 $357,153 $4,646,853
Operating expenses:
Research and
development 13,354,446 15,536,419 29,243,258 29,031,833
Sales and
marketing 3,754,666 1,791,016 6,083,875 3,290,000
General and
administrative 4,449,209 4,249,505 8,647,345 9,602,841
Total
operating
expenses 21,558,321 21,576,940 43,974,478 41,924,674
Operating (loss) (21,558,321) (19,249,815) (43,617,325) (37,277,821)
Interest income 644,867 1,523,131 1,311,790 3,000,432
Interest expense (3,414,248) (3,534,347) (6,825,958) (6,789,437)
Other income
(expense) 57,591 84,996 (130,322) 402,923
Total other
income
(expense),
net (2,711,790) (1,926,220) (5,644,490) (3,386,082)
Net Loss (24,270,111) (21,176,035) (49,261,815) (40,663,903)
Basic and diluted
net loss per
common share ($0.82) ($0.74) ($1.67) ($1.43)
Weighted average
number of common
shares for basic
and diluted net
loss per common
share 29,613,418 28,519,475 29,427,777 28,463,255
Additional information can be found at the Company's web site at www.cubist.com |
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