Curis Reports Third Quarter 2005 Results.CAMBRIDGE, Mass. -- Curis, 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 :CRIS), a therapeutic drug development company, today reported its financial results for the three and nine-month periods ended September 30, 2005. For the third quarter of 2005, we reported a net loss of $3,631,000 or ($0.08) per share as compared to a net loss of $3,906,000 or ($0.09) per share for the prior year period. Net revenues for the third quarter of 2005 were $1,815,000 as compared to $1,486,000 for the same period of 2004, an increase of $329,000, or 22%. The increase in net revenues was primarily due to an increase in our gross revenues, offset by contra-revenues recorded under our basal cell carcinoma basal cell carcinoma n. A slow-growing, locally invasive, but rarely metastasizing neoplasm of the skin derived from basal cells of the epidermis or hair follicles. Also called basal cell epithelioma. co-development arrangement with Genentech (NYSE NYSE See: New York Stock Exchange : DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. ). In addition, as further described below, we recorded an adjustment of $460,000 to reduce revenues recorded under our Genentech Hedgehog hedgehog, Old World insectivorous mammal of the family Erinaceidae, related to moles and shrews. The spiny hedgehogs are found in Africa and Eurasia, except SE Asia. They have rounded bodies up to 13 in. antagonist antagonist /an·tag·o·nist/ (an-tag´o-nist) 1. a substance that tends to nullify the action of another, as a drug that binds to a cell receptor without eliciting a biological response, blocking binding of substances that could and Wyeth Hedgehog agonist agonist /ag·o·nist/ (ag´ah-nist) 1. one involved in a struggle or competition. 2. agonistic muscle. 3. collaborations, respectively. Revenues are summarized by type and collaborator in the following table:
Three Months Ended
September 30,
2005 2004
----------- -----------
Gross revenues:
Genentech $1,773,000 $611,000
Wyeth 585,000 736,000
Procter & Gamble 10,000 -
Spinal Muscular Atrophy Foundation 205,000 139,000
Other 62,000 -
----------- -----------
Subtotal 2,635,000 1,486,000
Contra-revenue:
Genentech co-development contra-revenue (820,000) -
----------- -----------
Net revenues $1,815,000 $1,486,000
=========== ===========
Gross revenues generated under our ongoing collaborations with Genentech and Wyeth (NYSE: WYE) and our grant from the Spinal Muscular Atrophy Spinal Muscular Atrophy (SMA) is a term applied to a number of different disorders, all having in common a genetic cause and the manifestation of weakness due to loss of the motor neurons of the spinal cord and brainstem. Foundation were $2,563,000 for the third quarter of 2005 as compared to $1,486,000 for the same period in the prior year, an increase of $1,077,000, or 72%. We also recorded $820,000 in contra-revenues for the third quarter of 2005 related to our equal share of development costs for our basal cell carcinoma product candidate under development with Genentech. In the quarter ended September 30, 2005, we recorded an adjustment to correct an error in recording the fair value of shares issued in connection with our collaborations with Genentech and Wyeth. The shares issued in the transactions were valued using contractually-agreed upon trailing averages of closing prices. We have determined that we should have valued the shares using the quoted market price on the dates of issuance. As a result of the error, additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements was understated and deferred revenues were overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o . The effect of these adjustments was to increase additional paid-in capital by $1,629,000, decrease deferred revenue by $1,169,000 and to reverse $460,000 of license fee revenue to correct for the cumulative overstatement o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o of revenues under these collaborations in the periods from June 2003 through June 30, 2005. 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 third quarter of 2005 were $5,672,000 as compared to $5,445,000 for the third quarter of 2004, an increase of $227,000, or 4%. The primary changes in our research and development and general and administrative expenses were as follows: Research and development: Research and development expenses were $3,821,000 for the third quarter of 2005 as compared to $3,289,000 for the same period in the prior year, an increase of $532,000, or 16%. This increase was primarily attributable to an increase in spending related to our Spinal Muscular Atrophy, or SMA (1) See SMA connector. (2) (Shared Memory Architecture) See shared video memory. (3) (Software Maintenance Association) A membership organization that began in 1985 and ended in 1996. , program. A majority of our SMA program costs are funded under a grant from the SMA Foundation. General and administrative: General and administrative expenses were $1,833,000 for the third quarter of 2005 as compared to $2,138,000 for the same period in the prior year, a decrease of $305,000, or 14%. This decrease was primarily due to decreases in legal, consulting and professional service expenses. For the nine-month period ended September 30, 2005, we reported a net loss of $13,419,000 or ($0.28) per share as compared to a net loss of $12,245,000 or ($0.30) per share for the same period in the prior year. Net revenues for the nine-months ended September 30, 2005 were $2,803,000 as compared to $3,462,000 for the same period of 2004, a decrease of $659,000, or 19%. Revenues are summarized by type and collaborator in the following table:
Nine Months Ended
September 30,
2005 2004
----------- -----------
Gross revenues:
Genentech $4,835,000 $1,556,000
Wyeth 2,169,000 1,717,000
Procter & Gamble 10,000 -
Spinal Muscular Atrophy Foundation 1,425,000 139,000
Other 62,000 50,000
----------- -----------
Subtotal 8,501,000 3,462,000
Contra-revenue:
Genentech co-development contra-revenue (5,698,000) -
----------- -----------
Net revenues $2,803,000 $3,462,000
=========== ===========
Gross revenues generated under our ongoing collaborations with Genentech and Wyeth and our grant from the SMA Foundation were $8,429,000 for the nine months ended September 30, 2005 as compared to $3,412,000 for the same period in the prior year, an increase of $5,017,000, or 147%. We recorded $5,698,000 in contra-revenues for the nine months ended September 30, 2005 related to our equal share of development costs for our basal cell carcinoma product candidate under development with Genentech. Operating expenses were $16,845,000 and $15,966,000 for the nine-month periods ended September 30, 2005 and 2004, respectively. The significant changes in our research and development and general and administrative expenses were as follows: Research and development: Research and development expenses were $10,648,000 for the nine months ended September 30, 2005 as compared to $9,449,000 for the same period in the prior year, an increase of $1,199,000, or 13%. This increase was primarily attributable to a $1,907,000 increase in spending related to our SMA program, partially offset by a $676,000 decrease in stock-based compensation expense. General and administrative: General and administrative expenses were $6,141,000 for the nine months ended September 30, 2005 as compared to $6,461,000 for the same period in the prior year, a decrease of $320,000, or 5%. This decrease was primarily due to decreases in legal, consulting and professional service expenses, offset by increases in personnel costs and a $500,000 charge recorded during the second quarter of 2005 related to the estimated loss of subtenant sub·ten·ant n. One that rents property, such as land or a house, from a tenant. sub·ten  an·cy n. income.As of September 30, 2005, cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , were $42,898,000. As of September 30, 2005, there were 48,285,788 shares of common stock outstanding. Contra-Revenue Accounting As required under accounting rules outlined in Emerging Issues Task Force No. 01-9, we recorded contra-revenue for amounts that we paid to Genentech during the three- and nine-month periods ending September 30, 2005 and for amounts that we owed to Genentech as of September 30, 2005 that will be paid subsequent to the end of the quarter for the reimbursement of our equal share of costs incurred by Genentech in connection with the co-development of our basal cell carcinoma product candidate. These contra-revenues offset gross revenues recorded under our collaborations and research grant. Amounts paid by us to Genentech under the co-development arrangement will be recorded first as contra-revenue to the extent of both cumulative revenue recognized to date and probable future revenues, which includes any unamortized deferred revenue balances under both of our collaborations with Genentech, and then as expense. 2005 Guidance We reiterate our 2005 financial guidance provided as part of our second quarter earnings release except that, as a result of a $1,500,000 payment received on a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from a former collaborator in October 2005 and from lower than expected co-development costs under our basal cell carcinoma co-development arrangement with Genentech, we have updated our year-end cash guidance. Assuming that we receive all contractually defined cash payments from Genentech, Wyeth and the SMA Foundation, we now expect to end 2005 with cash, cash equivalents and marketable securities of between $38,000,000 and $41,000,000. We had previously estimated that we would end the year with between $36,000,000 and $39,000,000. Recent Developments --In October 2005, we announced that Genentech had selected a lead clinical candidate, a small molecule antagonist, under our solid tumor program. --In October 2005, Genentech exercised its option to extend funding to support Curis personnel performing research services to continue development of therapeutics to treat solid tumor cancers under its June 2003 agreement as amended, extending the research term by six months through June 11, 2006 (the research term previously ended on December 11, 2005). As a result of the extension, Genentech will provide to the Company an additional $1,250,000 of funding for research services performed from December 12, 2005 through June 11, 2006, payable in June 2006. --In October 2005, we announced the publication of data in Nature Medicine demonstrating that stimulating the Hedgehog signaling pathway The hedgehog signaling pathway is one of the key regulators of animal development conserved from flies to humans. The pathway takes its name from its polypeptide ligand, an intercellular signaling molecule called Hedgehog (Hh) found in fruit flies of the genus Drosophila. was therapeutically efficacious ef·fi·ca·cious adj. Producing or capable of producing a desired effect. See Synonyms at effective. [From Latin effic in preclinical models of both acute and chronic ischemic heart disease Ischemic heart disease Insufficient blood supply to the heart muscle (myocardium). Mentioned in: Myocarditis ischemic heart disease . Myocardial ischemia myocardial ischemia, n a loss of oxygen to the heart muscle caused by blockage of the coronary arteries or their branches. myocardial ischemia , the interruption of blood flow and oxygen to heart muscle, is the leading cause of heart attacks. In the U.S., approximately 1.1 million individuals experience new or recurrent myocardial infarctions myocardial infarction: see under infarction. each year and, of these, about 40% eventually develop congestive heart failure congestive heart failure, inability of the heart to expel sufficient blood to keep pace with the metabolic demands of the body. In the healthy individual the heart can tolerate large increases of workload for a considerable length of time. , a form of chronic heart disease. Third Quarter 2005 Highlights --In September, we entered into an exclusive worldwide research and development agreement with Procter & Gamble Pharmaceuticals, a division of The Procter & Gamble Company, to evaluate and develop potential treatments for hair growth regulation utilizing Curis' Hedgehog agonist technology. Future efforts may be expanded to address other skin disorders. --Also in September, we announced the publication of data reporting on the therapeutic efficacy of one of Curis' proprietary Hedgehog pathway activators in an adult animal model of hair growth. The results of the study show that a topically applied small molecule agonist of the Hedgehog signaling pathway can stimulate the transition of hair follicles Hair follicles Tiny organs in the skin, each one of which grows a single hair. Mentioned in: Alopecia from the resting to the growth stage of the hair cycle. These results were published in the Journal of Investigational Dermatology dermatology (dûrmətŏl`əjē), branch of medicine concerned with diagnosis and treatment of diseases and disorders of the skin. and expanded on those that were presented at the February 2005 Annual Meeting of the American Academy of Dermatology The American Academy of Dermatology (AAD) is the largest organization of dermatologists in the world. The Academy grants Fellowships and Associate Memberships, as well as Fellowships for Nonresidents (of the United States of America or Canada). . --During the third quarter of 2005, we were issued four U.S. patents including the following: --On July 26, 2005, we were issued U.S. patent 6,921,646, entitled "Patched Genes and Uses Related Thereto." The claims of this patent recite a method of screening for compounds that bind to a patched protein. In February 1996, Curis (Ontogeny ontogeny: see biogenetic law. Ontogeny The developmental history of an organism from its origin to maturity. It starts with fertilization and ends with the attainment of an adult state, usually expressed in terms of both maximal body Incorporated) exclusively licensed this IP from Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. . --On August 30, 2005, we were issued U.S. patent 6,936,582, entitled "Synergistic Effects Synergistic effect A violation of value-additivity in that the value of a combination is greater than the sum of the individual values. of OP/BMP Morphogens and GDNF/NGF Neurotrophic Factors Neurotrophic factors are a family of proteins that are responsible for the growth and survival of developing neurons and the maintenance of mature neurons. Recent research has proven that neurotrophic factors promote the initial growth and development of neurons in the CNS and PNS ." The claims of this patent recite a method for promoting growth of mammalian peripheral neural cells 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. , wherein said cells express an OP/BMP-activated serine/threonine kinase receptor and a GDNF- or NGF-activated tyrosine tyrosine (tī`rəsēn), organic compound, one of the 20 amino acids commonly found in animal proteins. Only the l-stereoisomer appears in mammalian protein. receptor. In November 2002, Curis exclusively licensed this patent and other related patents and patent applications associated with BMP (1) (BitMaP) Also known as a "bump" file, it is the native, bitmapped graphics format in Windows. A BMP can be saved in several color options: 1-, 4-, 8- and 24-bit color provide 2, 16, 256 and 16,000,000 colors respectively. BMP files use the .BMP or . to Ortho Biotech, a subsidiary of Johnson & Johnson. --On September 20, 2005, we were issued U.S. patent 6,946,257, entitled "Patched Genes and Uses Related Thereto." The claims of this patent recite methods for identifying agents that decrease hedgehog signal transduction Signal transduction The transmission of molecular signals from a cell's exterior to its interior. Molecular signals are transmitted between cells by the secretion of hormones and other chemical factors, which are then picked up by different cells. for ameliorating a·mel·io·rate tr. & intr.v. a·me·lio·rat·ed, a·me·lio·rat·ing, a·me·lio·rates To make or become better; improve. See Synonyms at improve. [Alteration of meliorate. an effect of loss of function of a patched gene in a mammalian cell. In February 1996, Curis (Ontogeny Incorporated) exclusively licensed this IP from Stanford University. --On September 27, 2005, we were issued U.S. patent 6,949,505, entitled "Morphogen-Induced Dendritic dendritic /den·drit·ic/ (den-drit´ik) 1. branched like a tree. 2. pertaining to or possessing dendrites. den·drit·ic adj. Relating to the dendrites of nerve cells. Growth." The claims of this patent recite a method for the use of a particular OP/BMP morphogen morphogen /mor·pho·gen/ (mor´fah-jen) a substance in embryonic tissue that forms a concentration gradient and influences morphogenesis. to promote dendrite dendrite: see nervous system; synapse. outgrowth by a neuron neuron, specialized cell in animals that, as a unit of the nervous system, carries information by receiving and transmitting electrical impulses. neuron or nerve cell Any of the cells of the nervous system. . In November 2002, Curis exclusively licensed this patent and other related patents and patent applications to Ortho Biotech, a subsidiary of Johnson & Johnson. Daniel Passeri, Curis' President and Chief Executive Officer, stated, "This past quarter we continued to implement our business strategy of collaborating with major pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. and structuring those relationships to include the potential for co-development, so that Curis can grow as a company and benefit from the clinical trial expertise of our collaborators. As part of our agreement with Procter & Gamble for hair growth, we have the option to co-develop the product from IND filing through Phase II clinical trials Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II ." Mr. Passeri continued, "We were very pleased that Genentech has selected a lead candidate, a small molecule antagonist of the Hedgehog pathway, in our solid tumor cancer program. In addition, we believe that Genentech's election to extend funding of our scientists serves as further validation of the contribution that our scientists are providing to this program." We will hold a conference call today, November 14, 2005, at 10:00 A.M. EST EST electroshock therapy. EST abbr. electroshock therapy , to discuss our financial results, the progress of our therapeutic product development programs, and additional corporate activities. Daniel Passeri will host the call. To access the live conference call, please call (866) 800-8649 from 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. or Canada or (617) 614-2703 from other locations, shortly before 10:00 A.M. The conference ID number is 69069207. Replay will be available approximately two hours after the completion of the call and through 5:00 P.M. EST, Monday, November 28, 2005. To access the replay, please call (888) 286-8010 from the United States or Canada or (617) 801-6888 from other locations and reference the conference ID number 92603021.
CURIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
------------ ------------ ------------- -------------
Revenues:
Research and
development
contracts $2,626,072 $1,100,881 $7,358,750 $2,289,033
License fees 8,561 385,345 892,295 1,123,067
Substantive
milestones - - 250,000 50,000
------------ ------------ ------------- -------------
Gross revenues 2,634,633 1,486,226 8,501,045 3,462,100
Contra-
revenues
from co-
development
with
Genentech (819,491) - (5,697,993) -
------------ ------------ ------------- -------------
Net revenues 1,815,142 1,486,226 2,803,052 3,462,100
------------ ------------ ------------- -------------
Operating
expenses:
Research and
development 3,820,650 3,288,472 10,647,659 9,448,534
General and
administrative 1,832,802 2,138,070 6,141,013 6,460,769
Amortization
of
intangible
assets 18,768 18,768 56,304 56,304
------------ ------------ ------------- -------------
Total operating
expenses 5,672,220 5,445,310 16,844,976 15,965,607
------------ ------------ ------------- -------------
Net loss from
operations (3,857,078) (3,959,084) (14,041,924) (12,503,507)
------------ ------------ ------------- -------------
Other income,
net 226,365 53,384 623,308 258,622
------------ ------------ ------------- -------------
Net loss $(3,630,713) $(3,905,700) $(13,418,616) $(12,244,885)
============ ============ ============= =============
Basic and
diluted net
loss per common
share $(0.08) $(0.09) $(0.28) $(0.30)
============ ============ ============= =============
Basic and
diluted
weighted
average common
shares
outstanding 48,178,626 41,620,123 47,998,663 41,398,656
============ ============ ============= =============
CURIS, INC.
CONSOLIDATED BALANCE SHEETS
September December 31,
30, 2004
2005
(unaudited)
------------ ------------
ASSETS
Cash, cash equivalents, marketable
securities and long-term investments $42,898,327 $52,120,643
Long-term investments - restricted 195,998 193,166
Accounts receivable 2,026,140 1,226,460
Property and equipment, net 5,015,497 3,416,620
Intangible assets, net 9,027,818 9,084,122
Other assets 1,544,486 1,593,802
------------ ------------
Total assets $60,708,266 $67,634,813
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $3,592,658 $2,721,906
Debt obligations 2,822,180 1,141,294
Convertible debt 2,556,962 5,710,007
Deferred revenue 9,443,137 8,881,253
Other long-term liabilities 763,800 271,058
------------ ------------
Total liabilities 19,178,737 18,725,518
Total stockholders' equity 41,529,529 48,909,295
------------ ------------
Total liabilities and stockholders' equity $60,708,266 $67,634,813
============ ============
About Curis, Inc. Curis, Inc. is a therapeutic drug development company. The Company's technology focus is on regulatory pathways that control repair and regeneration. Curis' product development involves the use of proteins or small molecules to modulate To insert a data signal into a carrier wave or direct current. See modulation. these pathways. Curis has successfully used this technology and product development approach to produce several promising drug product candidates in the fields of cancer (under two collaborations with Genentech, one of which includes a co-development arrangement for a basal cell carcinoma product candidate that is currently in Phase I clinical trials Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I ), 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). (under collaboration with Wyeth), hair growth (under collaboration with Procter & Gamble), kidney disease Kidney Disease Definition Kidney disease is a general term for any damage that reduces the functioning of the kidney. Kidney disease is also called renal disease. and other disorders (licensed to Ortho Biotech Products and under development at Centocor, both subsidiaries of Johnson & Johnson), and cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease . Curis also possesses robust small molecule drug screening technologies and preclinical scientific expertise that Curis believes it can use to create a sustainable drug candidate pipeline including, for example, its efforts in Spinal Muscular Atrophy (under sponsored research agreement with the Spinal Muscular Atrophy Foundation). For more information, please visit the Curis web site at www.curis.com. Cautionary Statement: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements concerning Curis' financial results and expected year-end cash position, the potential effectiveness of its technologies under development and the Company's belief that it can grow as a company through its co-development arrangements and the clinical expertise of it collaborators. Forward-looking statements used in this press release may contain the words "believes", "expects", "anticipates", "plans", "seeks", "estimates" or similar expressions. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that may cause Curis' actual results to be materially different from those indicated by such forward-looking statements. Actual results can be affected by a number of important factors including, among other things: adverse results in Curis' and its strategic collaborators' and licensees' product development programs; delays in enrolling patients for its basal cell carcinoma clinical trial, difficulties or delays in obtaining or maintaining required regulatory approvals for products being developed by Curis and its collaborators and licensees; Curis' ability to obtain or maintain the patent and other proprietary intellectual property protection necessary for the development and commercialization of products based on its technologies; changes in or Curis' inability to execute its business plan; the risk that Curis does not obtain the additional funding required to conduct research and development of its product candidates, fund its co-development obligations under its collaboration with Genentech and execute its business plan; unplanned cash requirements and expenditures; risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Curis' ability to enter into and maintain important strategic collaborations, including its ability to maintain its current collaboration agreements with Genentech, Wyeth and Ortho Biotech Products; the risk that competitors will discover and develop signaling pathway-based or other competing therapeutics faster and more successfully than Curis and its collaborators are able to; and other risk factors identified in Curis' most recent Annual Report on 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. , Quarterly Report on Form 10-Q Form 10-Q See 10-Q. and subsequent reports periodically filed with the Securities and Exchange Commission. In addition, any forward-looking statements represent the Company's views only as of today and should not be relied upon as representing its views as of any subsequent date. Curis disclaims any intention or obligation to update any of the forward-looking statements after the date of this press release whether as a result of new information, future events or otherwise. |
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