Cypros Pharmaceutical Reports First Quarter Results.CARLSBAD, Calif.--(BW HealthWire)--Dec. 10, 1998--Cypros Pharmaceutical Corp. (AMEX AMEX See: American Stock Exchange :CYP CYP In currencies, this is the abbreviation for the Cyprus Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Thursday reported results for its first quarter ended Oct. 31, 1998. The company reported a net loss of $1,539,507 or $0.10 per share for the quarter, compared with a net loss of $1,392,329 or $0.10 per share for the prior-year period, largely due to an increase in clinical testing and regulatory expenses to $679,374 compared with $456,902 for the prior year period. Sales and gross profits for the first quarter were $640,354 and $479,876 compared with $771,417 and $603,473, respectively, for the prior year period. At quarter-end, the company had cash, cash equivalents and short-term investments of almost $12.2 million and working capital of almost $12.3 million. Cypros Pharmaceutical is engaged in the development and marketing of drug products for the hospital market. The company is pursuing a diversified strategy of marketing approved drugs In the United States, the FDA approves drugs. Before a drug can be prescribed, it must undergo an extensive FDA approval process. This process involves first testing the drug on animals or in medical labs. and developing small molecule therapeutics that protect cells from ischemic Ischemic An inadequate supply of blood to a part of the body, caused by partial or total blockage of an artery. Mentioned in: Antiangiogenic Therapy, Subarachnoid Hemorrhage, Ventricular Fibrillation ischemic injury. The company currently has three products on the market, Glofil, Inulin inulin /in·u·lin/ (in´ul-in) a starch occurring in the rhizome of certain plants, yielding fructose on hydrolysis, and used in tests of renal function. in·u·lin n. and Ethamolin(R) and expects to launch two new burn and wound care products in the next year, Neoflo(TM) and Sildaflo(TM). The company is developing Cordox(TM) and Ceresine(TM) in various cardiovascular and cerebrovascular cer·e·bro·vas·cu·lar adj. Relating to the blood supply to the brain, particularly with reference to pathological changes. cerebrovascular pertaining to the blood vessels of the cerebrum or brain. indications and is in a Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trial of Cordox in sickle cell anemia sickle cell anemia n. A chronic, usually fatal inherited form of anemia marked by crescent-shaped red blood cells, occurring almost exclusively in Blacks, and characterized by fever, leg ulcers, jaundice, and episodic pain in the joints. crisis patients. This news release contains forward looking statements which involve risks and uncertainties. Such statements are subject to certain factors which may cause the company's plans to differ. Factors that may cause such differences include, but are not limited to, the risks discussed in the company's 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. for the fiscal year ended July 31, 1998 and the Risk Factors section of the company's Registration Statement No. 333-25661.
Cypros Pharmaceutical Corp.
Statements of Operations
Three Months Ended Oct. 31,
1998 1997
Net sales $ 640,354 $ 771,417
Cost of sales 160,478 167,944
Gross profit 479,876 603,473
Operating expenses:
Sales and marketing 405,628 356,696
General and administrative 692,811 701,740
Clinical testing and regulatory 679,374 456,902
Pre-clinical research and development 150,136 252,973
Depreciation and amortization 311,297 300,431
Total operating expenses 2,239,246 2,068,742
Loss from operations (1,759,370) (1,465,269)
Research grant income 10,871 25,037
Interest and other income, net 188,290 180,703
Sublease income, net 20,702 53,889
Amortization of discount and costs on
mandatorily convertible notes -- (186,689)
Net loss $ (1,539,507) $ (1,392,329)
Net loss per share, basic and
diluted $ (0.10) $ (0.10)
Shares used in computing net loss per share,
basic and diluted 15,711,877 14,024,710
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