Cypros Pharmaceutical Reports Fiscal 1999 Results.CARLSBAD, Calif.--(BUSINESS WIRE)--Sept. 20, 1999-- 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. ) announced results for the year ended July 31, 1999. The company reported a net loss of $6,783,922 or $.43 per share compared to a loss of $5,572,869 or $.37 per share for the prior year. The company also reported sales of $2,518,181 compared to $3,445,955 in sales reported in the prior year. The gross profit on sales for the year ended July 31, 1999 was $1,747,082 versus the $2,675,518 reported in the prior year, and the gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. as a percentage of sales was 69% compared to the 78% reported in the previous year. Cypros Pharmaceutical Corp. is engaged in the development and marketing of drug products for the hospital market. The company employs a diversified diversified (di·verˑ·s 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 therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. 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 four products on the market, is preparing to launch two proprietary, extended-release extended-release /ex·tend·ed-re·lease/ (ek-stend´ed-re-les´) allowing a twofold or greater reduction in frequency of administration of a drug in comparison with the frequency required by a conventional dosage form. wound/burn care products; and is developing its two lead drugs, Cordox(TM) and Ceresine(TM), for a variety of ischemic disorders. 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. 33-25661.
Cypros Pharmaceutical Corporation
Statements of Operations
Years ended July 31,
1999 1998
---- ----
Net sales $ 2,518,181 $ 3,445,955
Cost of sales 771,099 770,437
Gross profit 1,747,082 2,675,518
Operating expenses:
Sales and marketing 1,702,754 1,309,963
General and administrative 3,326,891 3,246,619
Clinical testing and regulatory 2,438,285 2,521,386
Research and development
547,836 822,225
Depreciation and amortization 1,238,872 1,239,217
Total operating expenses 9,254,638 9,139,410
Loss from operations (7,507,556) (6,463,892)
Research grant income
51,178 169,834
Interest and other income, net
589,739 809,254
Rental income, net
82,717 171,062
Amortization of discount and costs on
mandatorily convertible notes --
(259,127)
Net loss $ (6,783,922) $ (5,572,869)
Net loss per share:
Basic and diluted $ (0.43) $ (0.37)
Weighted average shares outstanding:
Basic and diluted 15,711,877 15,186,984
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