Cypros Pharmaceutical Reports Third Quarter and Nine Month Results.CARLSBAD, Calif.--(BW HealthWire)--June 7, 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 its third quarter and nine months ended April 30, 1999. The company reported a net loss of $1,747,961 (or $.11 per share) and $4,840,017 (or $.31 per share) for the quarter and nine-month periods ended April 30, 1999, respectively, compared with a net loss of $1,467,603 (or $.09 per share) and $4,028,496 (or $.27 per share) for the prior-year periods. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter and nine-month periods were $606,252 and $1,853,307, respectively, compared with the $824,399 and $2,511,860 recorded in the respective prior-year periods. The company used $1,087,550 in cash on operations during the quarter ended April 30, 1999. At April 30, 1999, the company had cash, cash equivalents and short-term investments of $9.2 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 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. , 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. -0-
Cypros Pharmaceutical Corp.
Statements of Operations
(Unaudited)
Three Months Nine Months
Ended April 30, Ended April 30,
1999 1998 1999 1998
(unaudited) (unaudited)
Net sales $ 606,252 $ 824,399 $1,853,307 $2,511,860
Cost of sales 170,753 202,751 525,507 578,469
Gross profit 435,499 621,648 1,327,800 1,933,391
Operating
expenses:
Sales and
marketing 364,512 331,022 1,176,980 1,008,779
General and
administrative 858,751 736,978 2,287,596 2,229,854
Clinical
testing and
regulatory 644,747 761,449 1,880,688 1,770,827
Pre-clinical
research and
development 143,451 216,977 442,034 667,609
Depreciation
and
amortization 321,763 293,568 933,004 904,706
Total
operating
expenses 2,333,224 2,339,994 6,720,302 6,581,775
Loss from
operations (1,897,725) (1,718,346) (5,392,502) (4,648,384)
Research grant
income -- 46,193 10,871 118,701
Interest and
other
income, net 129,155 234,867 479,600 757,194
Sublease
income, net 20,609 -- 62,014 --
Amortization
of discount
and costs on
mandatorily
convertible
notes -- (30,317) -- (256,007)
Net loss $ (1,747,961) $ (1,467,603) $ (4,840,017) $ (4,028,496)
Net loss per
share, basic
and diluted $ (0.11) $ (0.09) $ (0.31) $ (0.27)
Shares used
in computing
net loss per
share, basic
and diluted 15,711,877 15,644,114 15,711,877 15,020,087
See accompanying notes.
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