Cypros Pharmaceutical reports first-quarter results.CARLSBAD, Calif.--(BUSINESS WIRE)--Dec. 6, 1996--Cypros Pharmaceutical Corp. (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 :CYPR) reported results for its first quarter ended Oct. 31, 1996. Sales for the quarter were $367,131, a 63 percent increase over the $224,728 in sales reported for the prior-year period. The company reported a net loss of $932,484, or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the quarter, compared with a net loss of $640,480, or 6 cents per share, for the prior-year period. Commenting on the results, David W. Nassif, the company's chief financial officer, said: ``We are pleased with the continued increase in sales of Glofil and expect this trend to continue, and be augmented by the acquisition of Ethamolin, which occurred after the quarter end, and the recent tripling in size of our national sales force. ``The company incurred increased expenses to build the infrastructure to support distribution and operations, which will be leveraged with increased sales and additional products. It is also important to note that the company still spent less than $800,000 in cash on operations for the quarter and continues to have a strong balance sheet and working capital position.'' At quarter end, the company had cash, cash equivalents and short-term investments of more than $14.9 million and working capital of more than $14.6 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 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. The company's CPC-111 drug is currently in 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 for angioplasty, 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. , coronary artery bypass grafting coronary artery bypass graft n. Abbr. CABG A surgical procedure in which a section of vein or other conduit is grafted between the aorta and a coronary artery below the region of an obstruction in that artery. surgery and 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, and CPC-211 is in Phase II clinical trials for ischemic stroke Noun 1. ischemic stroke - the most common kind of stroke; caused by an interruption in the flow of blood to the brain (as from a clot blocking a blood vessel) ischaemic stroke and closed head injury. -0-
Cypros Pharmaceutical Corp.
Statements of Operations
(unaudited)
Three months ended Oct. 31,
1996 1995
Net sales $ 367,131 $ 224,728
Cost of sales 105,122 53,725
Gross profit 262,009 171,003
Operating expenses:
Sales and marketing 162,456 37,622
General and administrative 756,962 503,844
Clinical testing and regulatory 376,325 330,434
Research and development 230,646 202,658
Total operating expenses 1,526,389 1,074,558
Loss from operations (1,264,380) (903,555)
Research grant income 47,400 74,492
Interest income, net 284,496 188,583
Net loss $(932,484) $(640,480)
Net loss per share (8 cents) (6 cents)
Shares used in computing net
loss per share 11,613,748 11,364,881
CONTACT: Cypros Pharmaceutical Corp., Carlsbad David W. Nassif, 619/929-9500 |
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