Cypros Pharmaceutical reports growth in operations and reduced net loss in third-quarter and nine-month results.CARLSBAD, Calif.--(BUSINESS WIRE)--June 7, 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 third quarter and nine months ended April 30, 1996. The loss for the quarter was $787,419, or 7 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. , compared with a loss of $897,202, or 8 cents per share, for the prior-year quarter. For the nine-month period, the loss was $2,168,359, or 19 cents per share, compared with $2,359,677, or 25 cents per share, for the prior-year period. In commenting on the results, David W. Nassif, vice president and chief financial officer, said, "The financial results for the three-month and nine-month periods show the favorable impact that our product acquisitions are having on the company's revenue, bottom line and cash flow. "Although our operations and infrastructure have grown substantially over the past year, especially in the sales and marketing, customer service and distribution areas, and we have made excellent progress in our development programs, we are pleased that our twin philosophies of cost-containment and building sales from product acquisitions have reduced our net loss." At quarter-end, the company had cash, cash equivalents and short-term investments of more than $9.9 million. Cypros is engaged in the developing 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 markets two intravenous agents (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 Glofil) used to assess kidney function. The company has two lead product candidates, CPC-111 (currently in Phase II trials for acute complications of angioplasty angioplasty (ăn`jēōplăs'tē), any surgical repair of a blood vessel, especially balloon angioplasty or percutaneous transluminal coronary angioplasty, a treatment of coronary artery disease. , cardiac surgery Cardiac surgery is surgery on the heart and/or great vessels performed by a cardiac surgeon. Frequently, it is done to treat complications of ischemic heart disease (for example, coronary artery bypass grafting), correct congenital heart disease, or treat valvular heart disease , decompensating heart failure and sickle cell crisis sickle cell crisis, n an acute, episodic condition that occurs in children with sickle cell anemia. The crisis may be vasoocclusive, resulting from the aggregation of misshapen erythrocytes, or anemic, resulting from bone marrow aplasia. ) and CPC-211 (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 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 Nine Months Ended
April 30, April 30,
1996 1995 1996 1995
Net sales $ 324,859 $ -- $ 903,577 $ -- Cost of sales 98,883 -- 293,952 -- Gross profit 225,976 -- 609,625 -- Operating expenses: Sales and marketing 95,473 -- 209,805 -- General and administrative 581,185 559,436 1,609,726 1,162,765 Clinical testing and regulatory 311,051 416,065 1,043,906 1,153,310 Research and development 284,099 189,527 718,202 545,014 Total operating expenses 1,271,808 1,165,028 3,581,639 2,861,089 Loss from operations (1,045,832) (1,165,028) (2,972,014) (2,861,089) Research grant income 83,074 66,423 249,000 156,806 Interest income, net 175,339 201,403 554,655 344,606 Net loss $ (787,419) $ (897,202) $(2,168,359)$(2,359,677) Net loss per share (7 cents) (8 cents) (19 cents) (25 cents) Shares used in computing net loss per share 11,604,373 11,173,980 11,457,199 9,366,410 CONTACT: Cypros Pharmaceutical Corp., Carlsbad David W. Nassif, 619/929-9500 |
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