Cypros Pharmaceutical reports second-quarter and six-month results.CARLSBAD, Calif.--(BUSINESS WIRE)--March 10, 1995--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), a development-stage biopharmaceutical company, reported results for its second quarter and six months ended Jan. 31, 1995. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Paul J. Marangos, president of Cypros, the loss for the quarter was $826,924, or 23 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 $556,027, or 19 cents per share, for the prior-year quarter. For the six-month period, the loss was $1,462,475, or 43 cents per share, compared with $1,186,321, or 43 cents per share, for the prior-year period. In commenting on the results, he added: "Our various clinical trial expenses are now impacting our financial statements. During the quarter, we completed our Phase I trial of CPC-211, a milestone which triggered the issuance of a stock option to the licensor of CPC-211 at a discount to the market which resulted in one-time noncash expense of $177,000. "As well, we began the multicenter multicenter adjective Referring to that which occurs in many hospitals, as in a randomized multicenter study Phase II trial of CPC-111 in patients with decompensating heart failure and the single-center trial in cardiac bypass patients in the United Kingdom." At quarter end, the company had cash, cash equivalents and short- term investments of more than $11 million. David W. Nassif, chief financial officer of Cypros, commented: "The special exercise program for the Class A warrants, which we started during the quarter, was very successful in raising capital for the company. Additionally, the company raised an additional $3 million from the program and related option exercises from quarter end to Feb. 8, bringing cash, cash equivalents and short-term investments to almost $14 million. "The special program resulted in the issuance of more than 800,000 shares of common stock during the quarter, which favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted the loss-per-share comparison for the quarter and the six- month period. "The results for the quarter and the six-month period also reflect increased income of $154,503 and $233,586, respectively, from our Phase II SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) grant and interest on our investments, compared to $40,433 and $81,347, respectively, for the prior-year periods." Cypros is a Carlsbad-based company developing small molecule drugs that facilitate a process called anaerobic anaerobic /an·aer·o·bic/ (an?ah-ro´bik) 1. lacking molecular oxygen. 2. growing, living, or occurring in the absence of molecular oxygen; pertaining to an anaerobe. glycolysis glycolysis (glīkŏl`ĭsĭs), term given to the metabolic pathway utilized by most microorganisms (yeast and bacteria) and by all "higher" animals (including humans) for the degradation of glucose. , which is the body's ability to generate metabolic met·a·bol·ic adj. Of, relating to, or resulting from metabolism. Metabolic Refers to the chemical processes of an organ or organism. energy under 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 (low blood flow) conditions. The company has two lead product candidates, CPC-111 (currently in Phase II trials for adult respiratory distress syndrome Adult Respiratory Distress Syndrome Definition Adult respiratory distress syndrome (ARDS), also called acute respiratory distress syndrome, is a type of lung (pulmonary) failure that may result from any disease that causes large amounts of fluid to , 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 and decompensating heart failure) and CPC-211, which successfully completed a Phase I trial in January 1995. -0-
CYPROS PHARMACEUTICAL CORP.
(a development stage company)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
Jan. 31, Jan. 31,
1995 1994 1995 1994
Expenses
Research and
development $ 194,667 $ 124,854 $ 355,487 $ 305,738
Clinical testing and
regulatory 475,565 192,959 737,245 508,205
General and
administrative 311,195 278,647 603,329 453,725
981,427 596,460 1,696,061 1,267,668
Research grant income 64,556 -- 90,383 -- Interest and other income, net 89,947 40,433 143,203 81,347 Net loss $(826,924) $(556,027) $(1,462,475) $(1,186,321) Net loss per share (23 cents) (19 cents) (43 cents) (43 cents) Shares used in computing net loss per share 3,579,123 2,941,769 3,396,839 2,731,369
Nov. 2, 1990
(inception)
through
Jan. 31, 1995
Expenses
Research and development $ 1,691,983
Clinical testing and regulatory 2,225,901
General and administrative 2,419,054
6,336,938
Research grant income 190,383 Interest and other income, net 404,657 Net loss $(5,741,898) CONTACT: Cypros Pharmaceutical Corp., Carlsbad David W. Nassif, 619/929-9500 |
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