Cytel Corp. announces 1994 financial results.SAN DIEGO--(BUSINESS WIRE)--Feb. 7, 1995--Cytel 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 :CYTL) Tuesday announced financial results for the fourth quarter of 1994. For the three-month periods ended Dec. 31, 1994 and 1993, the company reported revenues of $2.8 million and $0.8 million, respectively. Net loss for the fourth quarter of 1994 was $3.6 million, or 18 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 $5.6 million, or 34 cents per share, for the same period in 1993. The company also reported revenues for the year ended Dec. 31, 1994, of $6.3 million and a net loss of $17 million, or 98 cents per share. These results compare with revenues of $3.5 million and a net loss of $22.4 million, or $1.41 per share, for the same period in 1993. "We consistently achieved our development milestones during 1994, while significantly reducing our costs," said Karin Eastham, vice president and chief financial officer. Cytel is currently engaged in Phase II clinical trials with its nead drug candidates, Theradigm-HBV, targeting hepatitis B Hepatitis B Definition Hepatitis B is a potentially serious form of liver inflammation due to infection by the hepatitis B virus (HBV). It occurs in both rapidly developing (acute) and long-lasting (chronic) forms, and is one of the most common chronic infection, and Cylexin, designed to prevent reperfusion injury reperfusion injury damage to renal blood vessels during periods of hypotension does not become apparent until reperfusion occurs in the recovery stage of the vascular incident. upon restoration of blood flow following treatment for heart attack and pulmonary thromboendarterectomy In thoracic surgery, a pulmonary thromboendarterectomy, PTE, is an operation that removes organized clotted blood (thrombus) from the pulmonary arteries. Indication (PTE PTE The ISO 4217 currency code for the Portugese Escudo. ), a type of lung surgery Lung Surgery Definition Lung surgery includes a variety of procedures used to diagnose or treat diseases of the lungs. Biopsies are performed to extract a small amount of tissue for diagnosis, resections remove a portion of lung tissue, and other . Two additional product candidates commenced human testing during 1994. CY-2010 has begun a Phase I/II study in patients for the treatment of melanoma, while Theradigm-HBV targeting cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. associated with human papilloma virus human papilloma virus n. Abbr. HPV A DNA virus of the genus Papillomavirus, certain types of which cause cutaneous and genital warts in humans, including condyloma acuminatum. , is being tested in the Netherlands. As of Dec. 31, 1994, Cytel had cash, cash equivalents and short-term investments of $37.7 million and 21,451,827 shares of common stock outstanding. Cytel, founded in 1987, is a leader in the discovery, design and development of immunotherapuetics, a new class of drugs that the company believes will be more selective and have fewer side effects Side effects Effects of a proposed project on other parts of the firm. than drugs currently on the market. Utilizing Cytel's advanced understanding of the immune system's operation both in disease and in health, the company is developing drug candidates under two distinct approaches the cell adhesion Cellular adhesion is the binding of a cell to another cell or to a surface or matrix. Cellular adhesion is regulated by specific adhesion molecules that interact with molecules on the opposing cell or surface. program is directed to the suppression of an inappropriate immune response immune response n. An integrated bodily response to an antigen, especially one mediated by lymphocytes and involving recognition of antigens by specific antibodies or previously sensitized lymphocytes. to treat inflammatory diseases, and the immune stimulation program is directed to the development of therapeutic vaccines to treat infectious diseases and cancers. -0-
Cytel Corp.
Condensed consolidated statements of operations
(in thousands, except for net loss per share data)
Three months ended 12 months ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
Revenues:
Research and
development
revenues $2,500 $750 $5,500 $3,000
Research grants 281 38 793 522
Total revenues 2,781 788 6,293 3,522
Operating
expenses:
Research and
development 5,549 5,640 19,951 23,357
General and
administrative 1,190 1,139 4,238 4,390
Total expenses 6,739 6,779 24,189 27,747
Interest income, net 353 376 892 1,843 Net loss $(3,605) $(5,615) $(17,004) $(22,382) Net loss per share (18 cents) (34 cents) (98 cents) $(1.41) Shares used in computing net loss per share 19,907,753 16,301,000 17,362,315 15,887,693
Condensed consolidated balance sheets
(in thousands)
Dec. 31, 1994 Dec. 31, 1993
Assets
Current assets:
Cash, cash equivalents and
short-term investments $37,696 $37,083
Other current assets 822 1,143
Total current assets 38,518 38,226
Property and equipment, net 3,500 4,256 Other assets 2,933 2,146 Total assets 44,951 44,628 Liabilities and stockholders' equity Current liabilities $6,278 $5,511 Other liabilities 3,197 3,954 Stockholders' equity 35,476 35,163 Total liabilities and stockholders' equity $44,951 $44,628 CONTACT: Cytel Corp., San Diego Karin Eastham/Jay Kranzler, 619/552-3000 |
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