Cytel Corp. announces break-even quarter and licensing of antibody to the Upjohn Co.SAN DIEGO--(BUSINESS WIRE)--April 25, 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 its financial results for the first quarter of 1995 was $4.8 million, or 29 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 three-month periods ended March 31, 1995 and 1994, the company reported revenues of $4.2 million and $0.9 million, respectively. The higher revenues result primarily from completion of a licensing agreement with the Upjohn Co. (Upjohn) during the first quarter. Under the terms of the licensing agreement, Cytel granted Upjohn an exclusive license to make, use and sell the company's P-selectin monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing , CY 1748, in all countries except the Far East, where Sumitomo Pharmaceuticals Co. Ltd. has marketing rights. If the antibody can be successfully developed and approved, Cytel is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive milestone payments and royalties on sales. Cytel's lower first quarter 1995 expenses also contributed to the break-even quarter. Expenses were lower than 1994 due to a successful company-wide effort to decrease personnel costs and external expenses associated with the company's research and development programs . The company is currently engaged 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 with Theradigm-HBV and Cylexin. As of March 31, 1995, Cytel had cash, cash equivalents and short-term investments of $31.9 million and 21,553,959 shares of common stock outstanding. Cytel, founded in 1987, is a leader in the discovery, design and development of immunotherapeutics, a new class of drugs, which 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 Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; , and the immune stimulation program is directed to the development of therapeutic vaccines therapeutic vaccine Immunology A vaccine–eg, Salk's Remune™ intended to treat a viral infection by stimulating the immune system. See Vaccine therapy. to treat infectious diseases infectious diseases: see communicable diseases. and cancers. -0-
Cytel Corp.
Condensed Consolidated Statements of Operations
(In thousands, except for per-share data)
Three months ended March 31,
1995 1994
(Unaudited)
Revenues: Research and development revenues $ 4,000 $ 750 Research grants 209 125 Total revenues 4,209 875 Operating expenses: Research and development 3,806 4,829 General and administrative 820 1,017 Total expenses 4,626 5,846 Interest income, net 420 213 Net income (loss) $ 3 $(4,758) Net income (loss) per share 0 (29 cents) Shares used in computing net income (loss) per share 22,290,045 16,420,654 -0-
Condensed Consolidated Balance Sheets
(In thousands)
March 31, Dec. 31,
1995 1994
(Unaudited)
ASSETS Current assets: Cash, cash equivalents and short-term investments $ 31,869 $ 37,696 Other current assets 5,440 822 Total current assets 37,309 38,518 Property and equipment, net 3,255 3,500 Other assets 3,114 2,933 Total assets $ 43,678 $ 44,951 Liabilities and stockholders' equity Current liabilities $ 4,843 $ 6,278 Other liabilities 2,957 3,197 Stockholders' equity 35,878 35,476 Total liabilities and stockholders' equity $ 43,678 $ 44,951 CONTACT: Cytel Corp., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Karin Eastham, Jay D. Kranzler 619/552-3000 |
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