Eli Lilly Selects Pharsight's Software to Improve Clinical Drug Research and Development Efforts; Pharsight to Assist in Five Strategic Disease Areas.
Lilly is deploying Pharsight's WinNonlin-Pro for modeling and analysis in targeted disease areas, including central nervous system and related diseases, endocrine diseases, infectious diseases, cancer and cardiovascular diseases.
"WinNonlin-Pro will be useful in our drugf the leading research-oriented pharmaceutical el Weiner, Ph.D., vice president and general manager of scientific products for Pharsight Corporation. "Lilly's purchase of our technology compliments the company's clinical development strategy by providing computer tools thadicate that it takes approximately 15 years and $500 million to bring a new drug to market, and clinical trials account for approximately one-half of the time and one-third of the cost required. A new drug undergoes an average of 64 trials before it is submitted for review to the U.S. Food and Drug Administration (FDA), yet up to 50 percent of these trials fail to provide conclusive or useful resulilly and Company is a global research-based pharmaceutical corporation headquartered in Indianapolis, Ind., nger, healthier and more active lives.
Abte time-to-market by fully utilizing all availabors: Pharsight is a registered trademark of Pharsight Corporation. All other trademarks mentioned herein areICS COMED PRODUCT
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NATICK, MJuly 5, 1998 increased 12% to $72,092,000 from ,863,000, or $0.36 per diluted share, reported for the comparable period a year ago.
"Our results for r and electronics industries. We now expect this portion of our business to continue to be slow for the remainder of the year due to indications that a recovery of the semiconductor and electronics industries may not happen until 1999," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman.
"In spite of the slowdown in these industries, this is still an exciting time for Cognex," Dr. Shillman continued. "We are continuing to invest in new products which are being well received by both existing and potential customers, and this is putting additional pressure on our competitors, some of whom are already struggling due to the current business environment. Our continuing investment in new products and the expansion of our sales force are allowing us to increase our penetration and market share."
Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can "see." Cognex is the world's leader in the machine vision industry, having shipped to date more than 75,000 machine vision systems. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems which are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, paper, and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout North America, Japan, Europe, and Southeast Asia. Visit Cognex on-line at http://www.cognex.com.
Certain statements made in this press release are forward- looking statements. These statements are based on the company's current expectations and estimates as to prospective events and circumstances which may or may not be in the company's control and as to which there can be no firm assurances given. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. The company wishes to caution readers not to place undue reliance upon any such forward-looking statements, w(In thousands, except per share amounts)
Three Months Ended Six Months Ended
July 5, June 29, July 5, June 29,
1998 1997 1998 22,562 26,331 51,691 46,779 Research, development and engineering expenses 9,181 13,485 24,029 22,825 Provision for income taxes 2,664 4,113 July 5, December 31, Balance Sheet Highlights: 1998 1997
Cash and investments $160,589 $178,014 Receivables 31,066 28,818 Inventories 9,704 7,784 Working capital 190,749 199,570 Total assets 251,607 261,840 Stockholders' equity 230,270 236,142
CONTACT: Cognex Corporation
Investor Relations Manager