ILEX Oncology announces first quarter 1997 results.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Texas--(BUSINESS WIRE)--April 29, 1997--ILEX(TM) Oncology Inc. today reported its financial results for the first quarter ended March 31, 1997. Total revenue was $2.6 million, an increase of 158% over the same period last year and the company's best first quarter to date. The 1997 first quarter net loss was ($0.5) million compared to ($0.4) million in the prior year. Net loss per share for the first quarter was ($0.04) compared to a ($0.05) loss per share for the same period of the prior year. ILEX Ilex a bush bearing berries containing saponins; cause vomiting, diarrhea. Called also holly. ended the first quarter with more than $50 million in cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . Expenses increased 118% during the period to $3.4 million from $1.6 million for the same period in 1996, primarily due to increased activity on product development and contract research projects compared to the prior year. ILEX also initiated 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 in DFMO DFMO Difluoromethylornithine DFMO Doppler Filter Mixer-Oscillator DFMO Division Financial Management Office for the treatment of cervical intraepithelial neoplasia cervical in·tra·ep·i·the·li·al neoplasia n. Dysplastic changes beginning at the squamocolumnar junction in the uterine cervix that may be precursor to squamous cell carcinoma. and anal intraepithelial neoplasia intraepithelial neoplasia An in situ carcinoma confined to an epithelium that may superficially penetrate adnexal glands, measuring < either 3 mm or 5 mm depending on the criteria used; IN is adjectivally modified according to site of origin See CIN , as well as phase II and phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trials of piritrexim for bladder cancer bladder cancer Malignant tumour of the bladder. The most significant risk factor associated with bladder cancer is smoking. Exposure to chemicals called arylamines, which are used in the leather, rubber, printing, and textiles industries, is another risk factor. and AIDS-related Kaposi's sarcoma Kaposi's sarcoma (käp`əshē', kəpō`sē), a usually fatal cancer that was considered rare until its appearance in AIDS patients. , respectively. "The increase in revenues was attributable to an increase in both the number, size and complexity of contract research service contracts underway, as well as revenue from license and product development agreements signed in the fourth quarter for piritrexim and crisnatol," said Richard Love, president and chief executive officer. "Also during the quarter, ILEX continued negotiations with a pharmaceutical company to secure a significant contract research agreement." "We continue to work at an aggressive, but sustainable pace in all aspects of our business. We have grown our staff by more than 36% this quarter to meet the increased product development and contract research project activity, while at the same time managing our expenses well. We are pleased with our progress during the first quarter," said Love. On Feb. 21, 1997, ILEX completed its initial public offering of 2.5 million shares of common stock, at a price of $12 per share. The underwriters, Salomon Brothers
Salomon Brothers was a Wall Street investment bank. , Cowen & Company and Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , also exercised their over-allotment option and purchased an additional 200,000 shares, generating total gross proceeds of $32.4 million. ILEX Oncology Inc. is a drug development company focused exclusively on the development and marketing approval of drugs for the treatment and prevention of cancer. ILEX provides pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. with compounds for their pipeline as well as drug development and manufacturing services on a contract basis. ILEX's close association with cancer research and treatment institutions allows access to both the opinion leaders and patients necessary for the development of oncology drugs. Certain statements contained in this press release, including statements regarding the anticipated development and expansion of the company's business, the intent, belief or current expectations of the company, its directors or its officers, primarily with respect to the future operating performance of the company and other statements contained herein regarding matters that are not historical facts, are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in other filings made by the company with the Securities and Exchange Commission. -0-
ILEX Oncology Inc.
Abbreviated Statement of Operations
(Unaudited)
(dollars in thousands, except per share amounts)
Three Months ended
March 31,
1997 1996
REVENUE:
Product development $1,371 $ 895
Contract research services 1,244 118
Licensing fees --- ---
Total revenue 2,615 1,013
OPERATING EXPENSES:
Research and development costs 1,264 748
General and administrative costs 999 508
Costs of contract research services 677 224
Subcontractor costs 451 77
Total operating expenses 3,391 1,557
OPERATING LOSS (776) (544)
OTHER INCOME (EXPENSE) 308 128
NET LOSS $ (468) $ (416)
NET LOSS PER SHARE $ (.04) $ (.05)
WEIGHTED AVERAGE NUMBER OF COMMON STOCK
AND COMMON STOCK EQUIVALENTS OUTSTANDING 10,884 8,220
-0-
ILEX Oncology Inc.
Abbreviated Balance Sheets
March 31, December 31,
1997 (unaudited) 1996
ASSETS
Cash and cash equivalents $27,841 $ 5,037
Investments in marketable securities 7,273 5,768
Accounts receivable, net of allowance 2,042 2,152
Prepaid expenses and other 889 1,047
Investment in joint venture 146 250
Investments in marketable securities 15,577 12,179
Property and equipment (net) 1,990 941
Total assets $55,758 $27,374
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 1,873 2,322
Other long-term liabilities 293 226
Stockholders' equity 53,592 24,826
Total liabilities and stockholders' equity $55,758 $27,374
CONTACT: ILEX Oncology, San Antonio James R. Koch, 210/949-8200 or Makovsky & Company, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Christine Flaherty, 212/508-9600 |
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