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INNOVIR LABORATORIES, INC., ANNOUNCES FISCAL 1993 RESULTS

 NEW YORK, Jan. 4 /PRNewswire/ -- Innovir Laboratories, Inc. (NASDAQ: INVR), a development stage biotechnology company, today reported net loss before extraordinary item of $2.9 million, or $8.73 per share, for the fiscal year ended Sept. 30, 1993, as compared to a net loss of $2.5 million, or $13.49 per share, for fiscal 1992. After a $0.4 million charge for early retirement of debt, Innovir had a net loss of $3.3 million or $9.94 per share in 1993.
 "Innovir has made great progress during the past year on all fronts," commented Allan R. Goldberg, Ph.D., Innovir chairman of the board and president. "Our research into catalytic RNA as a therapeutic for hepatitis B and acute promyelocytic leukemia, as well as other diseases, has continued on schedule. Additionally, we completed our initial public offering which has allowed the company to continue to upgrade its laboratories and to increase its research staffing."
 As part of Innovir's laboratory upgrade program, the company entered into a lease commitment with a finance company in December 1993 to provide Innovir with $500,000 of new equipment over a 45-month term with a 15% buyout provision. The leasing company will receive 16,666 redeemable Innovir warrants substantially identical to Innovir A warrants presently outstanding except these warrants will not be registered.
 At Sept. 30, 1993, Innovir had a cash position of approximately $5 million. The company will seek to obtain additional funds through public or private equity financings, collaborative or other arrangements with corporate partners, and from other sources to maintain its current and budgeted operations.
 Innovir is a biotechnology company founded in 1989 to develop a new class of biopharmaceutical therapeutic agents based on catalytic RNA (ribozymes). The company's patented, proprietary core technology has already resulted in preclinical development of product candidates for hepatitis B virus infection and acute promyelocytic leukemia (APL). The company's common stock is listed on NASDAQ, ticker: INVR.
 INNOVIR LABORATORIES, INC.
 (a development stage enterprise)
 Statement of Operations
 Years Ended Cumulative Since
 Sept. 30 Sept. 1
 1991 1992 1993 1989
 Revenues:
 Interest income $354 $5,711 $12,444 $25,983
 Expenses:
 Research and
 development 533,208 1,241,825 1,505,899 3,530,943
 General and
 administrative 458,176 982,014 1,023,672 2,586,511
 Interest 174,778 305,988 415,479 964,223
 Total expenses 1,166,162 2,529,827 2,945,050 7,081,677
 Loss before
 extraordinary
 item (1,165,808) (2,524,116) (2,932,606) (7,055,694)
 Extraordinary item:
 Loss on early
 extinguishment
 of debt --- --- 407,162 407,162
 Net loss (1,165,808) (2,524,116) (3,339,768) (7,462,856)
 Loss per share data (A):
 Weighed average number
 of common shares
 outstanding 186,688 187,159 336,133 ---
 Loss per share
 before extraordinary
 item $(6.24) $(13.49) $(8.73) ---
 Extraordinary item per share:
 Loss on early extinguishment
 of debt --- --- (1.21) ---
 Net loss per
 share (6.24) (13.49) (9.94) ---
 (A) Weighted average number of common shares outstanding utilized in loss per share calculations reflect initial public offering on Sept. 14, 1993.
 -0- 1/4/94
 /CONTACT: Brian James of Burson-Marsteller, 212-614-5091/
 (INVR)


CO: Innovir Laboratories, Inc. ST: New York IN: MTC SU: ERN

WB-TW -- NY047 -- 9005 01/04/94 15:41 EST
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Date:Jan 4, 1994
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