Interneuron Pharmaceuticals Announces Third Quarter Fiscal 1998 Results.LEXINGTON, Mass.--(BW HealthWire)--Aug. 14, 1998--Interneuron Pharmaceuticals, Inc. (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 :IPIC IPIC Intellectual Property Institute of Canada
IPIC Indianapolis Private Industry Council
IPIC International Petroleum Investment Co (Abu Dhabi)
IPIC Inventory Price Index Computation
IPIC Information Processing Interagency Conference ) today announced the consolidated results of its operations for the three and nine month periods ended June 30, 1998.
The Company reported net losses of $14,755,000, or $0.35 per share, for the three month period ended June 30, 1998, and $57,256,000, or $1.38 per share, for the nine month period ended June 30, 1998, compared with net losses of $7,174,000, or $0.17 per share, for the three month period ended June 30, 1997, and $17,955,000, or $0.44 per share, for the nine month period ended June 30, 1997. Per share amounts are all on both a basic and diluted basis.
Total consolidated revenues were $1,693,000 and $4,690,000 for the three and nine month periods ended June 30, 1998, compared to revenues of $17,395,000 and $54,861,000 for the three and nine month periods ended June 30, 1997. Revenues in the 1998 periods were primarily generated from sales of PMS (Pantone Matching System) A color matching system that has a unique number assigned to more than 500 different colors and shades. This standard for the printing industry has been built into many graphics and desktop publishing programs to ensure color accuracy. Escape(TM) and contract and license fees. Revenues during fiscal 1997 primarily relate to Redux Refers to being brought back, revived or restored. From the Latin "reducere." (TM), which was withdrawn in September 1997.
At June 30, 1998, on a consolidated basis, the Company had cash, cash equivalents and marketable securities Marketable Securities
Very liquid securities that can be converted into cash quickly at a reasonable price.
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 of approximately $80,526,000 of which approximately $22,441,000 is held by its majority-owned subsidiary majority-owned subsidiary
A firm in which more than 50% of outstanding voting stock is owned by the parent company. , Intercardia, Inc. and is generally unavailable to the Company.
"Recent clinical and regulatory highlights at Interneuron interneuron /in·ter·neu·ron/ (-noor´on)
1. a neuron between the primary sensory neuron and the final motoneuron.
2. include the initiation of a 900-patient Phase 3 trial with CerAxon for ischemic stroke in July 1998 following the withdrawal of the NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any in April 1998, the completion of enrollment in a Phase 2-3 trial with pagoclone for panic and anxiety, and the receipt of authorization from the FDA FDA
Food and Drug Administration
n.pr See Food and Drug Administration.
n.pr the abbreviation for the Food and Drug Administration. for marketing a medical device, AnatoMark(TM), for brain imaging," said Glenn L. Cooper, M.D., president and chief executive officer of Interneuron. "We also expanded our earlier stage product pipeline with the licensing of rights to a compound known as PACAP PACAP Pituitary Adenylate Cyclase Activating Peptide from Tulane University with potential as a treatment for stroke and other neurodegenerative diseases neurodegenerative diseases
diseases characterized by neurodegeneration. Lesions are microscopic only but in chronic disease with massive involvement there may be grossly visible atrophy of affected nervous tissue. .
"Among our subsidiaries, the merger of Transcell Technologies, Inc. with Intercardia became effective in May, 1998," said Dr. Cooper.
"We expect data shortly from a pivotal Phase 2-3 clinical trial with pagoclone for panic," said Dr. Cooper. "Data is also expected in the fourth quarter of fiscal 1998 from a placebo-controlled, blinded study relating to Redux that will add to the database provided by the study results announced in March, 1998 which showed no statistically significant difference between the incidence of cardiac valve cardiac valve
Any of the valves regulating the flow of blood through and from the heart, consisting of the aortic valve, the left and right atrioventricular valves, and the pulmonary valve. abnormalities seen among patients who took Redux and that seen among those who received placebo."
Consolidated costs and expenses totaled $18,332,000 for the three month period ended June 30, 1998 compared to $27,302,000 for the corresponding 1997 three month period, and $66,719,000 for the nine month period ended June 30, 1998 compared to $80,294,000 for the corresponding 1997 nine month period. The Company's major expenses for the three and nine month periods ended June 30, 1998 principally relate to marketing costs incurred by the Company's InterNutria, Inc. subsidiary in connection with PMS Escape, noncash expenses related to the Company's 1997 Equity Incentive Plan, and development expenses related to CerAxon.
Expenses at Interneuron's consolidated, majority-owned subsidiary companies constituted a significant part of the Company's overall expenses. The subsidiaries' portions of consolidated research and development and selling, general and administrative expenses were approximately 55 percent and 47 percent, respectively, for the three and nine month periods ended June 30, 1998 (not including Progenitor pro·gen·i·tor
1. A direct ancestor.
2. An originator of a line of descent.
ancestor, including parent.
stem cells. , which is not consolidated for fiscal 1998). This compares with subsidiaries' portions of 41 percent and 40 percent for the three and nine month periods ended June 30, 1997.
Increased subsidiary expenses during fiscal 1998 are primarily the result of costs incurred in connection with the launch of PMS Escape by InterNutria. For the 1997 periods, subsidiary expenses included those incurred by Progenitor, Inc. Following the initial public offering of Progenitor in August 1997, Progenitor has been accounted for under the equity method and, therefore, expenses related to Progenitor are not consolidated in the Company's financial statements for fiscal 1998.
InterNutria is actively exploring strategic alternatives, which may include financing or corporate partnering, to reduce significantly or to eliminate Interneuron's funding of InterNutria in the near term. In addition, the recently finalized merger of Transcell into Intercardia transfers responsibility for the funding of Transcell from Interneuron to Intercardia.
Interneuron Pharmaceuticals is a diversified biopharmaceutical company engaged in the development and commercialization of a portfolio of prod