NaPro BioTherapeutics Reports Third Quarter Operations.Business Editors & Health/Medical Writers BOULDER Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , Colo.--(BUSINESS WIRE)--Nov. 7, 2002 NaPro BioTherapeutics, Inc. (Nasdaq: NPRO NPRO Non Planar Ring Oscillator NPRO Naval Plant Representative Office NPRO Naval Petroleum Reserves Office NPRO Non-Process Run-Out (punch card readers) ) today reported the results of operations for the third quarter, ended September September: see month. 30, 2002. NaPro reported a net loss of $3.9 million, or $0.13 per share, on sales of $8.3 million for the third quarter of 2002. This compares to a loss of $5.9 million, or $0.21 per share, on sales of $3.9 million for the comparable quarter last year. For the nine months ended September 30, 2002, NaPro reported a loss of $7.6 million, or $0.26 per share, on sales of $24.5 million, compared to a loss of $15.7 million, or $0.57 per share, on sales of $10.0 million for the same period last year. Leonard P. Shaykin, NaPro's Chairman and Chief Executive Officer, said, "Our paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); business continues to move forward nicely in line with our internal budgets. The development of our molecular medicine division continues to be highly productive. Our first product based on our proprietary Gene Editing technology, announced just a few weeks ago (a service using proprietary SNP SNP Scottish National Party Noun 1. SNP - (genetics) genetic variation in a DNA sequence that occurs when a single nucleotide in a genome is altered; SNPs are usually considered to be point mutations that have been evolutionarily engineered yeast yeast, name applied specifically to a certain group of microscopic fungi and to commercial products consisting of masses of dried yeast cells or of yeast mixed with a starchy material and pressed into yeast cakes. and bacterial artificial chromosomes A bacterial artificial chromosome (BAC) is a DNA construct, based on a fertility plasmid (or F-plasmid), used for transforming and cloning in bacteria, usually E. coli. ), is meeting with considerable interest in the research and drug development community. We are pleased to confirm our guidance for fiscal year 2002." NaPro will host a conference call with analysts in which NaPro management will discuss financial results for the third quarter of 2002 as well as guidance for the first half of 2003. The call will occur on Thursday, November 7, 2002 at 4:30 pm EST EST electroshock therapy. EST abbr. electroshock therapy and can be accessed by all interested parties live on the Company's website. NaPro BioTherapeutics, Inc. is a pharmaceutical company focused in two distinct research, development and marketing areas: the development and in-licensing of novel pharmaceutical products, primarily in the area of anti-cancer agents, and the development of novel genomic genomic pertaining to a genome. genomic clone see clone. genomic DNA the DNA sequences making up the genome of an individual. genomic library see gene bank. technologies primarily in the area of "gene editing," for applications in human therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. , diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler , agribiotechnology, and pharmacogenomics Pharmacogenomics is the branch of pharmacology which deals with the influence of genetic variation on drug response in patients by correlating gene expression or single-nucleotide polymorphisms with a drug's efficacy or toxicity. . The statements in this news release and in the conference call 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. that represent management's beliefs and assumptions as of the date of this news release, based on currently available information. Forward looking statements can be identified by the use of words such as "believes," "intends," "estimates," "may," "will," "should," "anticipated," "expected" or comparable terminology or by discussions of strategy. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot assure that these expectations will prove to be correct. Such statements involve risks and uncertainties including, but not limited to all aspects of competition from Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were Company and other producers of paclitaxel and other drugs, delays with or non-approval from regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , limitations on the ability to market paclitaxel because of the intellectual property rights of third parties, the amount and timing of paclitaxel sold to our marketing partners, technological advances in cancer treatment and drug development that may make paclitaxel obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. , the ability to obtain, maintain and enforce patents relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the genomics business, and the risk that developments in the Company's business will require new investment that may offset the expected expense reductions. Should one or more of these risks materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. (or the consequences of such a development worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn ), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. These factors are more fully described in the Company's documents filed from time to time with the Securities and Exchange Commission, which are incorporated by reference, including Amendment No. 4 to NaPro's registration statement filed with the Securities and Exchange Commission on July 1, 2002. The Company disclaims any intention or obligation to update publicly or revise such statements whether as a result of new information, future events or otherwise. -0-
NaPro BioTherapeutics, Inc.
Balance Sheet
(In thousands)
September December
30, 31,
2002 2001
---- ----
(unaudited)
---------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 11,698 $ 10,144
Accounts receivable 6,532 3,745
Inventories 11,565 8,098
Prepaid expense and other 1,618 1,165
---------- ---------
Total current assets 31,413 23,152
Property and equipment, net 15,691 13,454
Other assets 467 455
---------- ---------
Total assets $ 47,571 $ 37,061
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LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $ 8,799 $ 9,570
Notes payable-long term 19,832 19,846
Deferred income-long term 6,167 6,508
Convertible debt 5,024 -
Total stockholders' equity 7,749 1,137
---------- ---------
Total liabilities and stockholders' equity $ 47,571 $ 37,061
========== =========
NaPro BioTherapeutics, Inc.
Statement of Operations
(In thousands, except per share data)
(Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
----------- ----------- ---------- -----------
Product sales $ 8,320 $ 3,872 $ 24,546 $ 9,961
Expenses:
Cost of sales 5,551 3,458 19,689 11,098
Research and
development 4,096 3,586 12,290 8,607
General and
administrative 2,407 2,999 7,445 6,644
----------- ----------- ----------- -----------
12,054 10,043 39,424 26,349
----------- ----------- ----------- -----------
Operating loss (3,734) (6,171) (14,878) (16,388)
Other income (expense):
License fee 261 350 8,621 742
Interest income 74 192 225 736
Interest expense (545) (272) (1,520) (793)
----------- ----------- ----------- -----------
Net loss $(3,944) $(5,901) $ (7,552) $(15,703)
=========== =========== =========== ===========
Basic and diluted loss
per share $ (0.13) $ (0.21) $ (0.26) $ (0.57)
=========== =========== =========== ===========
Basic and diluted
weighted average
shares outstanding 29,775,031 28,218,766 29,531,557 27,345,774
=========== =========== =========== ===========
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