Panax Pharmaceutical reports results for the third quarter ended March 31, 1996.NEW YORK--(HealthWire)--May 14, 1996--Panax Pharmaceutical Co. Ltd. (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 :PANX, PANXU, PANXW) today announced results for the third quarter and nine months ended March 31, 1996. The net loss for the three months ended March 31, 1996 was $287,962, or 9 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , as compared with a net loss of $153,701, or 5 cents per share for the comparable period last year. For the nine months ended March 31, 1996, the net loss was $804,371, or 25 cents per share, compared with a net loss of $398,799, or 17 cents per share, for the same period of 1995. The company had no revenues for the three and nine months ended March 31, 1996 other than interest income. The company had interest income of $62,200 and $202,774 for the three and nine months ended March 31, 1996. The increased loss for the three months ended March 31, 1996 compared to the three months ended March 31, 1995 is primarily the result of an increased scale of operations following the completion of the initial public offering, including the collection of plant material, screening and building up of a synthetic chemistry group as well as the hiring in June 1995 of Dr. Taffy Taffy Welshman who “stole a piece of beef.” [Nurs. Rhyme: Baring Gould, 72–73] See : Thievery Williams, president and chief executive officer of the company, the establishment of new administrative offices and associated legal and consulting expenses. Commenting on the results, Dr. Williams, stated that, "with the identification of several promising anti-fungal compounds, we have expanded our pre-clinical studies. In April 1996 we commenced animal studies on a class of novel anti-fungal compounds. In addition, we have several anti-viral compounds which are currently being evaluated by investigators in Europe and the United States for activity against Cytomegalovirus cytomegalovirus (sī'təmĕg'əlōvī`rəs), member of the herpesvirus family that can cause serious complications in persons with weakened immune systems. (CMV CMV cytomegalovirus. CMV abbr. 1. controlled mechanical ventilation 2. cytomegalovirus Cytomegalovirus (CMV) ), HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and other viruses. I am pleased with our progress in moving these compounds forward through the development cycle." Panax Pharmaceutical Co. Ltd. is engaged in the research and development of pharmaceutical products derived from natural sources such as plants. The company targets plants based on ethnobotanical information -- both oral and written records and history of the use of plants by native peoples to cure diseases. The company has an exclusive agreement with the Komarov Botanical Institute The Komarov Botanical Institute of the Russian Academy of Sciences (Russian: Ботанический институт им. В.Л. of the Russian Academy of Science which has extensive knowledge of the rich flora regions of the territory currently comprising the Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. , particularly Russia, Kazakhstan, Kyrgistan and Armenia. -0-
Quarter Quarter Nine Months Nine Months
Ended Ended Ended Ended
3/31/96 3/31/95 3/31/96 3/31/95
Net income (loss) (287,962) (153,701) (804,371) (398,799) Average shares 3,163,732 2,954,998 3,262,692 2,333,830 Net (loss) per share (0.09) (0.05) (0.25) (0.17) Cash and cash equivalents 3,388,429 4,495,284 CONTACT: Panax Pharmaceutical Co. Ltd., 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 Dr. Taffy J. Williams, 212/319-8300 |
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