Procept Announces Third Quarter Financial Results.CAMBRIDGE Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , Mass.--(BW HealthWire)--Nov. 17, 1997-- Procept A procept is an amalgam of three components: a process which produces a mathematical object and a symbol which is used to represent either process or object. , Inc. (Nasdaq:PRCT PRCT Practice PRCT Prospective, Randomized, Controlled Trial (medicine) PRCT Partial Rotator Cuff Tear ) today announced its financial results for the third quarter of 1997. The Company reported that revenue decreased to $142,000 in the third quarter of 1997 compared with $788,000 in the third quarter of 1996. For the nine-month period ended September 30, 1997, revenue was $569,000 versus revenue of $1,935,000 for the same period last year. The net loss was $1,969,000 or $.80 per share for the third quarter of 1997 compared with a net loss of $2,494,000 or $1.29 per share, for the comparable period last year. For the nine-month period ended September 30, 1997, the net loss was $6,873,000 or $3.23 per share versus a net loss of $8,502,000 or $5.50 per share, for the same period last year. As of September 30, 1997, the Company had cash and cash equivalents of $2.4 million and there were approximately 2.0 million shares of common stock outstanding. Procept, Inc. is engaged in the research and development of small molecule 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. for the prevention and treatment of chronic and life-threatening immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. disorders. Procept is developing therapeutics for the treatment of arthritis arthritis, painful inflammation of a joint or joints of the body, usually producing heat and redness. There are many kinds of arthritis. In its various forms, arthritis disables more people than any other chronic disorder. , diabetes, organ transplant organ transplant: see transplantation, medical. rejection and infectious diseases infectious diseases: see communicable diseases. , including AIDS and tuberculosis tuberculosis (TB), contagious, wasting disease caused by any of several mycobacteria. The most common form of the disease is tuberculosis of the lungs (pulmonary consumption, or phthisis), but the intestines, bones and joints, the skin, and the genitourinary, . Founded in 1985 and traded on the Nasdaq National Market System under the symbol PRCT, Procept is located in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. .
PROCEPT, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share data)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues $ 142 $ 788 $ 569 $ 1,935
Costs and Expenses:
Research and development 1,287 2,280 5,166 7,752
General and administrative 592 690 2,017 2,310
Restructuring charges 221 273 221 273
Other expenses 11 39 38 102
Total costs and expenses 2,111 3,282 7,442 10,437
Net income (loss) $(1,969) $(2,494) $(6,873) $ (8,502)
Net income (loss) per
common share $ (0.80) $ (1.29) $ (3.23) $ (5.50)
Weighted average number
of common shares
outstanding $2,452,269 $1,936,785 $2,127,804 $1,545,617
CONDENSED BALANCE SHEETS
(in thousands) September 30, December 31,
1997 1996
ASSETS
Cash, cash equivalents, and
marketable securities $ 2,419 $ 5,964
Other current assets 195 284
Total current assets 2,614 6,248
Property and equipment, net $ 1,139 $ 1,863
Restricted investment - 469
Deposits 250 136
Other assets 312 201
TOTAL ASSETS $ 4,315 $ 8,917
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 727 $ 773
Accrued expenses 614 561
Capital lease obligations 136 634
Other liabilities 460 632
Total liabilities $ 1,937 $ 2,600
Stockholders' equity:
Preferred stock, par value $0.01 per share - -
Common stock, par value $0.01 per share 20 20
Additional paid-in capital 57,934 55,005
Accumulated deficit (55,576) (48,708)
Total stockholders' equity 2,378 6,317
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 4,315 $ 8,917
CONTACT: Procept, Inc. Stanley Stanley, town (1991 pop. 1,557), capital of the Falkland Islands, S Atlantic Ocean, on East Falkland island. It is the main port and trading center of the islands. The name is sometimes written as Port Stanley. C. Erck (617) 491-1100 serck@procept.com |
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