Printer Friendly

SCIOS NOVA ANNOUNCES 1993 FIRST QUARTER FINANCIAL RESULTS

 MOUNTAIN VIEW, Calif., April 26 /PRNewswire/ -- Scios Nova Inc. (NASDAQ: SCIO) today announced financial results for its first quarter ended March 31, 1993. Due to the merger between Scios Inc. and Nova Pharmaceutical Corp., which was completed in September 1992, the first quarter results include Scios operations for the 1992 period and combined company results for the 1993 period.
 The company reported a first quarter net loss of $8.2 million, or 24 cents per share, compared to a net loss of $3.4 million, or 19 cents per share for the same period in 1992. The increase in the loss for the 1993 period was primarily due to the company's expanded operations as a result of the merger.
 At quarter end, the company had approximately $129.2 million in cash and marketable securities.
 Revenues for the first quarter were $10.2 million compared to $1.6 million for the first quarter of 1992. Revenues for the 1993 period include product sales of $9.5 million reflecting sales of four psychiatric products acquired in the merger with Nova. These products, which are manufactured and distributed by SmithKline Beecham Corp., are marketed through the Scios Nova sales force. For the first quarter of 1992, Nova reported net sales of $10.3 million for these products. The decrease in sales in the 1993 period was primarily due to an expected increase in competition from generic products.
 Total costs and expenses for the first quarter of 1993 were $20.4 million compared to $6.9 million for the same period in 1992. The increase in costs and expenses for the 1993 period relates to the company's expanded operations as a result of the merger, and includes $6.5 million of costs of goods sold from sales of the psychiatric products, as well as additional costs associated with expanded efforts in clinical research programs.
 "I am pleased with the progress we have made during the past seven months in building an integrated company with a defined research focus and a strong clinical development program," said Richard L. Casey, Scios Nova chairman and chief executive officer. "Our sales and marketing operation has added a dynamic new dimension to Scios Nova which provides a foundation for in-licensing additional products in the near term. In addition to providing cash flow, this operation will enable us to build our marketing expertise in preparation for sales of products developed by Scios Nova."
 Scios Nova is a biopharmaceutical company engaged in the discovery, development, and commercialization of novel human therapeutics. Scios Nova focuses its efforts in four areas: inflammation, metabolic disorders, cardiovascular disease and tissue repair. The company's drug discovery technology encompasses both biotechnology techniques and small molecule design to develop new biopharmaceutical products. Scios Nova develops and commercializes products on a proprietary basis and in collaboration with established pharmaceutical companies.
 CIOS NOVA INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands, except per share data)
 Three months ended March 31,
 1993 1992
 Revenues:
 Product sales $ 9,480 $ --
 Research & development contracts 747 1,634
 10,227 1,634
 Costs and expenses:
 Cost of goods sold 6,540 --
 Research and development 9,232 4,831
 Marketing, general and administrative 3,792 2,108
 Profit distribution to third parties 843 --
 Total 20,407 6,939
 Loss from operation (10,180) (5,305)
 Other income:
 Investment income 1,881 1,758
 Other income, net 123 138
 Total 2,004 1,896
 Net loss $(8,176) $ (3,409)
 Net loss per share $ (0.24) $ (0.19)
 Weighted average number of
 shares outstanding 34,691,475 18,365,679
 Consolidated Balance Sheets
 (In thousands, except share data)
 ASSETS
 March 31, Dec. 31,
 1993 1992
 (unaudited)
 Current assets:
 Cash and cash equivalents $ 6,674 $ 3,075
 Marketable securities 25,302 44,161
 Accounts receivable 1,487 4,825
 Other receivables 2,036 2,755
 Prepaid expenses 1,844 879
 Total current assets 37,343 55,695
 Non-current marketable securities 97,226 87,424
 Property and equipment, net 38,570 9,250
 Other assets 217 29
 TOTAL ASSETS $ 173,356 $ 182,398
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 1,458 $ 1,847
 Deferred contract revenue 624 748
 Current portion of long-term debt 105 108
 Other accrued liabilities 9,047 10,150
 Total current liabilities 11,234 12,853
 Long-term debt 374 401
 Stockholders' Equity:
 Common Stock, $0.01 par value; issued and outstanding:
 34,731,152 and 34,618,112 respectively 347 346
 Additional paid-in capital 368,043 367,264
 Accumulated deficit (206,642) (198,466)
 Total stockholders' equity 161,748 169,144
 Total Liabilities and
 Stockholders' equity $ 173,356 $ 182,398
 -0- 4/26/93
 /CONTACT: Kira Bacon of Scios Nova, 415-940-6629/
 (SCIO)


CO: Scios Nova Inc. ST: California IN: MTC SU: ERN

SG -- SJ008 -- 0942 04/26/93 16:25 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 26, 1993
Words:798
Previous Article:PYRAMID TECHNOLOGY REPORTS REVENUE AND EARNINGS INCREASES
Next Article:KNIGHT STATE BANK TO MERGE WITH WRIGHTSVILLE BANCSHARES
Topics:


Related Articles
SCIOS INC. AND NOVA PHARMACEUTICAL CORPORATION BEGIN DISTRIBUTION OF PROXY STATEMENT TO STOCKHOLDERS
SCIOS NOVA INC. REACQUIRES RIGHTS TO RECOMBINANT HUMAN LUNG SURFACTANT
SCIOS NOVA INC. ANNOUNCES SALE OF NOVASCREEN BUSINESS
SCIOS NOVA ANNOUNCES 1993 SECOND QUARTER AND SIX-MONTH FINANCIAL RESULTS
SCIOS NOVA ANNOUNCES REDUCTION IN STAFF AS PART OF REFOCUSED STRATEGIC PLAN
SCIOS NOVA ANNOUNCES 1994 FIRST QUARTER FINANCIAL RESULTS
SCIOS NOVA ANNOUNCES 1994 SECOND QUARTER FINANCIAL RESULTS AND RESEARCH AND DEVELOPMENT UPDATE
SCIOS NOVA CONSOLIDATES ITS RESEARCH AND DEVELOPMENT OPERATIONS
SCIOS NOVA ANNOUNCES 1994 THIRD QUARTER FINANCIAL RESULTS
SCIOS NOVA RECEIVES U.S. PATENT FOR FIBLAST(TM) TROFERMIN (bFGF)

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters