T CELL SCIENCES REPORTS THIRD QUARTER RESULTS
T CELL SCIENCES REPORTS THIRD QUARTER RESULTS CAMBRIDGE, Mass., March 13 /PRNewswire/ -- T Cell Sciences, Inc.
(NASDAQ: TCEL), today reported that third quarter fiscal 1992 results include a 22 percent increase in revenues to $3.46 million, compared to $2.83 million for the same quarter last year. Revenues for the nine month period ended Jan. 31, 1992 were $7.76 million, a 7 percent decrease from $8.37 million reported for the first nine months of fiscal 1991. The consolidated loss for the quarter ended Jan. 31, 1992 was $397,000 ($.03 per share), less than half the loss of $804,000 ($.08 per share), reported in the same quarter last year. The consolidated loss for the first nine months of fiscal of 1992 was $3.15 million ($.24 per share), a 26 percent increase over the loss of $2.5 million ($.25 per share), reported for the same period last year.
"T Cell Sciences substantially reduced the consolidated loss for the third quarter of fiscal 1992 mainly due to revenues received from AB Astra related to a joint development and marketing relationship entered into in January 1992 for the development of our T cell antigen receptor therapeutics," said Alan W. Tuck, president and chief executive officer of T Cell Sciences. "The initial Astra revenues reimbursed expenses associated with the development program during the first three fiscal quarters of 1992. The terms of this contract should provide funding for most of our T cell antigen receptor research over the next few years." The increase in the nine month loss primarily reflects decreased product development revenues from SmithKline Beecham due to advancement of the complement blocker product from the preclinical phase of development toward clinical development, managed by SmithKline Beecham. Revenues from product sales for the third quarter of fiscal 1992 decreased 14 percent from the same period in the prior year to $880,000. The decrease was due to events temporarily affecting certain T Cell Diagnostics' European distributors during the third quarter, and was partially offset by an increase in sales to other foreign and domestic customers. Product sales for the first nine months of fiscal 1992 increased 9 percent to $2.95 million, compared to $2.71 million in the same period last year. Operating expenses for the third quarter of fiscal 1992 increased 9 percent to $3.94 million, compared to $3.63 million in the same quarter last year. This increase reflects accelerating the development of our T cell antigen receptor therapeutic products in the Astra program, and increases in R&D costs related to the development of other products. Operating expenses remained essentially even for the first nine months of fiscal 1992, compared to the same nine month period last year. T Cell Sciences' consolidated, unrestricted cash balance was in excess of $23 million as of Jan. 31, 1992. Located in Cambridge, T Cell Sciences, Inc. is utilizing proprietary T cell receptor and soluble receptor technology to develop pharmaceutical products to treat inflammatory diseases, autoimmune diseases and cancer. T Cell Diagnostics, Inc., a subsidiary of T Cell Sciences, develops, manufactures, and markets products for monitoring immune system disorders. T CELL SCIENCES, INC. Comparative Statement of Operations Quarter ended Jan. 31: 1992 1991 Revenues: Product $ 880,000 $ 1,028,000 Product development 2,180,000 1,607,000 Interest 401,000 195,000 Total revenues 3,461,000 2,830,000 Total operating expenses 3,945,000 3,634,000 Loss before minority interest (484,000) (804,000) Minority interest share of loss 87,000 -- Net loss $ (397,000) $ (804,000) Net loss per common share $ (.03) $ (.08) Wtd. avg. common shares outstanding 13,222,000 10,234,000 Nine months ended Jan. 31: 1992 1991 Revenues: Product $ 2,953,000 $ 2,711,000 Product development 3,560,000 5,018,000 Interest 1,252,000 637,000 Total revenues 7,765,000 8,366,000 Total operating expenses 11,107,000 10,866,000 Loss before minority interest (3,342,000) (2,500,000) Minority interest share of loss 190,000 -- Net loss $(3,152,000) $(2,500,000) Net loss per common share $ (.24) $ (.25) Wtd. avg. common shares outstanding 13,051,000 10,112,000 -0- 3/13/92 /CONTACT: Alan W. Tuck, president and chief executive officer, or Susan Primrose of T Cell Sciences, 617-621-1400/ (TCEL) CO: T Cell Sciences Inc. ST: Massachusetts IN: MTC SU: ERN
TS -- NY041 -- 7814 03/13/92 12:38 EST
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|Date:||Mar 13, 1992|
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