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THE LIPOSOME COMPANY, INC. REPORTS SECOND QUARTER RESULTS

 PRINCETON, N.J., Aug. 3 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO, LIPOZ) today reported that total revenues for the second quarter ended June 30, 1993 were $3,556,000, a 24.9 percent increase over the second quarter of 1992. The net loss for the quarter was $3,664,000, an increase of $1,696,000 compared to the loss of $1,968,000 in the same quarter a year ago. The net loss per common share was 21 cents, a 13 cents per share increase over the second quarter of 1992. The 21 cents loss includes 5 cents from the dividend on preferred stock.
 Collaborative research and development revenues for the second quarter decreased to $1,066,000 as compared to $1,467,000 a year ago. Licensing and other fees increased from $8,000 a year ago to $510,000 this quarter as a result of a $500,000 payment received from Wyeth- Ayerst in June related to the liposomal influenza vaccine adjuvant it has licensed from the company. In addition, interest income increased in the second quarter to $1,980,000 compared to $1,371,000 a year ago.
 Total expenses for the quarter ended June 30, 1993, were $7,220,000, an increase of $2,406,000 or 50 percent compared to the second quarter of 1992. Revenues for the six months ended June 30, 1993 were $6,403,000, an increase of $1,013,000 or 18.8 percent as compared to the six months ended June 30, 1992. Total expenses for the period were $13,574,000, an increase of $5,101,000 or 60.2 percent as compared to the same six months of the prior year. Overall, the net loss for the six months ended June 30, 1993 of $7,717,000 represents an increase of $4,088,000 or 132.6 percent over last year. The net loss per share was 42 cents for the six months ended June 30, 1993 compared to 14 cents for the same period last year.
 "As anticipated, our revenue, expenses and net loss all continued to grow," said Charles A. Baker, chairman and chief executive officer. "We are in the process of significantly increasing our staff, particularly in the areas of clinical trial management and analysis, manufacturing infrastructure and international operations. We are diligently preparing three drugs, ABLC(TM), Maitec(TM) and TLC D-99 to start Phase III trials and TLC C-53 to enter Phase II studies. We are also working towards initial European filings later this year for approval to market ABLC, as well as putting in place the manufacturing and marketing capability to commercialize the product. All this costs money. Fortunately, with over $134 million in cash and marketable securities, we are in an excellent position to make these investments, which we believe will result in future revenues and profits."
 The Liposome Company has four drugs currently in clinical trials. ABLC is in Phase II/III studies for the treatment of systemic fungal infections; Maitec(TM) (formerly TLC G-65) is in Phase II trial in the U.S. and Phase III trials in Europe for the treatment of Mycobacterium avium-intracellulare (MAI), an infection that eventually strikes 30 to 50 percent of people with AIDS, TLC D-99 is in Phase II for treatment of metastatic breast cancer; and TLC C-53 has completed Phase I trials in preparation for studies in Acute Respiratory Distress Syndrome.
 A leading company dedicated exclusively to the development of liposome and lipid-based pharmaceuticals, the Liposome Company develops proprietary parenteral pharmaceuticals for the treatment, prevention and diagnosis of life-threatening diseases.
 THE LIPOSOME COMPANY, INC.
 Consolidated Statements Of Operations
 (Unaudited, in thousands except per share figures)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Collaborative research and
 development revenues $1,066 $1,467 $2,143 $2,983
 Licensing and other fees 510 8 535 262
 Interest income 1,980 1,371 3,725 2,145
 Total revenues 3,556 2,846 6,403 5,390
 Research and development expenses 5,288 3,762 10,067 6,458
 General and administrative expenses 1,890 1,052 3,415 2,014
 Interest expense 42 -- 92 1
 Total expenses 7,220 4,814 13,574 8,473
 Net loss (3,664) (1,968) (7,171) (3,083)
 Net loss per common share(A) (0.21) (0.08) (0.42) (0.14)
 Weighted average number of
 common shares outstanding 23,498 23,236 23,492 22,070
 (A) -- The net loss per common share includes the impact of the dividends on preferred stock of 5 cents and 11 cents per common share for the three months and six months ended June 30, 1993, respectively.
 Consolidated Balance Sheets
 (in thousands)
 6/30/93 12/31/92
 (Unaudited) (Audited)
 Current assets, principally cash
 and short term investments $120,100 $78,480
 Long term investments 16,816 --
 Plant and equipment, net 16,586 12,966
 Other assets, net 626 1,310
 Total assets 154,128 92,756
 Current liabilities 7,992 6,570
 Other liabilities 6,932 2,986
 Stockholders' equity 139,204 83,200
 Total liabilities and stockholders' equity 154,128 92,756
 -0- 8/3/93
 /CONTACT: Edward G. Silverman, senior vice president-strategic operations of The Liposome Company, Inc., 609-452-7060/
 (LIPO)


CO: Liposome Company, Inc. ST: New Jersey IN: MTC SU: ERN

SM-TS -- NY073 -- 8978 08/03/93 14:31 EDT
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