Titan Pharmaceuticals, Inc. announces third quarter 1996 financial results.SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--Nov. 15, 1996-- TITAN PHARMACEUTICALS The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. Titan Pharmaceuticals, Inc. , INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 : TTNP TTNP Tactical Telephone Numbering Plan , TTNPU, and TTNPW) today announced its financial results for the third quarter and nine months ended September September: see month. 30, 1996. For the third quarter ended September 30, 1996, the net loss decreased approximately 6% to $2,787,889, or $0.24 per share, based on 11,792,738 shares outstanding, compared with a net loss of $2,975,406, or $0.38 per share, based on 7,827,204 shares, for the third quarter 1995. General and administrative expenses for the 1996 quarter decreased 35% to $906,729 compared with $1,405,155 for the comparable 1995 quarter. The decrease reflects a planned resource reallocation Noun 1. reallocation - a share that has been allocated again allocation, allotment - a share set aside for a specific purpose 2. reallocation . The net loss for the nine month period ending September 30, 1996 was $8,888,174, or $1.37 per share on 10,463,149 shares outstanding, compared with a net loss of $8,853,346, or $1.18 per share on 7,524,168 shares for the same period in 1995. Although research and development and general and administrative expenses for the nine months decreased, the increase in net loss per share reflects a non-recurring expense of $5,431,871, due to the conversion of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and interest on repayment of bridge notes at the time of the initial public offering. Research and development expenses in the third quarter of 1996 increased 79% to $1,673,848 from $937,719 in 1995. This increase is primarily due to the addition of two subsidiary companies, ProNeura, Inc. during the fourth quarter of 1995 and Trilex Pharmaceuticals, Inc. in the second quarter of 1996. For the nine months ended September 30 1996, research and development costs decreased 9% to $4,023,836 compared to $4,402,178 from the comparable period in 1995. Commenting on the Company's third quarter results and activities, Dr. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. R. Bucalo, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Titan Pharmaceuticals, Inc. stated, "During the third quarter, Titan strengthened its financial position with the successful completion of a $14 million private placement. Our financial results for the third quarter are in line with expectations, and our resources continue to be directed toward maintaining momentum in our research and development programs. Over the past nine months, Titan has furthered its primary objective of building a strong portfolio of product development programs focused on cancer and neorologic diseases. As we advance our current products through development, we will continue to explore product candidates for possible in-licensing and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. acquisition." Titan Pharmaceuticals is a biopharmaceutical company that develops proprietary 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 treatment of cancer, nervous system disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency and other serious and life-threatening Adj. 1. life-threatening - causing fear or anxiety by threatening great harm; "a dangerous operation"; "a grave situation"; "a grave illness"; "grievous bodily harm"; "a serious wound"; "a serious turn of events"; "a severe case of pneumonia"; "a life-threatening diseases. The company's operations are currently conducted through five operating companies operating company A business that engages in transactions with outsiders. : Ansan Ansan is a city in Gyeonggi Province, South Korea. It lies south of Seoul, and is part of the Seoul National Capital Area. It is connected to Seoul by rail via Seoul Subway Line 4. (Nasdaq: ANSN ANSN Asian Nuclear Safety Network , ANSNU), Ingenex, ProNeura, Theracell and Trilex. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, product development, commercialization and technological difficulties, capacity and supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties, the results of financing efforts, actual purchases under agreements, the effect of the Company's accounting policies, and other risks detailed in the Company's Securities and Exchange Commission filings. -0-
TITAN PHARMACEUTICALS, INC.
(a development stage company)
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Grant revenue $ 83,356 $ 89,905 $133,061 $ 99,786
Costs and expenses:
Research and development 1,673,848 937,719 4,023,836 4,402,178
General and administrative 906,729 1,405,155 2,882,715 3,536,075
Total costs and expenses 2,580,577 2,342,874 6,906,551 7,938,253
Loss from operations (2,497,221) (2,252,969) (6,773,490) (7,838,467)
Other income (expense):
Equity in loss of Ansan
Pharmaceuticals, Inc. (344,348) (233,768) (699,837) (233,768)
Interest income 178,820 11,880 518,568 45,890
Interest expense (125,140) (500,549) (1,943,346) (827,001)
Other expense - net (290,668) (722,437) (2,124,615) (1,014,879)
Loss before minority
interest (2,787,889) (2,975,046) (8,898,105) (8,853,346)
Minority interest in losses
of subsidiaries -- -- 9,931 --
Net loss $(2,787,889) $(2,975,406) $(8,888,174) $(8,853,346)
Net loss per share $ (0.24) $ (1.29) $ (1.37) $ (3.84)
Shares used in
computation 11,792,738 2,306,355 10,463,149 2,306,395
Proforma net loss
per share $ (0.38) $ (1.18)
Shares used in computing
proforma net loss per share 7,827,204 7,524,168
-0-
TITAN PHARMACEUTICALS, INC.
(a development stage company)
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
1996 1995
(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents $ 479,594 $ 947,805
Short-term investments 16,933,986 --
Prepaid expenses and other
current assets 64,972 40,071
Receivable from Ansan
Pharmaceuticals, Inc. 99,459 57,791
Total current assets 17,578,011 1,045,667
Furniture and equipment, net 750,909 848,852
Investment in Ansan
Pharmaceuticals, Inc. 889,989 1,589,826
Deferred stock offering costs 159,702 522,299
Deferred financing costs 107,912 600,183
Other assets 199,259 125,344
$19,685,782 $ 4,732,171
Liabilities and Stockholder's Equity:
Current Liabilities:
Accounts payable $ 709,350 $ 714,896
Notes payable by Ingenex, Inc. -- 1,500,000
Notes payable by Titan
Pharmaceuticals, Inc. -- 2,800,000
Accrued legal fees -- 691,368
Accrued sponsored research 36,566 304,202
Other accrued liabilities 330,409 546,057
Current portion of capital
lease obligations 255,195 226,709
Current portion of technology
financing - Ingenex, Inc. 550,513 494,107
Total current liabilities 1,882,033 7,277,339
Noncurrent portion of capital
lease obligation 552,016 747,142
Noncurrent portion of technology
financing 869,081 1,289,313
Minority interest 1,241,032 1,241,032
Stockholders' Equity:
Preferred stock -- 18,907,772
Common stock 49,439,697 745,476
Additional paid-in capital 6,186,353 6,186,353
Deferred compensation (352,000) (418,000)
Deficit accumulated during the
development stage (40,132,430) (31,244,256)
Total stockholders' equity
(net capital deficiency) 15,141,620 (5,822,655)
CONTACT: Company Contact: Louis R. Bucalo, M.D. CEO & President Titan Pharmaceuticals, Inc. 415-244-4990 or Investor Contact: Keith Lippert Lippert/Heilshorn 212-838-3777 |
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