Printer Friendly

U.S. BIOSCIENCE ANNOUNCES THIRD QUARTER RESULTS

 U.S. BIOSCIENCE ANNOUNCES THIRD QUARTER RESULTS
 WEST CONSHOHOCKEN, Pa., Oct. 21 /PRNewswire/ -- U.S. Bioscience,


Inc. (AMEX: UBS) today reported a loss of $5,359,200, or 14 cents per common share, compared with a loss of three cents in the year-ago period, in the third
quarter ending Sept. 30, 1992 For the first nine months of 1992, the company reported a loss of 34 cents per share against a loss of 13 cents in the first nine months of 1991.
 Total revenues in the third quarter were $3.4 million, compared with $3.6 million in the 1991 quarter. Sales were $803,800 for the three- month period in 1992, and $891,200 in 1991, with the balance of revenues coming from investment income and licensing fees.
 The increased losses in the 1992 periods were due principally to increased personnel costs as the R&D, operations and marketing staffs were expanded; higher costs relating to the chemical scale-up of pharmaceutical compounds as they progressed through the R&D pipeline; and increased administrative and marketing expenses. The company noted that it is debt free and, with $82.6 million in cash and marketable securities, has ample funds to conduct its research and clinical development activities.
 Based in West Conshohocken, Pa., U.S. Bioscience is a pharmaceutical company specializing in the development and commercialization of products to increase the survival and quality of life for patients with cancer and allied diseases. The company's portfolio includes a broad spectrum of cancer drugs, with four products in the late states of development. One compound, altretamine, is marketed under the name Hexalen (R) in the United States.
 U.S. BIOSCIENCE, INC.
 CONDENSED STATEMENT OF OPERATIONS
 Three months ended Nine months ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Revenue:
 Sales 803,800 891,200 2,554,800 2,620,100
 Investment income,
 net 2,110,400 2,710,000 6,239,700 4,449,600
 Licensing 500,700 --- 613,000 ---
 Total revenues 3,414,900 3,601,200 9,407,500 7,069,700
 Expenses:
 Cost of sales 193,500 360,900 630,000 638,100
 Selling, general
 & administrative 4,063,100 1,329,700 10,516,600 4,509,000
 Research & development
 costs 4,517,500 3,012,100 11,651,900 6,769,800
 Total expenses 8,774,100 4,702,700 22,798,500 11,916,900
 Net loss (5,359,200) (1,101,500) (13,391,000) (4,847,200)
 Net loss per share (0.14) (0.03) ( 0.34) (0.13)
 Weighted average
 number of shares 39,426,000 38,738,600 39,380,900 36,571,800
 -0- 10/21/92
 /CONTACT: Robert I. Kriebel, senior vice president finance and administration of U.S. Bioscience, 215-832-4503/
 (UBS) CO: U.S. Bioscience, Inc. ST: Pennsylvania IN: MTC SU: ERN


KD-KW -- NY009 -- 2703 10/21/92 09:04 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1992
Words:481
Previous Article:CONSOLIDATED FREIGHTWAYS INC. REPORTS INCREASED INCOME
Next Article:NAVAL RESEARCH LABORATORY (NRL) SPACE SCIENCE NEWS DIGEST
Topics:


Related Articles
U.S. BIOSCIENCE REPORTS FIRST QUARTER RESULTS
/C O R R E C T I O N -- APPLIED BIOSCIENCE/
U.S. BIOSCIENCE REPORTS RESULTS FOR FOURTH QUARTER AND YEAR
U.S. BIOSCIENCE REPORTS THIRD QUARTER RESULTS
U.S. BIOSCIENCE SETTLES CLASS ACTION LITIGATION
Tm Bioscience Licenses Universal Array Technology to MetriGenix.
Tm Bioscience reports third quarter 2005 results.
PURE BIOSCIENCE REPORTS 2ND FISCAL QTR NET LOSS OF 1,553,700.
PURE BIOSCIENCE HAS 3RD QTR FISCAL NET LOSS OF $2,466,400.

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