AFFYMAX REPORTS FIRST QUARTER RESULTS
AFFYMAX REPORTS FIRST QUARTER RESULTS AMSTERDAM, The Netherlands, May 12 /PRNewswire/ -- Affymax N.V.
(NASDAQ: AFMXF) reported revenues of $2.9 million for the quarter ended March 31, 1992, compared to an insignificant amount for the same period in 1991, as revenue from collaborative research programs and interest income grew significantly. The company continued to expand its proprietary and collaborative drug discovery programs and research and development expenses increased accordingly to $3.9 million for the quarter ended March 31, 1992, from $1.8 million for the same period in 1991.
The company recorded net losses for the quarters ended March 31, 1992 and 1991 of $2.1 million and $2.3 million or $0.14 and $0.33 per share, respectively. On March 31, 1992, the company had $115.2 million in cash, short- term investments and investments in long-term government and corporate notes and bonds. During the first quarter, Affymax began reporting a portion of its investments as long-term, to reflect the company's current investment strategy and forecast of cash needs. Affymax, a Netherlands Corp., is developing new technologies to accelerate the pace of drug discovery. Affymax is applying these technologies across a broad range of diseases to discover and develop drugs independently and in collaboration with established pharmaceutical companies. The majority of the company's research and development activities are performed by its wholly owned subsidiary, Affymax Research Institute, located in Palo Alto, Calif. AFFYMAX Condensed Consolidated Balance Sheets (U.S. Dollars in Thousands) March 31, Dec. 31, 1992 1991 (unaudited) Assets Total current assets $69,684 $120,529 Investments in long-term government and corporate notes and bonds 45,997 0 Net property and equipment 12,276 11,030 Total other assets 767 860 Total assets $128,724 $132,419 Liabilities and shareholders' equity Total current liabilities $4,030 $5,884 Long-term liabilities 621 605 Capital stock 149,850 149,572 Accumulated deficit (25,777) (23,642) Total shareholders' equity 124,073 125,930 Total liabilities and shareholders' equity $128,724 $132,419 AFFYMAX Condensed Consolidated Statements of Operations (U.S. Dollars in Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, March 31, 1992 1991 Revenue from collaborative agreements $1,534 $0 Interest income 1,406 65 Total 2,940 65 Costs and expenses: Research and development 3,899 1,756 General and administrative 1,111 565 Total costs and expenses 5,010 2,321 Loss before income taxes (2,070) (2,256) Provision for income taxes 65 10 Net loss $(2,135) $(2,266) Net loss per share $(0.14) $(0.33) Shares used in computing net loss per share 15,141 6,880 -0- 5/12/92 /CONTACT: David B. Singer of Affymax, 415-496-2300/ (AFMXF) CO: Affymax ST: California IN: MTC SU: ERN
MM-RM -- SJ001 -- 8940 05/12/92 08:33 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||May 12, 1992|
|Previous Article:||FEDERAL HOME LOAN BANK OF PITTSBURGH OPENS OFFICE IN WEST VIRGINIA|
|Next Article:||STATESWEST AIRLINES POSTS STRONG APRIL ENPLANEMENTS|