ALKERMES REPORTS SECOND QUARTER FINANCIAL RESULTS; PUBLIC OFFERING BOOSTS CASH POSITION
ALKERMES REPORTS SECOND QUARTER FINANCIAL RESULTS;
PUBLIC OFFERING BOOSTS CASH POSITION
CAMBRIDGE, Mass., Nov. 12 /PRNewswire/ -- Alkermes, Inc. (NASDAQ: ALKS) today reported total revenues for the three and six months ended Sept. 30, 1991 of $245,153 and $296,202, respectively, compared with $217,387 and $796,989 for the comparable periods last year. The decline in revenues for the comparable six month periods is attributable to the termination of a research and development agreement with Alkermes Investment Partners, L.P. in September 1990 pursuant to which the company had earned contract and grant revenue equal to $642,504 in the six months ended Sept. 30, 1990.
The net loss for the three and six months ended Sept. 30, 1991 was $1,551,746 (21 cents per share) and $3,492,326 (48 cents per share) compared with a net loss of $3,048,408 (56 cents per share) and $3,517,269 (64 cents per share) for the same periods last year. The net loss for the three and six month periods ended Sept. 30, 1990 included a one-time charge of $2,211,361 for acquired research and development.
The company's research and development expenditures, including those for preclinical development, continue to increase as the company expands its research and development activities as well as its staff.
Subsequent to Sept. 30, 1991, the company completed the sale, in a public offering, of 2 million shares of its common stock, resulting in aggregate net proceeds to the company of approximately $32.8 million. Upon completion of the public offering on Nov. 1, 1991, the company had cash, cash equivalents and short-term investments of approximately $52.8 million.
Alkermes, Inc. is a neuropharmaceutical company founded in 1987 that is focused on the development and commercialization of therapeutic and diagnositc products for the treatment of disorders of the central nervous system.
/CONTACT: Michael J. Landine, chief financial officer of Alkermes, Inc., 617-494-0171; or Thomas A. Pearson of Pearson Communications, 215-648-3975/
(ALKS) CO: Alkermes, Inc. ST: Massachusetts IN: MTC SU: ERN PB-DD -- NE005 -- 3358 11/12/91 10:08 EST