ALKERMES REPORTS THIRD QUARTER FINANCIAL RESULTS
ALKERMES REPORTS THIRD QUARTER FINANCIAL RESULTS CAMBRIDGE, Mass., Feb. 13 /PRNewswire/ -- Alkermes, Inc.
(NASDAQ: ALKS) today reported total revenues for the three and nine months ended Dec. 31, 1991 of $726,837 and $1,023,039, respectively, compared with $72,859 and $869,848 for the comparable periods in 1990. The increase in revenues for the comparable three and nine month periods is due to an increase in interest income resulting from increased cash and short-term investments resulting from the completion of two public offerings of the company's common stock. This increase in revenues was offset in part by loss of contract revenues which resulted from the termination of a research and development agreement with Alkermes Investment Partners, L.P. in September 1990.
The net loss for the three and nine months ended Dec. 31, 1991 was $1,386,551 (15 cents per share) and $4,878,877 (72 cents per share), respectively, compared with a net loss of $988,039 (17 cents per share) and $4,505,308 (80 cents per share), respectively, for the same periods in 1990. The net loss for the nine month period ended Dec. 31, 1990 included a one-time, non-cash 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. Alkermes, Inc. is a neuropharmaceutical company founded in 1987 that is focused on the development and commercialization of therapeutic and diagnostic products for the treatment of disorders of the central nervous system. -0- 2/13/92 /CONTACT: Michael J. Landine of Alkermes, Inc, 617-494-0171, or Thomas A. Pearson of Pearson Communications, 215-648-3975 for Alkermes, Inc./ (ALKS) CO: Alkermes Inc. ST: Massachusetts IN: MTC SU: ERN
TM-DH -- NE012 -- 9985 02/13/92 17:24 EST
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|Date:||Feb 13, 1992|
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