ALPHA 1 BIOMEDICALS ANNOUNCES 1991 FINANCIAL RESULTS
ALPHA 1 BIOMEDICALS ANNOUNCES 1991 FINANCIAL RESULTS WASHINGTON, March 27 /PRNewswire/ -- Alpha 1 Biomedicals, Inc.
(NASDAQ: ALBM) today reported financial results for calendar year 1991.
For comparison purposes, the company changed its fiscal year end from March 31 to Dec. 31, effective Dec. 31, 1990, thereby creating a nine month transitional period covering April 1, 1990 through Dec. 31, 1990. Revenues for the year ended Dec. 31, 1991 were $707,353 as compared to $360,004 for the transitional period ended Dec. 31, 1990, primarily as a result of increased revenue from sales of rights and licenses and increased interest income. Expenses for the year ended Dec. 31, 1991 were $3,206,423 as compared to $2,008,731 for the transitional period ended Dec. 31, 1990 which were primarily attributable to increased research and development activities associated with the conduct of ongoing clinical trials and increased administrative expenses. Reported losses for the year ended Dec. 31, 1991 were $2,499,070 or $.38 per share as compared to $1,648,727 or $.30 per share for the transitional period ended Dec. 31, 1990. Expenses were in line with company expectations, while revenues were somewhat higher resulting in a loss that was somewhat less than projected. Alpha 1 Biomedicals, Inc. is a Washington, D.C.-based company engaged in the development of pharmaceutical products. ALPHA 1 BIOMEDICALS, INC. Nine month Year ended transitional period ended 12/31/91 12/31/90 Total revenue $ 707,353 $ 360,004 Total expenses $3,206,423 $2,008,731 Net loss $2,499,070 $1,648,727 Net loss per com. share .38 .30 Weighted avg. no. of com. shares outstanding 6,512,903 5,532,601 -0- 3/27/92 /CONTACT: Robert J. Lanhan of Alpha 1 Biomedicals, 202-628-9898/ (ALBM) CO: Alpha 1 Biomedicals, Inc. ST: District of Columbia IN: MTC SU: ERN
KD-AH -- NY056 -- 2512 03/27/92 16:38 EST
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|Date:||Mar 27, 1992|
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