ANERGEN INC. REPORTS RESULTS
ANERGEN INC. REPORTS RESULTS REDWOOD CITY, Calif., Feb. 20 /PRNewswire/ -- Anergen Inc.
(NASDAQ: ANRG) today reported a net loss of $3,893,000, or $.96 per share for the year ended Dec. 31, 1991, as compared to a loss of $3,005,000, or $1.01 per share for the year ended Dec. 31, 1990.
The company's chief executive officer, John W. Fara, Ph.D., said, "Our results reflect increased activities in research programs and the initiation of pilot clinical trials for our therapeutic approach." The company completed its initial public offering of approximately 2 million shares in October, 1991, which provided the company with net proceeds of approximately $14.2 million. Anergen, headquartered in Redwood City, Calif., is developing proprietary therapies for treatment of autoimmune diseases using biopharmaceutical compounds that are designed to inactivate the specific T cells in the immune system responsible for such diseases. The company has conducted in vitro laboratory and in vivo studies which indicate that its compounds, called AnergiX (TM), may inactivate the specific T cells that cause the autoimmune diseases multiple sclerosis, myasthenia gravis and rheumatoid arthritis. Based on these laboratory results, Anergen is extending its ongoing research to the development of similar proprietary human-based AnergiX therapies. ANERGEN INC. Selected Financial Data (In thousands except per share data) Year Ended Dec. 31, 1991 1990 Operations Data Expenses: Research and Development $2,696 $2,014 General and Administrative 1,218 900 Interest, net (21) 127 Net loss $3,893 $3,041 Net loss per share $0.96 $1.01 Shares used in calculating per share data 4,059 3,005 ANERGEN INC. Balance Sheet Data Dec. 31, Dec. 31, 1991 1990 Cash and investments $13,655 $119 Working capital 12,785 (332) Total assets 14,350 1,172 Total liabilities 1,123 891 Shareholders' equity 13,227 281 -0- 2/20/92 /CONTACT: John W. Varian or Joan A. Shields of Anergen 415-361-8901; or Elizabeth A. Gard or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Anergen/ (ANRG) CO: Anergen Inc. ST: California IN: MTC SU: ERN
KJ -- LA027 -- 1062 02/20/92 15:32 EST
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|Date:||Feb 20, 1992|
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