Printer Friendly

ARAMED REPORTS 1992 THIRD QUARTER RESULTS

 ARAMED REPORTS 1992 THIRD QUARTER RESULTS
 SAN DIEGO, Nov. 9 /PRNewswire/ -- Aramed Inc. (NASDAQ: ARAMZ)


today reported a net loss of $653,000, or $.23 per callable common share in the third quarter of 1992. Interest income for the third quarter totalled $609,000. For the nine months ended Sept. 30, 1992, the company's net loss totalled $2.1 million or $.72 per share.
 Operating expenses were $1.3 million for the quarter and $3.6 million for the first nine months of 1992, consisting primarily of funds expended under a contract with Gensia Pharmaceuticals Inc. (NASDAQ: GNSA) to conduct research and development of second generation adenosine regulating agents (ARAs). Since Aramed commenced operations in December 1991, there are no comparable operating results for 1991.
 As of Sept. 30, 1992, Aramed had working capital of $47.9 million, primarily consisting of cash, cash equivalents and short-term investments.
 In December 1991, Aramed completed its initial public offering of units, each unit consisting of one share of Aramed callable common stock and one warrant to purchase 1 1/2 shares of Gensia common stock (as adjusted for a 3-for-2 stock split of Gensia Pharmaceuticals Inc. common stock on March 2, 1992).
 Aramed was formed to accelerate the discovery, research and development of certain compounds utilizing Gensia's ARA technology. Aramed has contracted with Gensia to conduct research and development on second generation ARA compounds in three program areas: ARAs for use in the intravenous treatment of acute cardiovascular disorders, ARAs for the oral treatment of epilepsy and intravenous treatment of acute seizures, and ARAs and adenosine agonists for the intravenous treatment of acute cerebrovascular indications.
 ARAMED INC.
 Balance Sheet Data
 (1992 is without audit, in thousands)
 Sept. 30, Dec. 31,
 1992 1991
 (Unaudited)
 Assets:
 Current assets:
 Cash, cash equivalents
 & short-term investments $47,771 $50,836
 Other current assets 239 320
 Total assets $48,010 $51,156
 Liabilities and stockholders'
 equity:
 Current liabilities 72 1,168
 Stockholders' equity 47,938 49,988
 Total liabilities and
 stockholders' equity $48,010 $51,156
 Statement of Operations Data
 (Without audit, in thousands except share data)
 Three months ended Nine months ended
 Sept. 30, 1992 Sept. 30, 1992
 Interest income $609 $1,545
 Costs and expenses:
 Research and development 1,017 2,933
 General and administrative 245 686
 Total costs and expenses 1,262 3,619
 Net loss ($653) ($2,074)
 Net loss per callable
 common share ($.23) ($.72)
 Weighted average callable
 common shares outstanding 2,875 2,875
 NOTE: Comparative information for 1991 is not presented because Aramed Inc. did not commence operations until December 1991.
 -0- 11/9/92
 /CONTACT: Martha L. Hough or Elizabeth A. Gard of Gensia Pharmaceuticals, 619-546-8300/
 (ARAMZ GNSA) CO: Aramed Inc.; Gensia Pharmaceuticals Inc. ST: California IN: MTC SU: ERN


JL-LS -- SD004 -- 8537 11/09/92 09:09 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 9, 1992
Words:468
Previous Article:GM STUDIES CAR-DEER CRASHES FOR AIR BAG EFFECTIVENESS
Next Article:NWNL COMPANIES REPORTS INCREASES IN NET AND OPERATING INCOME; FINANCIAL PERFORMANCE REFLECTS KEY INITIATIVES
Topics:


Related Articles
ARAMED REPORTS 1992 SECOND QUARTER RESULTS
GENSIA REPORTS THIRD QUARTER RESULTS
GENSIA REPORTS 1993 FIRST QUARTER RESULTS
ARAMED REPORTS 1993 FIRST QUARTER RESULTS
ARAMED REPORTS 1994 FIRST QUARTER RESULTS
ARAMED REPORTS 1994 SECOND QUARTER RESULTS
ARAMED REPORTS 1994 THIRD QUARTER RESULTS
ARAMED REPORTS 1995 SECOND QUARTER RESULTS
GENSIA REPORTS 1995 SECOND QUARTER RESULTS
GENSIA COMMENTS ON EXPECTED 1995 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters