BIOCHEM PHARMA DOUBLES ITS REVENUES IN FIRST QUARTER
BIOCHEM PHARMA DOUBLES ITS REVENUES IN FIRST QUARTER LAVAL, Quebec, June 26 /PRNewswire/ -- BioChem Pharma Inc.
(NASDAQ: BCHXF) today announced it posted revenues of $9.7 million for the first quarter ended April 30, 1992, nearly double the $5.1 million figure for the corresponding quarter last year. Over the same period, the company's assets leapt 96 percent, to reach $104.5 million for the first quarter of 1992.
The $9.7 million in revenues for the first quarter of 1992 involved costs and expenses of $11.1 million, compared with costs and expenses of $5.3 million against revenues of $5.1 million for the corresponding 1991 quarter. Spending on research and development rose from $1.8 million to $2.9 million in the comparative three-month periods due to research projects for AIDS, cancer, pain control and immunomodulators, as well as vaccine development projects for such diseases as DTP, polio and "split virus" influenza. Therefore, BioChem's loss was $1.3 million before income tax and the minority interest and share in the results of the affiliate North American Vaccine, Inc. (NAVA), compared with a loss of $187,000 for the same quarter last year. Once these factors are accounted for, as well as a write-off of $2.5 million representing the costs associated with a canceled public share issue, BioChem's net loss was $4.9 million, or $0.13 per share at the end of the first quarter of 1992, compared with a loss of $924,000, or $0.03 per share, for the corresponding 1991 quarter. BioChem's balance sheet shows total assets of $104.5 million at April 30, 1992, up 96.1 percent over the $53.3 million figure at the same date a year earlier. Nearly one-third of BioChem's assets are in cash, or $31.6 million at April 30, 1992, compared with $22.8 million the previous year. Shareholders' equity increased from $39.1 million to $80 million between the two quarters being compared. Management wishes to confirm that the recent erratic stock trading activity bears no relation to its corporate development. In fact, BioChem has never been in a stronger position considering its revenue growth, financial position, progress of its research and development programs and relations with its shareholders. BioChem Pharma Inc. is engaged in the research and development of therapeutic products and the research, development, manufacturing, and marketing of vaccine and diagnostic products for a broad range of infectious and other diseases. Its shares are listed on the Montreal and Toronto stock exchanges (BCH). -0- 6/26/92 /CONTACT: Dr. Francesco Bellini, president and chief executive officer of BioChem Pharma, 514-681-1744, or Luc Beauregard or Gerard Berube of National Public Relations, 514-843-7171, for BioChem Pharma/ (BCHXF) CO: BioChem Pharma Inc. ST: Quebec IN: MTC SU:
CK-OS -- NY015 -- 4138 06/26/92 10:21 EDT
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|Date:||Jun 26, 1992|
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