CAMBRIDGE NEUROSCIENCE REPORTS THIRD QUARTER 1993 RESULTS
Cerestat(TM) Clinical Trials Progressing on Schedule CAMBRIDGE, Mass., Nov. 4 /PRNewswire/ -- Cambridge NeuroScience,
Inc. (NASDAQ: CNSI) today reported, in line with expectations, a net loss for the third quarter ended Sept. 30, 1993, of $3,312,123, or 38 cents per share, compared to a net loss of $3,375,938, or 39 cents per share, in the third quarter of 1992. For the nine months ended Sept. 30, 1993, the company reported a net loss of $11,173,630, or $1.29 per share, compared with a net loss of $9,807,699, or $1.14 per share, for the same period last year.
Management reported that during 1993, the company has focused intensively on the clinical advancement of its lead product, Cerestat(TM), and Phase Ib clinical trials of the drug in both stroke and traumatic brain injury (TBI) patients are progressing on schedule. Forty-one patients -- more than half of those to be treated in these protocols -- have been treated. "Encouraging preliminary results of these Cerestat studies indicate that the drug is well-tolerated, at dosing levels which are believed to be clinically effective," Elkan Gamzu, Ph.D., president and chief operating officer. "We're looking forward to the conclusion of these studies and are planning for the initiation of broad Phase II studies for stroke and TBI in the United States and Europe." The Phase Ib trial of Cerestat in stroke patients now includes nine medical centers; eight in New England and one in Atlanta, Ga. The Phase Ib studies in TBI are being conducted at the University of Texas Health Sciences Center in Houston and the University of Glasgow, Scotland. Cambridge NeuroScience is a leading neuroscience company engaged in the discovery and development of proprietary pharmaceuticals with a focus on nerve cell survival. The company is developing a number of products to treat stroke, traumatic brain injury, schizophrenia and chronic neurodegenerative disorders, such as diabetic peripheral neuropathy and multiple sclerosis. CAMBRIDGE NEUROSCIENCE, INC. Consolidated Statements of Operations (unaudited) Three Months Nine Months Ended September 30, Ended September 30, 1993 1992 1993 1992 Revenue $162,867 $114,931 $302,744 $576,659 Operating Expenses: Research & development 2,763,396 2,900,759 9,380,030 8,847,874 General & administrative 790,220 844,162 2,410,033 2,495,207 Total Expenses 3,553,616 3,744,921 11,790,063 11,343,081 Loss from opers. (3,390,749) (3,629,990) (11,487,319) (10,766,422) Interest income 114,694 254,052 431,612 958,771 Interest expense (36,068) --- (117,923) (48) Net loss $(3,312,123 $(3,375,938)$(11,173,630) $(9,807,699) Net loss per common share (38 cents) (39 cents) $(1.29) $(1.14) Number of shares outstng. for purposes of computing net loss per share 8,636,191 8,619,958 8,631,710 8,615,777 Condensed Balance Sheets (unaudited) Sept. 30, Dec. 31, 1993 1992 Cash and cash equivalents $13,133,031 $25,077,374 Prepaid expenses and other current assets 544,847 625,936 Property and equipment, net 2,810,193 2,751,989 Total assets $16,488,071 $28,455,299 Current liabilities $3,548,667 $3,818,322 Long-term debt 1,041,671 1,666,667 Stockholders' equity 11,897,733 22,970,310 Total liabilities and stockholders' equity $16,488,071 $28,455,299 -0- 11/4/93 /CONTACT: Philip V. Holberton, vice president and CFO of Cambridge NeuroScience, 617-225-0600 ext. 106; or Christopher Taylor, account executive of Feinstein Partners, 617-577-8110, for Cambridge NeuroScience/ (CNSI)
CO: Cambridge NeuroScience, Inc. ST: Massachusetts IN: MTC SU: ERN
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