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 CAMBRIDGE, England, May 27 /PRNewswire/ -- Cantab Pharmaceuticals plc, (NASDAQ: CNTBY) today announced financial results for the first quarter ended March 31, 1993.
 Revenues for the first quarter totaled 163,000 pounds sterling compared to 315,000 pounds for the same period in 1992. For both periods, revenues were earned under the company's collaborative agreement with Baxter Healthcare Corporation (NYSE: BAX) relating to Cantab's LM-CD45 product program for the prevention of organ transplant rejection.
 Operating expenses were 1,030,000 pounds for the first quarter of 1993 compared to 870,000 pounds for the year ago quarter. The increased level of operating expenses reflects an ongoing investment in the advancement of Cantab's portfolio of product programs, General and administrative expenses were lower in the first quarter of 1993 compared to the same period of 1992. This was due to the one-time costs of restructuring Cantab as a public limited company (plc) prior to Cantab's public offering in the United States in July 1992, the majority of which were incurred during the first quarter of 1992.
 Net loss for the first quarter 1993 was 778,000 pounds or 0.14 pounds per share compared to 463,000 pounds or 0.09 pounds per share for the same period of 1992. As of March 31, 1993 the closing cash position was 5.8 million pounds.
 During the first quarter 1993, Cantab announced encouraging results of clinical and preclinical studies on two of its product development programs, LM-CD45, a Leucocyte Modulator program for kidney transplantation and TA-HSV, a Therapeutic Antigen compound for genital herpes. In addition, Cantab announced a new academic collaboration with Oxford University which provides Cantab with access to novel technology.
 "We are encouraged by the results of our recent preclinical and clinical studies and anticipate steady progress in the further development of our product portfolio," said Paul Haycock, M.D., president and chief executive officer of Cantab.
 In addition, during the first quarter, Cantab commenced a new product program, TA-GW, a therapeutic antigen for the treatment of genital warts associated with human papilloma virus infection. The program builds on the company's expertise in the engineering of human papilloma viruses, which also form the basis of Cantab's product under development, TA-HPV, for the treatment of cervical cancer.
 Genital warts are benign tumors to the anogenital regions of men and women. Current therapies in general can cause considerable patient discomfort and in many patients are ineffective in preventing recurrence of the disease. It is estimated that in the United Kingdom, genital warts represent 15 percent of all sexually transmitted diseases and the incidence of new cases in the United States and Europe is estimated to be in excess of 1 million annually.
 As part of the continued financing of Cantab's progress, Cantab appointed Barclays de Zoete Wedd Limited (BZW), a U.K. investment bank, as U.K. financial advisors to the company. BZW will work alongside the company's financial advisors in the United States, PaineWebber, Incorporated. The appointment of BZW will assist Cantab in developing the company's overall financing strategy, including the possibility of a flotation on the London Stock Exchange in due course.
 Cantab is engaged in the research and development of biopharmaceuticals that use the highly selective properties of the immune system to treat disease. The company has research and development programs in two principal areas: Leucocyte Modulators, which regulate or block immune system function, and Therapeutic Antigens, which activate specific immune responses. Cantab's initial therapeutic focus includes programs in the prevention of organ transplant rejection, the treatment of cervical cancer, the prevention of the recurrence of genital herpes, the treatment of genital warts and research into the management of inflammatory bowel diseases.
 Selected Financial Information
 Consolidated Statements of Income
 (In thousands, except per share data)
 Periods ended Year First quarter
 12/31/92 3/31/92 3/31/92 3/31/92
 Audited Unaudited (A)
 (Pounds Sterling) (US$)
 Amounts in accordance with UK GAAP:
 License and milestone fees 500 -- -- --
 Contract development 1,189 308 163 246
 Other 14 7 -- --
 Total revenues 1,703 315 163 246
 Operating expenses:
 Research and development 2,708 529 817 1,234
 General and administrative(B) 945 341 213 321
 Total operating expenses 3,653 870 1,030 1,555
 Interest income, net 554 92 89 134
 Net (loss)/profit (1,396) (463) (278) (1,175)
 Net (loss)/profit per
 ordinary share (0.26) (0.09) (0.14) (0.22)
 Weighted average shares
 outstanding 5,435 4,951 5,435 5,435
 Amounts in accordance with US GAAP:
 Net (loss)/profit (1,700) (509) (863) (1,303)
 Net (loss)/profit per
 ordinary share (0.31) (0.10) (0.16) (0.24)
 Weighted average shares
 outstanding 5,435 5,355 5,435 5,435
 (A) -- U.S. dollar amounts have been translated from or into sterling at the rate on March 31, 1993, of 1.00 pound sterling equal $1.51, for information purposes.
 (B) -- The results for the period to March 31, 1992 exclude issuance costs of 203,000 pounds which were subsequently set-off against additional paid-in capital upon completion, in July 1992, of the company's initial public offer of shares in the United States.
 Selected Financial Information
 Consolidated Balance Sheets (In thousands)
 As at 12/31/92 3/31/92 3/31/93 3/31/93
 Audited Unaudited(A)
 (Pounds Sterling) (US$)
 Amounts in accordance with
 U.K. and U.S. GAAP:
 Cash and cash equivalents 6,853 3,422 5,824 8,794
 Other current assets 310 350 451 681
 Property, plant and equipment,
 net 1,825 1,699 1,846 2,787
 Detained offering expenses -- 203 -- --
 Total assets 8,988 5,674 8,121 12,262
 Current liabilities and accruals 821 738 624 942
 Non current liabilities 217 337 324 489
 Total liabilities 1,038 1,075 948 1,431
 Shareholders' equity 7,950 4,599 7,173 10,831
 Total liabilities and
 shareholders' equity 8,988 5,674 8,121 12,262
 (A) -- U.S. dollar amounts have been translated from or into selling at the rate on March 31, 1993, of 1.00 pound sterling equal $1.51, for information purposes.
 -0- 5/27/93
 /CONTACT: Paul Haycock, M.D., or Nick Hart, both of Cantab Pharmaceuticals plc, in Cambridge: 011-44-223-423413; or Anthony J. Russon, Ph.D., of Noonan/Russo Communication, 212-979-9180, for Cantab Pharmaceuticals/

CO: Cantab Pharmaceuticals plc ST: IN: MTC SU: ERN

TS-LO -- NY020 -- 2826 05/27/93 09:50 EDT
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Date:May 27, 1993

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