Printer Friendly


 FOSTER CITY, Calif., Oct. 21 /PRNewswire/ -- Cell Genesys Inc. (NASDAQ: CEGE), today reported financial results for the third quarter ended Sept. 30. Revenues for the quarter, principally from the company's joint venture with JT Immunotech USA, Inc. for the development and commercialization of human antibodies, were $2.0 million, up from $1.2 million a year ago. The increase is due primarily to a benchmark payment funded by JT Immunotech for Cell Genesys' progress on the human monoclonal antibody program.
 The company registered a net loss of $1.9 million, or 16 cents per share, compared with a net loss of $1.3 million, or 70 cents per share, for the same quarter last year. Weighted average shares were 11.3 million for the quarter, compared with 1.8 million a year ago. The increase in the number of shares was due primarily to the completion of Cell Genesys' $40.5 million initial public offering and associated conversion of preferred to common shares in February 1993. At the end of the third quarter, Cell Genesys held cash, cash equivalents and short- term investments totaling $51.4 million.
 Operating expenses for the quarter increased to $4.2 million, up from $2.6 million for the same period last year. This increase reflects growth in personnel, expansion of facilities and increases in the extent of research and development programs. Cell Genesys added two newly- created department director positions in product development during the quarter, bringing the total this year to five new department directors and two senior management appointments in the product development area.
 During the third quarter, Cell Genesys began construction of its initial pilot manufacturing facility, which will produce material for the company's early-stage human clinical trials. The 15,000 square-foot facility, scheduled to be operational in early 1994, is being built at a cost of approximately $2.5 million at the company's headquarters site.
 Cell Genesys is a leader in the application of gene targeting technology to the development of human therapeutic products. Gene targeting is a cellular genetic engineering technology which enables precise and permanent activation, inactivation and replacement of specific genes in living cells. The company is applying gene targeting and related technologies to develop products in three areas: universal cell transplant products, therapeutic protein products and human monoclonal antibody products.
 Statements of Operations Three months Nine months
 (unaudited in thousands ended Sept. 30, ended Sept. 30.
 except per share data) 1993 1992 1993 1992
 Revenue under collabor-
 ative agreements -- prin-
 cipally from a related
 party $ 1,972 $ 1,230 $ 4,820 $ 4,088
 Operating expenses:
 Research and development 3,445 1,988 8,874 5,536
 General and administrative 762 594 2,108 1,465
 Total operating expenses 4,207 2,582 10,982 7,001
 Interest income, net 380 75 1,034 216
 Net loss $(1,855) $(1,277) $(5,128) $(2,697)
 Net loss per share $ (.16) $ (.70) $ (.50) $ (1.49)
 Shares used in computing
 net loss per share 11,274 1,816 10,348 1,808
 (in thousands)
 September 30, December 31,
 1993 1992
 Cash, cash equivalents and
 short-term investments $51,389 $15,495
 Other current assets 537 340
 Property and equipment, net 3,775 2,592
 Other assets 942 201
 Total assets $56,643 $18,628
 Current liabilities $ 2,972 $ 1,397
 Long-term obligations 1,319 878
 Stockholders' equity 52,352 16,353
 Total liabilities and stock-
 holders' equity $56,643 $18,628
 -0- 10/21/93
 /CONTACT: Stephen A. Sherwin, M.D., president and chief executive officer of Cell Genesys, 415-358-9600, ext. 212/

CO: Cell Genesys ST: California IN: MTC SU: ERN

LH-TM -- SF004 -- 5104 10/21/93 11:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1993

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