Printer Friendly

CISTRON PROFITABLE FOR FOURTH STRAIGHT YEAR

CISTRON PROFITABLE FOR FOURTH STRAIGHT YEAR
 PINE BROOK, N.J., Oct. 1 /PRNewswire/ -- Cistron Biotechnology, Inc. today reported that it was profitable for the fourth consecutive year.
 In the fiscal year ended June 30, 1992, sales were $1,025,397 versus $1,035,581 in 1991. Net income for the year was $30,695 compared with $176,400 in the previous year.
 The decrease in net profits was attributed to increases in research and development, marketing expenditures, staffing and legal fees resulting from a patent infringement suit filed by Cistron to defend the Interleukin-1 (IL-1) patents.
 The company's liquidity improved markedly during the past year with an increase in its cash position. All remaining notes payable were fully repaid leaving the balance sheet free of any borrowings.
 Cistron also announced that it is working with Spencer Trask Securities Inc. on a private placement of the company's securities to raise $2 to $4 million.
 Bruce C. Galton, Cistron's president, cited the company's new product development focus, stating that "in addition to our own R&D efforts, we are trying to develop diagnostic and therapeutic applications of Cistron's IL-1 and other cytokine products. During the past year, we granted a license to Genetic Therapy, Inc. for the development of IL-1 products that would detect and treat cancer in humans.
 "Similarly, we are conducting a 100-patient study to develop a diagnostic product for dentists to detect and monitor periodontal disease. Cistron is working with the University of Medicine and Dentistry of New Jersey under a grant from the National Institutes of Health," concluded Mr. Galton.
 Cistron's primary product area is immune response regulators known as lymphokines. The company manufactures and sells lynpholine assay kits to pharmaceutical companies, the government and academic institutions in the United States, Europe and the Far East for cancer, arthritis and other autoimmune disease research.
 CISTRON BIOTECHNOLOGY, INC.
 Financial Summary
 Periods ended Twelve months ended
 June 30 1992 1991
 Net sales $1,025,397 $1,035,581
 Earnings before income taxes 30,695 176,400
 Income taxes 7,119 60,884
 Net income 30,695 176,400
 Net income per share $ -- $ .01
 Weighted average number
 of shares outstanding 27,194,240 25,017,191
 -0- 10/01/92
 CONTACT: Harold Smith of Cistron Biotechnology, 201-305-0244 CO: CISTRON BIOTECHNOLOGY, INC. IN: MTC SU: ERN ST: NJ -- NY006 -- X942 10/01/92
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:Oct 1, 1992
Words:391
Previous Article:AT&T PROVIDING FREE CALLS TO HURRICANE VICTIMS
Next Article:ROCKWELL AUTOMOTIVE COMPLETES DOUBLE PLAY IN ITS PLASTIC PRODUCTS BUSINESS
Topics:


Related Articles
CISTRON BIOTECHNOLOGY REPORTS SALES INCREASE FOR SECOND QUARTER AND SIX MONTHS
CISTRON ANNOUNCES RESULTS FOR SECOND QUARTER
CISTRON NET INCREASES IN FISCAL '95
CISTRON ANNOUNCES RESULTS FOR FIRST QUARTER
Cistron Reports Fiscal 1998 Results.
Cistron Biotechnology Reports 2nd Quarter and Six Months Results.
Cistron Reports 3rd Quarter and Nine Months Results.
Cistron FY99 Report Reflects Staff Downsizing, Production Outsourcing, Efforts to Sell/Merge Company.
Cistron Reports First Quarter Results; Announces Executive Changes.
Cistron Reports Second Quarter and Six Months Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters