CYTOTHERAPEUTICS REPORTS SECOND QUARTER RESULTS
CYTOTHERAPEUTICS REPORTS SECOND QUARTER RESULTS PROVIDENCE, R.I., Aug. 7 /PRNewswire/ -- CytoTherapeutics, Inc.
(NASDAQ: CTII) today reported, in line with projections, a net loss for the second quarter of 1992 of 29 cents per share or $2,297,927, compared to a net loss of 37 cents per share or $1,547,467 in the second quarter of 1991.
Revenues for the second quarter of 1992, comprised of research contract revenue and interest earned on invested funds, were $431,559 compared with $167,452 in the comparable period in 1991. The net loss for the first six months of 1992 was $4,288,910 or 61 cents per share, compared with a net loss of $2,704,848, or 65 cents per share for the same period in 1991. Revenues for the six months ended June 30, 1992, were $647,429, compared with $382,878 for the same period in 1991. Cash and investments, including long-term investments totaled $31.7 million as of June 30, 1992. During the second quarter of 1992, the company received $22.5 million in net proceeds from the initial public offering of its common stock. "The cash position at the end of the second quarter reflects an investment of approximately $1.8 million in equipment and facilities, including our pilot manufacturing plant, which is under construction in preparation for our expected entry into clinical trials in 1993. The company expects to receive approximately $2.5 million in proceeds from an industrial revenue bond in the third quarter if 1992 to finance much of the capital investment we have made to date in 1992," announced Seth A. Rudnick, M.D., president and chief executive officer of CytoTherapeutics, Inc. "The financial results for the quarter indicate our increasing investment in research and product development, as well as our continued commitment to bringing our unique form of cellular therapy to patients." "We are also pleased to report that our preclinical research in our NeuroCRIB(tm) product for the treatment of Parkinson's disease continued according to schedule toward our 1993 clinical trials. In addition, our EndoCRIB(tm) product for Type I diabetes has progressed to the preclinical, scale-up research phase in large animal models, a key step on the road to the clinic. Encouraging preliminary large-animal data in our CereCRIB program for chronic pain continues to move development through the preclinical phase." CytoTherapeutics is a leader in the research and development of a novel approach to cell therapy for the treatment of severe, chronic disease. The company is developing a new class of therapeutic products based on its core technology of membrane-encapsulated living cells which can be safely implanted in patients where they supply biomolecules critical to treat disease. The company's product development efforts are concentrated in three areas: NeuroCRIB for the treatment Parkinson's disease, EndoCRIB for the treatment of Type I diabetes, and CereCRIB for the treatment of chronic pain. CYTOTHERAPEUTICS, INC. Statements of Operations (unaudited) Three Months Ended Six Months Ended June 30, June 30, 1992 1991 1992 1991 Revenues $431,559 $167,452 674,429 382,878 Operating Expenses: Research and development 1,978,625 1,319,764 3,529,397 2,320,286 General and administrative 708,437 369,281 1,352,988 725,066 Total operating expenses 2,687,062 1,689,045 4,882,385 3,045,352 Loss from operations (2,255,503) (1,521,593) (4,207,956) (2,662,474) Interest expense 42,424 25,874 80,954 42,374 Net loss $(2,297,927)$(1,547,467)$(4,288,910)$(2,704,848) Net loss per share (29 cents) (37 cents) (61 cents) (65 cents) Shares used in computing net loss per share 7,804,771 4,155,173 7,053,358 4,155,173 Balance Sheet Data (unaudited) June 30 December 31 1992 1991 Cash, cash equivalents, short-term and long-term investments $31,658,435 $14,769,319 Investment in plant and equipment (net) 4,896,927 1,811,086 Total assets 38,101,751 17,254,966 Total stockholders' equity $34,781,450 $14,929,242 -0- 8/7/92 /CONTACT: Thomas G. Wiggans, chief financial officer, or Elizabeth Razee, of CytoTherapeutics,Inc., 401-272-3310/ (CTII) CO: CytoTherapeutics Inc. ST: Rhode Island IN: MTC SU: ERN
TM -- NE002 -- 7912 08/07/92 09:37 EDT
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|Date:||Aug 7, 1992|
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