Printer Friendly

EMISPHERE REPORTS 1993 4TH QUARTER AND YEAR END RESULTS

 HAWTHORNE, N.Y. Oct. 21 /PRNewswire/ -- Emisphere Technologies, Inc. (NASDAQ: EMIS) today reported financial results for the fourth quarter and year ended July 31, 1993.
 For the fourth quarter ended July 31, 1993, the company reported research and development contract revenues of $50,000 and a net loss of $1.9 million, or $0.24 per share. In the fourth quarter 1992, Emisphere reported research and development contract revenues of $52,000 and a net loss of $2.2 million, or $0.38 per share.
 Emisphere reported a net loss of $6.6 million, or $0.99 per share for the year ending July 31, 1993, compared to a net loss of $6.3 million, or $1.17 for fiscal 1992. The company reported research and development contract revenues of $292,000 and costs and expenses of $7.5 million for the year, compared to research and development contract revenues of $177,000 and costs and expenses of $7.0 million in fiscal 1992. At July 31, 1993, Emisphere had cash, cash equivalents and short-term investments of approximately $20.2 million.
 Emisphere Technologies, Inc. is a publicly held biopharmaceutical company working to develop and commercialize its proprietary oral drug delivery system, which is intended to surmount the obstacles associated with the oral administration of many therapeutic agents. The company has development agreements with a number of companies, including The Upjohn Company(NYSE: UPJ), Schering-Plough Corporation(NYSE: SGP) and Enzon, Inc.(NASDAQ-NMS: ENZN)
 Fourth Quarter and Year End Financial Results
 Condensed Statements of Operations (unaudited)
 Three Months Ended Twelve Months Ended
 July 31, July 31,
 1993 1992 1993 1992
 Revenues:
 Research and
 development
 contracts $50,000 $52,000 $292,000 $177,000
 TOTAL REVENUES 50,000 52,000 292,000 177,000
 Costs and expenses:
 General
 admin. and
 selling expenses 567,876 814,601 1,963,403 2,489,823
 Research and
 development 1,551,552 1,563,953 5,582,940 4,495,552
 TOTAL COSTS
 AND EXPENSES 2,119,428 2,378,554 7,546,343 6,985,375
 Operat. loss (2,069,428) (2,326,554) (7,254,343) (6,808,375)
 Other inc.(Expenses):
 Interest inc. 204,047 113,585 570,763 464,215
 Other inc.
 (including rental
 inc. in 1992 of
 approx.$34,000) 10,687 9,302 33,611 60,116
 TOTAL OTHER INC. 214,734 122,887 604,374 524,331
 NET LOSS $(1,854,694) $(2,203,667) $(6,649,969) $(6,284,044)
 Net loss per
 share $(0.24) $(0.38) $(0.99) $(1.17)
 Weighted avg.
 shares outstng. $7,572,149 5,875,088 $6,706,470 $5,362,496
 Condensed Balance Sheets (unaudited)
 July 31, July 31,
 1993 1992
 Assets
 Current Assets:
 Cash and cash
 equivalents $1,118,689 $2,832,298
 Investments 19,135,185 4,746,226
 Prepaid expenses
 and other current assets 266,450 212,662
 Total Current Assets 20,520,324 7,791,186
 Equipment and leasehold
 improvements:
 Less accumulated
 deprec.and amort. 2,240,552 2,267,742
 Restricted cash equivalents 10,000 585,000
 Other assets 66,193 146,392
 TOTAL ASSETS $22,837,069 $10,790,320
 Total Current
 Liabilities $581,480 $523,320
 Total Liabilities $666,540 $575,161
 Total Stockholders'
 Equity $22,170,529 $10,215,159
 TOTAL LIABILITIES &
 STOCKHOLDERS' EQUITY $22,837,069 10,790,320
 -0- 10/21/93
 /CONTACT: Michael M. Goldberg, M.D., President and CEO of Emisphere Technologies, 914-347-2220; or Lynne H. Brum, Vice President of Feinstein Partners, 617-577-8110, for Emisphere Technologies/
 (EMIS UPJ SGP ENZN))


CO: Emisphere Technologies, Inc. ST: New York IN: MTC SU: ERN

JL -- NE017 -- 5434 10/21/93 16:37 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
Words:610
Previous Article:CHEMDESIGN ANNOUNCES RECORD QUARTERLY SALES IN THIRD QUARTER
Next Article:PROTEON REPORTS THIRD QUARTER RESULTS
Topics:

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