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GENSIA REPORTS 1992 FOURTH-QUARTER AND YEAR-END RESULTS

 SAN DIEGO, Feb. 5 /PRNewswire/ -- Gensia Pharmaceuticals Inc. (NASDAQ: GNSA) today reported a net loss of $9.2 million, or $0.33 per share in the fourth quarter ended Dec. 31, 1992, compared to a net loss of $8.0 million, or $0.32 per share in the 1991 fourth quarter. Total revenues, including revenue from contract research, product sales and interest income, were $10.2 million in the fourth quarter of 1992, compared to $4.6 million in the 1991 fourth quarter. Fourth-quarter product sales at Gensia Laboratories Ltd., a wholly owned subsidiary, increased to $4.2 million in 1992, from $1.2 million in 1991. Per share amounts have been adjusted to reflect a 3-for-2 stock split in the form of a 50 percent stock dividend effective March 2, 1992.
 Research and development expenses were $9.1 million in the 1992 fourth quarter and $6.9 million in the comparable 1991 period. Selling, general and administrative expenses were $4.8 million in the 1992 fourth quarter and were $2.7 million in the fourth quarter of 1991. The cost of goods sold for the fourth quarter of 1992 was $5.1 million on product sales of $4.2 million, as compared to $2.7 million (including $0.4 million of manufacturing start-up costs) on product sales of $1.2 million for the fourth quarter of 1991.
 For the 12 months ended Dec. 31, 1992, the company's net loss totaled $37.9 million, or $1.36 per share vs. a net loss of $28.8 million, or $1.25 per share for the 12 months ended Dec. 31, 1991. Total revenues, including revenue from contract research, product sales and interest income were $35.1 million for the 12 months ended Dec. 31, 1992, compared to $11.3 million for the 12 months ended Dec. 31, 1991. This revenue growth was the result of significant increases in contract revenue, product sales at Gensia Laboratories and interest income.
 Research and development expenses were $40.4 million for the 12 months ended Dec. 31, 1992, and $23.4 million for the comparable 1991 period. Selling, general and administrative expenses were $15.5 million for the 12 months ended Dec. 31, 1992, compared to $7.9 million for the same period in 1991. The cost of goods sold for the 12 months of 1992 was $16.0 million.
 At Dec. 31, 1992, Gensia had working capital of $68.2 million primarily consisting of cash, cash equivalents and short-term investments. In addition, at Dec. 31, 1992, Aramed Inc. (NASDAQ: ARAMZ) and Gensia Clinical Partners L.P. had $54.2 million in working capital and commitments, substantially all of which are expected to be used to fund the research and development by Gensia of certain pharmaceutical products that Gensia will have the option to acquire.
 "The 1992 financial results reflect, in part, the increased cost of multicenter clinical trials with our two lead cardiovascular drugs, Arasine(TM) and arbutamine (part of the GenESA System(TM)), increases in spending in our basic research programs and increases in product development and manufacturing activities at Gensia Laboratories," according to David F. Hale, chairman, president and chief executive officer.
 Gensia completed two multicenter phase 3 clinical trials with Arasine in approximately 1,450 patients undergoing coronary bypass graft surgery (CABG) in June 1992. On Dec. 30, 1992, the company filed a New Drug Application (NDA) with the Food and Drug Administration for Arasine in patients undergoing CABG surgery, followed by the filing of a Marketing Authorization Application (MAA) with the European Community and the European Free Trade Association in January of 1993. A regulatory submission for Arasine in this indication is expected to be filed in Canada in February. As previously announced, Gensia plans to complete an additional multicenter clinical trial with patients undergoing CABG surgery as additional support for the use of the drug in this indication. The company will initiate patient enrollment in early February 1993 and plans to complete this study by the end of 1993 or during the first half of 1994.
 Patient enrollment in the electrocardiography (ECG) protocol of an international multicenter phase 3 clinical trial with the GenESA System for use in the diagnosis of coronary artery disease in conjunction with ECG, echocardiography and radionuclide imaging was completed in December 1992. Patient enrollment in the protocols using the GenESA System with echocardiography and radionuclide imaging are expected to be completed in the first quarter of 1993. Assuming positive results in these phase 3 clinical trials, Gensia plans to make regulatory submissions in the United States, Europe and Canada in the second half of 1993.
 Gensia Pharmaceuticals is a San Diego-based biopharmaceutical company formed to discover, develop, manufacture and market novel pharmaceutical products for the treatment and diagnosis of human diseases.
 GENSIA PHARMACEUTICALS INC.
 Balance Sheet Data
 (In thousands)
 Dec. 31,
 1992 1991
 Assets:
 Current assets $77,840 $114,881
 Facilities and equipment, net 21,057 20,208
 Other assets 5,265 5,190
 Total $104,162 $140,279
 Liabilities and stockholders'
 equity:
 Current liabilities $9,633 $7,640
 Other liabilities 5,380 8,696
 Stockholders' equity 89,149 123,943
 Total $104,162 $140,279
 GENSIA PHARMACEUTICAL INC.
 Statement of Operations Data
 (In thousands, except per share data)
 Three months ended 12 months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenue:
 Contract revenue $5,120 $2,552 $19,740 $5,391
 Product sales 4,238 1,197 11,039 3,252
 Interest income 844 882 4,326 2,624
 Total revenue 10,202 4,631 35,105 11,267
 Costs and expenses:
 Cost of sales 5,102 2,349 16,045 5,338
 Manufacturing
 start-up costs --- 368 --- 2,974
 Research and
 development 9,121 6,894 40,353 23,361
 Selling, general and
 administrative 4,811 2,696 15,519 7,914
 Interest 409 350 1,125 511
 Total costs and
 expenses 19,443 12,657 73,042 40,098
 Net loss ($9,241) ($8,026) ($37,937) ($28,831)
 Net loss per
 share(a) ($.33) ($.32) ($1.36) ($1.25)
 Weighted average
 common and common
 equivalent shares
 outstanding(a) 27,995 25,348 27,954 23,084
 (a) Reflects a 3-for-2 stock split in the form of a 50 percent stock dividend effective March 2, 1992.
 -0- 2/5/93
 /CONTACT: Elizabeth A. Gard of Gensia Pharmaceuticals, 619-546-8300/
 (GNSA)


CO: Gensia Pharmaceuticals Inc. ST: California IN: MTC SU: ERN

BP-LS -- SD002 -- 3674 02/05/93 16:22 EST
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