GENSIA REPORTS 1992 SECOND QUARTER RESULTS
GENSIA REPORTS 1992 SECOND QUARTER RESULTS SAN DIEGO, Aug. 6 /PRNewswire/ -- Gensia Pharmaceuticals Inc.
(NASDAQ: GNSA) today reported a net loss of $10.5 million, or $.38 per share in the second quarter ended June 30, 1992 compared to a net loss of $8.0 million, or $.34 per share in the 1991 second quarter. Total revenues, including revenue from contract research, product sales and interest income, were $7.9 million in the 1992 second quarter compared to $1.4 million in the second quarter of 1991. Second quarter product sales at Gensia Laboratories Ltd., a wholly owned subsidiary, increased to $2.2 million in 1992 from $692,000 in 1991. Per share amounts have been adjusted to reflect a three-for- two stock split in the form of a 50 percent stock dividend effective on March 2, 1992.
For the six months ended June 30, 1992, the company's net loss totalled $19.0 million or $.68 per share vs. a net loss of $14.3 million or $.66 per share for the six months ended in June 30, 1991. Total revenues for the first six months of 1992 were $14.5 million compared to $2.5 million in the first six months of 1991. At June 30, 1992, Gensia had working capital of $88.1 million primarily consisting of cash, cash equivalents and short-term investments. Gensia also has commitments from Aramed Inc. (NASDAQ: ARAMZ) and Gensia Clinical Partners, L.P. to fund the research and development of certain pharmaceutical products. As of June 30, 1992, Aramed had working capital of $48.6 million and Gensia Clinical Partners had commitments of approximately $18 million from its limited partners to fund the continuing development of the GenESA(TM) System. "The 1992 second quarter financial results reflect, in part, the cost of two major multicenter Phase 3 clinical programs. These consist of the Arasine(TM) Phase 3 clinical trials in patients undergoing coronary artery bypass graft surgery (CABG) and the initiation of a major Phase 3 clinical program with the GenESA System for the diagnosis and evaluation of coronary artery disease," according to David F. Hale, chairman, president and chief executive officer. "The continuation of the Arasine Phase 3 trial in Western Europe and Canada included an expansion from 600 to 800 patients which contributed to increased research and development expenses in the second quarter." Patient enrollment in the international Phase 3 clinical trial with Arasine was completed at the end of the second quarter (as previously announced, patient enrollment in the U.S. Phase 3 clinical trial was completed in April 1992). Gensia expects to complete the review and analysis of the data of the U.S. and international Phase 3 clinical trials with Arasine for CABG in late September 1992. Assuming a favorable outcome of this analysis, the company expects to submit a New Drug Application (NDA) to the Food and Drug Administration (FDA) by the end of 1992, followed by a European regulatory submission with the CPMP. A Canadian regulatory submission is planned for the first quarter of 1993. The GenESA System entered multicenter Phase 3 clinical trials in the United States and Western Europe in April 1992. The company expects to complete the Phase 3 program at the end of 1992 and file regulatory submissions for the GenESA System in the United States and Europe in mid-1993. The GenESA System, which combines arbutamine and a computer-controlled, closed-loop drug delivery device, is being developed to administer a pharmacological stress test to enhance the diagnosis and evaluation of coronary artery disease when used in conjunction with electrocardiography (ECG), echocardiography and radionuclide imaging. Research and development expenses were $11.1 million in the 1992 second quarter and $5.8 million in the comparable 1991 period. Selling, general and administrative expenses were $3.6 million in the 1992 second quarter and were $1.8 million in the second quarter of 1991. Cost of goods sold for the second quarter of 1992 was $3.5 million. In the 1991 second quarter, cost of goods sold was $865,000 with additional manufacturing start-up costs of $870,000. 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 (1992 is without audit, in thousands) June 30, Dec. 31, 1992 1991 Assets: Current assets $99,062 $114,881 Facilities and equipment, net 19,518 20,208 Other assets 5,411 5,190 Total assets $123,991 $140,279 Liabilities and stockholders' equity Current liabilities $10,982 $7,640 Other liabilities 6,991 8,696 Stockholders' equity 106,018 123,943 Total liabilities and stockholders' equity $123,991 $140,279 Statement of Operations Data (Without audit, in thousands except per share data) Three months ended Six months ended June 30, June 30, 1992 1991 1992 1991 Revenue: Contract revenue $4,483 $--- $8,482 $--- Net sales 2,197 692 3,635 1,329 Interest income, net 1,194 688 2,396 1,130 Total 7,874 1,380 14,513 2,459 Expenses: Cost of sales 3,502 865 6,655 1,319 Manufacturing start-up costs --- 870 --- 2,125 Research and development 11,054 5,784 19,902 10,175 Selling, general and administrative 3,601 1,823 6,451 3,151 Interest expense 210 --- 467 --- Total 18,367 9,342 33,475 16,770 Net loss ($10,493) ($7,962) ($18,962) ($14,311) Net loss per share(a) ($.38) ($.34) ($.68) ($.66) Weighted average common and common equivalent shares outstanding(a) 27,940 23,606 27,923 21,654 (a) Reflects a three-for-two stock split in the form of a 50 percent stock dividend effective on March 2, 1992. -0- 8/6/92 /CONTACT: Martha L. Hough or Elizabeth A. Gard of Gensia Pharmaceuticals, 619-546-8300/ (GNSA ARAMZ) CO: Gensia Pharmaceuticals Inc. ST: California IN: MTC SU: ERN
AL -- SD004 -- 7432 08/06/92 09:01 EDT
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|Date:||Aug 6, 1992|
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