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GENSIA REPORTS 1993 FIRST QUARTER RESULTS

 SAN DIEGO, May 7 /PRNewswire/ -- Gensia Pharmaceuticals Inc. (NASDAQ: GNSA) today reported a net loss of $11.3 million, or $0.40 per share, in the first quarter ended March 31, 1993, compared to a net loss of $8.5 million, or $0.30 per share, in the 1992 first quarter.
 Total revenues, including revenues from contract research, product sales and interest income, were $8.8 million in the 1993 first quarter, compared to $6.6 million in the first quarter of 1992. This revenue growth was primarily the result of increases in product sales at Gensia Laboratories Ltd., a wholly owned subsidiary. First quarter product sales increased to $3.1 million in 1993 from $1.4 million in 1992. The cost of goods sold associated with these products sales were $4.2 million for the first quarter of 1993 and $3.2 million for the first quarter of 1992.
 Research and development expenses were $11.1 million in the 1993 first quarter and $8.8 million in the comparable 1992 period. Selling, general and administrative expenses were $4.4 million in the 1993 first quarter and were $2.9 million in the first quarter of 1992.
 The increase in selling, general and administrative activities was primarily related to the expansion of sales activities at Gensia Laboratories, legal expense related to the defense of litigation brought against the company, and sales and marketing expenditures relating to the launch of the Laryngeal Mask Airway (LMA), for which the company obtained exclusive U.S. distribution rights from Intavent International S.A., in September 1992.
 At March 31, 1993, Gensia had working capital of $123.7 million, primarily consisting of cash, cash equivalents and short-term investments. This figure includes net proceeds of approximately $77.3 million from the company's private offering of 1.6 million shares of $3.75 Convertible Exchangeable Preferred Stock which was completed in February 1993. This amount was partially offset by the March 1993 purchase of new facilities for $10.8 million to replace the company's leased research, development and administrative offices. The company is currently in discussions with third parties related to the financing of this purchase as well as the funding of subsequent improvements.
 In addition, at March 31, 1993, Aramed Inc. (NASDAQ: ARAMZ) and Gensia Clinical Partners L.P. had $50.8 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 1993 first quarter financial results reflect, in part, the cost of an additional clinical trial with Arasine(TM) for cardiac surgery and a Phase 3 clinical trial with Arasine in non-cardiac surgery, the costs of multicenter clinical trials with the GenESA(TM) System, increases in spending in Gensia's ongoing basic research programs, and costs related to Gensia's collaboration with a joint venture between Genta Inc. and Jagotec AG, an affiliate of Jago Pharma AG," according to David F. Hale, chairman, president and chief executive officer. The Genta-Jago joint venture was formed in January 1993 to develop, manufacture and commercialize oral products intended for the treatment of cardiovascular disease using Geomatrix(R) controlled-release drug delivery technology.
 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
 (1993 is without audit, in thousands)
 March 31, Dec. 31,
 1993 1992
 Assets:
 Current assets $134,609 $77,840
 Facilities and equipment, net 32,473 21,057
 Other assets 4,184 5,265
 Total assets $171,266 $104,162
 Liabilities and stockholders' equity:
 Current liabilities 10,935 9,633
 Other liabilities 4,604 5,380
 Stockholders' equity 155,727 89,149
 Total liabilities and
 stockholders' equity $171,266 $104,162
 GENSIA PHARMACEUTICALS INC.
 Statement of Operations Data
 (Without audit, in thousands except per share data)
 Three Months Ended
 March 31,
 1993 1992
 Revenue:
 Contract revenue $4,663 $3,999
 Product sales 3,088 1,438
 Interest income 1,040 1,202
 Total 8,791 6,639
 Costs and expenses:
 Cost of sales 4,242 3,153
 Research and development costs 11,113 8,848
 Selling, general and administrative 4,408 2,850
 Interest expense and other 290 257
 Total costs and expenses 20,053 15,108
 Net loss ($11,262) ($8,469)
 Net loss per common share ($.40) ($.30)
 Weighted average common and common
 equivalent shares outstanding 28,022 27,907
 -0- 5/7/93
 /CONTACT: Elizabeth A. Gard of Gensia Pharmaceuticals, 619-546-8300/
 (GNSA ARAMZ)


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

TM-JL -- LAON1 -- 5804 05/07/93 09:02 EDT
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Date:May 7, 1993
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