Printer Friendly

INTERFERON SCIENCES REPORTS 1991 OPERATING RESULTS

            INTERFERON SCIENCES REPORTS 1991 OPERATING RESULTS
    NEW BRUNSWICK, N.J., March 31 /PRNewswire/ -- Interferon Sciences,


Inc. (NASDAQ-NMS: IFSC), today reported revenues of $2,503,000 for the year ended Dec. 31, 1991, up from $622,000 the year before. Revenues in the fourth quarter of 1991 advanced to $1,283,000, from $484,000 a year ago.
    The company also reported reduced losses for the year and quarter. The net loss for 1991 fell to $5,896,000 from $8,314,000 in 1990.  For the fourth quarter, the net loss declined to $1,444,000, from $2,048,000, in the corresponding year-earlier period.
    In July 1991, ALFERON(R) N injection, the first natural-source, multi-subspecies alpha interferon, was launched nationwide after the company received FDA approval of its expanded manufacturing facility and improved production process.  ALFERON N injection is being marketed and distributed by Purdue Pharma L.P., an affiliate of The Purdue Frederick Company.
    "We anticipate that we will be making further marketing inroads with our alpha interferon this year," said Samuel H. Ronel, Ph.D., president of Interferon Sciences.  "In addition, our increased production capacity and strong financial position will enable us to expand our clinical program and study the potential application of our interteron technology to other diseases."
    A low dose oral liquid alpha interferon preparation is undergoing two separate controlled clinical trials at a major New York City medical center to evaluate its potential for treating AIDS and AIDS-Related Complex.
    Also, the Walter Reed Army Institute of Research recently announced commencement of a Phase I clinical trial in asymptomatic HIV positive patients utilizing Interferon Sciences' injectable formulation of interferon alpha-n3.  The company also plans studies of its topical natural interferon preparation, which it believes may have potential in the treatment of recurrent genital herpes, a disease afflicting some 30 million Americans, plus other viral diseases and cancers.
    A public offering last October of 2,300,000 new shares of common stock resulted in net proceeds of $9,588,000 to Interferon Sciences.  At Dec. 31, 1991, Interferon Sciences had cash, interest bearing deposits and marketable securities totaling $11,699,000, and stockholders equity of $19,045,000.  Subsequently, in March 1992, the company announced that exercise of certain warrants had resulted in additional funds to the company of $2,956,000.
                       INTERFERON SCIENCES, INC.
                               Quarter Ended           Year Ended
                                 Dec. 31                 Dec. 31
                            1991         1990       1991         1990
    Revenues             $1,283,000    $484,000  $2,503,000    $622,000
    Net income (loss)    (1,444,000) (2,048,000) (5,896,000) (8,314,000)
    Net income (loss)
     per share                $(.11)      $(.33)      $(.62)     $(1.34)
    Weighted avg. shares
     used for per share
     amounts             13,195,000   6,232,000   9,501,000   6,212,000
    Interferon Sciences, Inc. is 53 percent owned by National Patent Development Corporation (AMEX, PSE: NPD) of New York City.
    -0-             3/31/92 R
    /CONTACT:  Samuel H. Ronel, Ph.D., president, 908-249-3250, or Stanley G. Schutzbank, Ph.D., executive vice president, 908-249-3250, both Interferon Sciences/
    (IFSC) CO:  Interferon Sciences, Inc. ST:  New Jersey IN:  MTC SU:  ERN PS -- NY005 -- 3263 03/31/92 09:22 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 31, 1992
Words:523
Previous Article:MISSIMER AND ASSOCIATES EXPANDS BOARD TO EIGHT, ADDS TWO OUTSIDE DIRECTORS
Next Article:PITTWAY TO CONSIDER DIVESTITURE OF FIRST ALERT, BRK ELECTRONICS
Topics:


Related Articles
BIOGEN REPORTS FOURTH QUARTER AND 1991 RESULTS
MEDICAL STUDY CONCLUDES INTERFERON SCIENCES' TOPICAL ALPHA INTERFERON FORMULATION 'USEFUL MODALITY' IN TREATING RECURRENT GENITAL HERPES
American Red Cross and Interferon Sciences, Inc. Complete Supply Agreement for Production of ALFERON N Injection
Interferon Sciences Exercises Right to Repurchase Convertible Preferred Stock
Genzyme Transgenics, Interferon Sciences to Collaborate on Development of Transgenic Interferon Alpha
Human Genome Sciences Reports Interim Results of Phase 1/2 Clinical Trial of Albuferon(TM) in Patients Infected With Hepatitis C Virus; Data...
Human Genome Sciences Reports Positive Results of Phase 1/2 Clinical Trial of Albuferon(TM) in Chronic Hepatitis C.
Human Genome Sciences Completes Enrollment in a Phase 2 Clinical Trial of Albuferon(TM) in Treatment-Naive Patients with Chronic Hepatitis C.
Human Genome Sciences Initiates Phase 2b Clinical Trial of Albuferon(TM) in Combination With Ribavirin in Treatment-Naive Patients With Chronic...
Human Genome Sciences Reports Interim Results of Phase 2 Clinical Trial of Albuferon(TM) in Combination With Ribavirin in Treatment-Experienced...

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