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
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|Date:||Mar 31, 1992|
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