LIPOSOME COMPANY REPORTS THIRD QUARTER RESULTS;
THIRD QUARTER REVENUES UP 151.6 PERCENT
PRINCETON, N.J., Nov. 6 /PRNewswire/ -- The Liposome Company, Inc. (NASDAQ: LIPO) today reported total revenues for the third quarter ended Sept. 30, 1991, were $2,506,000, a 151.6 percent increase over the third quarter of 1990. The net loss for the quarter was $715,000, a decrease of 62 percent compared to the loss of $1,890,000 in the same quarter a year ago. The net loss per share was 4 cents versus a loss of 13 cents in the third quarter a year ago.
Revenues received under two major licensing agreements signed in the fourth quarter of 1990 -- an agreement with Pfizer Inc covering TLC D-99 (liposomal doxorubicin) and an agreement with Schering AG of Berlin, Germany for TLC I-16, a liposomal non-ionic contrast agent -- accounted for the majority of the increase in collaborative research and development revenue to $1,517,000 as compared to $835,000 a year ago. In addition, interest income increased $680,000 or 469 percent due to the investment of proceeds from a second quarter 1991 stock offering. Licensing and other fees increased $148,000 due to an increase in gross profits earned by the company's Princeton Lipids division and a one-time licensing fee earned in the third quarter.
Total expenses for the quarter ended Sept. 30, 1991, were $3,221,000, and increase of 11.6 percent versus the third quarter of 1990. This increase was due to the higher level of manpower and supplies required for clinical trials of the company's lead products and preclinical testing of TLC C-53, a cell adhesion antagonist being developed for Adult Respiratory Distress Syndrome (ARDS) and Reperfusion Injury following Acute Myocardial Infarction (AMI) or heart attacks. In addition, general and administrative expenses increased by $188,000 compared to the third quarter of 1990.
Revenues for the nine months ended Sept. 30, 1991, were $6,213,000, an increase of $3,193,000 or 105.7 percent compared to the nine months ended Sept. 30, 1990. Total expenses for the period were $9,221,000, an increase of $652,000 or 7.6 percent as compared to the first nine months of 1990. Overall, the net loss for the nine months ended Sept. 30, 1991, of $3,008,000 represents a decrease of $2,541,000 or 45.8 percent over the nine months ended Sept. 30, 1990. The net loss per share for the first nine months of 1991 was 17 cents versus a loss of 39 cents per share in the same period a year ago.
The largest company dedicated exclusively to the development of liposome and lipid-based pharmaceuticals, The Liposome Company selectively develops proprietary parenteral pharmaceuticals for the treatment and diagnosis of life-threatening illnesses. The Liposome Company's most advanced products treat cancer and serious bacterial and fungal infections in immunocompromised patients, such as those with cancer and AIDS.
THE LIPOSOME COMPANY, INC.
Consolidated Statements of Operations
(In thousands, except per share figures)
Periods ended Three Months Nine Months
Sept. 30; 1991 1990 1991 1990
Collaborative research and
development revenues $1,517 $835 $4,277 $2,368
Licensing and other fees 164 16 233 106
Interest income 825 145 1,703 546
Total revenues 2,506 996 6,213 3,020
Research and development
expenses 2,327 2,180 6,685 6,195
General and administrative
expenses 894 706 2,536 2,374
Total expenses 3,221 2,886 9,221 8,569
Net loss (715) (1,890) (3,008) (5,549)
Net loss per common share (.04) (.13) (.17) (.39)
Weighted average number of
outstanding 19,451 14,227 17,760 14,213
Consolidated Statements of Financial Condition
Period ended 9/30/91 12/31/90
Current assets, principally
cash and short-term
investments $48,176 $8,220
Property and equipment, net 1,843 1,711
Other assets, net 1,596 1,076
Total assets 51,615 11,007
Current liabilities 3,301 2,914
Other liabilities 614 658
Stockholders' equity 47,700 7,435
Total liabilities and
stockholders' equity 51,615 11,007
/CONTACT: Anne M. Van Lent, senior vice president and CFO of The Liposome Company, 609-452-7060/
(LIPO) CO: The Liposome Company, Inc. ST: New Jersey IN: MTC SU: ERN PS-FC -- NY004 -- 1545 11/06/91 09:00 EST