MEDIMMUNE REPORTS NINE MONTHS REVENUES OF $10.6 MILLION
MEDIMMUNE REPORTS NINE MONTHS REVENUES OF $10.6 MILLION GAITHERSBURG, Md., Oct. 29 /PRNewswire/ -- MedImmune Inc.
(NASDAQ: MEDI) today announced that third quarter 1992 revenues were $2.7 million compared to $2.4 million in third quarter 1991. A net loss of $0.9 million was incurred for the third quarter, or $0.05 per share, versus net earnings of $0.1 million in the third quarter of 1991. Operating expenses for the 1992 third quarter were up $1.2 million to $4.1 million from $2.9 million in the 1992 quarter, including a 79 percent rise in research and development expenditures which increased to $3.1 million from $1.7 million in 1991. Research and development revenue rose to $2.7 million for this year's third quarter versus $1.2 million in the 1991 quarter.
For the first nine months of 1992, revenues were $10.6 million versus $10.4 million in the same period of 1991. The net loss was $0.6 million or $0.04 per share compared to net income of $1.6 million or $0.11 per share in the 1991 period. Operating expenses for the nine months increased to $13.0 million in 1992 from $9.7 million in 1991. Research and development expenses rose 54 percent to $8.3 million from $5.4 million in 1991. The letter of intent to acquire CytoGam(TM) distribution rights announced today positions MedImmune to enter a new stage of commercial development. Wayne T. Hockmeyer, Ph.D., president and CEO, commented, "We are excited by the opportunity to begin selling our own products and believe acquiring rights to distribute CytoGam will prove to be an excellent investment." During the fourth quarter, MedImmune expects increased sales, marketing and clinical expenses associated with CytoGam. MedImmune will also begin to record product sales following completion of a definitive agreement with CytoGam's distributor. MedImmune Inc. was founded in 1988 to develop, manufacture and market therapeutics and vaccines for the treatment of infectious diseases and cancer. The company's corporate headquarters are in Gaithersburg. -0- 10/29/92 /CONTACT: David M. Mott, vice president - business development and planning of MedImmune, 301-417-0770; or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for MedImmune/ (MEDI) CO: MedImmune Inc. ST: Maryland IN: MTC SU: ERN
GK-KD -- NY092 -- 6797 10/29/92 16:53 EST
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|Date:||Oct 29, 1992|
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