NEORX ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 1992
NEORX ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 1992 SEATTLE, Jan. 17 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX)
today reported a net loss for the first quarter ended Dec. 31, 1991 of $3,688,000 (20 cents per share) compared to $3,718,000 (28 cents per share) for the quarter ended Dec. 31, 1990. The 1992 loss included a non-cash charge of $1,228,000 resulting from the exchange of 1,748,000 shares of NeoRx common stock for $6,993,000 principal amount of the company's 9-3/4 percent convertible Exchange Debentures. The company's loss before the exchange transaction and interest was $2,546,000, a decrease of $1,341,000 or 34 percent from the comparable fiscal 1991 period. The decreased loss resulted from a reduction in operating expenses to $2,665,000 for the first quarter from $4,046,000 for the comparable 1991 quarter, reflecting significant cost reduction measures implemented in January 1991.
Revenue for the first quarter of fiscal 1992 was $119,000 compared to $159,000 for the first quarter of fiscal 1991. Revenues consisted primarily of amounts earned under collaborative research agreements. "We began fiscal 1992 with our strongest balance sheet position in several years. The company reduced corporate debt from $8.2 million to $1.2 million and increased shareholders' equity to $13.1 million at Dec. 31, 1991. In the first quarter of fiscal 1992, the company completed a $10 million private equity placement. We now have sufficient resources to allow us to concentrate our efforts on product development and further scientific progress," stated Robert M. Littauer, NeoRx's vice president and chief financial officer. NeoRx Corporation, incorporated in May 1984, is developing monoclonal and antibody-based pharmaceutical products for in vivo detection and treatment of certain types of cancer. The company has three cancer clinical trials in progress and has filed for marketing approval with the FDA for two OncoTrac(R) imaging products to detect metastatic melanoma and small lung cancer. NEORX CORPORATION Condensed Statements of Operations (Unaudited, in thousands, except per share data) Three months ended Dec. 31: 1991 1990 Contract revenues $119 $159 Operating expenses: Research and development 1,483 2,219 General and administrative 1,182 1,187 Restructuring costs -- 640 Total operating expenses 2,665 4,046 Loss from operations (2,546) (3,887) Other income (expense) (1,142) 169 Net loss (3,688) (3,718) Preferred stock dividend (351) (473) Net loss applicable to common share (4,039) (4,191) Net loss per common shares ($.20) ($.28) Wtd. avg. common shares outstanding 20,674 14,838 Condensed Balance Sheets (In thousands) 12/31/91 9/30/91 (Unaudited) Assets: Cash and short-term investments $15,262 $9,204 Facilities and equipment, net 1,084 1,307 Other assets 1,009 10,576 Total $17,355 $21,087 Liabilities and shareholders' equity: Current liabilities $2,057 $2,826 Other liabilities 2,152 9,298 Shareholders' equity 13,146 8,963 Total $17,355 $21,087 -0- 1/17/92 /CONTACT: Robert M. Littauer, vice president, chief financial officer and treasurer of NeoRx, 206-286-2519, or Anthony J. Russo or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for NeoRx/ (NERX) CO: NeoRx Corporation ST: Washington IN: MTC SU: ERN SH-TS -- NY014 -- 0891 01/17/92 09:56 EST
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|Date:||Jan 17, 1992|
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