ONCOGENE SCIENCE REPORTS FIRST QUARTER RESULTS
ONCOGENE SCIENCE REPORTS FIRST QUARTER RESULTS UNIONDALE, N.Y., Feb. 7 /PRNewswire/ -- Oncogene Science, Inc.
(NASDAQ: ONCS), today announced revenues of $2,211,251 for the first quarter ending Dec. 31, 1991, an increase of 30 percent from the $1,700,105 reported for the first quarter last year. The company had a net loss of $979,495, or $(.07) per share, compared to a net loss of $209,658, $(.02) per share, for the same period last year.
Commenting on the first quarter results, Gary E. Frashier, president and chief executive officer, said "The increase in revenue is a result of continuing increases in sales of our research products as well as the start of our collaboration with Becton Dickinson to develop cancer diagnostics. Our product sales were approximately $911,000 for the quarter representing an increase of 37 percent over the same quarter of the previous year. Much of the increase in our net loss is attributable to amortization of intangible assets relating to our acquisition of Applied BioTechnology, Inc. as well as the start up of the cancer diagnostics research program. "We are very pleased with the collaboration between the company and American Home Products which was entered into in December, and that it is now underway." Oncogene Science, Inc., using proprietary oncogene-related and growth factor technologies, is in the business of developing biopharmaceutical products for the research, diagnosis and treatment of cancer and other cell control-linked diseases. ONCOGENE SCIENCE, INC. SELECTED FINANCIAL DATA Three months ended Dec. 31 1991 1990 Revenues $2,211,251 $1,700,105 Net loss (979,495) (209,658) Loss per share (.07) (.02) -0- 2/7/92 /CONTACT: Robert L. Van Nostrand, vice president-finance and administration of Oncogene Science, 516-365-9300, or Susan Noonan of Noonan/Russo Communications, 212-979-9180, for Oncogene Science/ (ONCS) CO: Oncogene Science, Inc. ST: New York IN: MTC SU: ERN
SH-OS -- NY061 -- 7866 02/07/92 15:15 EST
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|Date:||Feb 7, 1992|
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