ONCOGENE SCIENCE REPORTS THIRD QUARTER RESULTS
ONCOGENE SCIENCE REPORTS THIRD QUARTER RESULTS UNIONDALE, N.Y., Aug. 14 /PRNewswire/ -- Oncogene Science, Inc.
(NASDAQ: ONCS) today announced revenues of $2,945,684 for the third quarter ended June 30, 1992, an increase of 53 percent from the $1,921,389 reported for the third quarter last year. The company had a net loss of $1,144,615, or $.08 per share, compared to a net loss of $343,716, or $.04 per share, for the same period last year. For the nine months ended June 30, 1992, the company had a net loss of $3,225,785 on operating revenues of $8,185,048 compared to net loss of $840,014 on operating revenues of $5,668,740 for the same period a year ago.
"We are pleased with the continued progress in our programs and the increase in revenue which is a result of the growth in product sales as well as our new collaborative programs with Becton Dickinson and American Home Products," said Gary E. Frashier, president and chief executive officer. "Our product sales were $1,148,725 for the third quarter representing an increase of 41 percent over the same quarter of the previous year. We are completing the development of assays in our drug discovery collaboration with American Home Products and will begin chemical file screening shortly. The expected increase in net loss is primarily due to the acquisition of Applied bioTechnology, Inc., the associated amortization of intangible assets, and to the start-up investment in the new cancer diagnostics program the effects of which will be largely behind us after this year." Oncogene Science, Inc., is a biopharmaceutical company, which uses its proprietary oncogene-related and gene transcription technologies to develop products for the treatment and diagnosis of cancer and other cell control-linked diseases. ONCOGENE SCIENCE, INC. AND SUBSIDIARY Selected Consolidated Financial Data Periods ended Three months Nine months June 30 1992 1991 1992 1991 Revenues $2,945,684 $1,921,389 $8,185,048 $5,668,740 Net loss (1,144,615) (343,716) (3,225,785) (840,014) Loss per share $(.08) $(.04) $(.22) $(.09) 6/30/92 9/30/91 Cash and short term investments $19,677,354 $10,110,352 Working capital 21,985,766 10,301,199 Total assets 44,245,272 18,079,405 Stockholders' equity 42,224,427 15,867,252 -0- 8/14/92 /CONTACT: Robert L. Van Nostrand, vice president-finance and administration of Oncogene Science, 516-222-0023/ (ONCS) CO: Oncogene Science, Inc. ST: New York IN: MTC SU: ERN
CK-SH -- NY019 -- 0015 08/14/92 12:33 EDT
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|Date:||Aug 14, 1992|
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