Printer Friendly


 MOUNTAIN VIEW, Calif., Oct. 26 /PRNewswire/ -- Protein Design Labs, Inc. (PDL) (NASDAQ: PDLI) today reported financial results for the three months ended Sept. 30, 1993. Revenues were $2.9 million compared to revenues of $2.2 million for the comparable period in 1992. The company incurred a net loss of $782,524 or 6 cents per share, compared to a net loss of $225,803 or 2 cents per share for the comparable period last year.
 For the nine months ended Sept. 30, revenues were $4.7 million, compared to $4.8 million in the first nine months of 1992. The net loss was $10.8 million or 85 cents per share, which included a $5.0 million special charge (equal to 39 cents per share) related to the acquisition of an exclusive license from Sandoz Ltd., Sandoz Pharma Ltd., and Sandoz Pharmaceuticals Corp. to human and humanized antibody products and related technology. The net loss for the comparable period in 1992 was $1.4 million or 11 cents per share.
 The company's revenues are subject to quarterly fluctuations as they may include license fees and milestone payments as well as funded research under collaborative agreements with pharmaceutical companies. Revenues for the third quarter of 1993 included $2.2 million in payments for research funding and a milestone earned under a collaborative agreement with Hoffmann-La Roche Inc. Other R&D revenues in the third quarter of $206,000 reflect research funding and the sale of material for preclinical studies.
 The company had $36.5 million in cash, cash equivalents and investments as of Sept. 30, 1993. The company believes these resources should be sufficient for planned operations at least through 1994.
 During the third quarter PDL manufactured its first lots of antibody for use in clinical trials and signed an agreement to sell a portion of the production to Kanebo. Also during the third quarter PDL disclosed plans to file a protocol later this year for a Phase II trial with the SMART(TM) M195 Antibody in patients with acute myeloid leukemia. The Phase I trial was completed earlier this year at the Memorial Sloan- Kettering Cancer Center.
 "Manufacturing our anti-myeloid leukemia antibody in accordance with federally-required Good Manufacturing Practices for upcoming Phase II trials is a critical accomplishment for PDL and a precondition for moving our deep product pipeline through the clinic," said Laurence Jay Korn, Ph.D., president and chief executive officer of PDL. "We are also pleased that the SMART Anti-Tac Antibody, which is licensed to Hoffmann- La Roche and is in a multinational trial, has met another milestone, triggering a sizable payment, and that Roche announced in September that it has entered into an agreement for the long-term manufacture of SMART Anti-Tac with Celltech Group plc."
 Protein Design Labs, founded in 1986, is developing next-generation antibodies and other novel proteins to treat various disease conditions, including viral infections, autoimmune and inflammatory diseases, cancer and cardiovascular disease.
 PDL has four potential products in clinical trials. They are a human antibody against cytomegalovirus (CMV), which is being investigated for CMV retinitis in AIDS patients and other CMV infections; a human antibody against the hepatitis B virus; the SMART Anti-Tac Antibody for graft-versus-host disease, certain leukemias and lymphonas, and organ transplant rejection; and the SMART M195 Antibody for myeloid leukemia. PDL believes its human and computer-designed SMART (humanized) monoclonal antibodies will have a longer half-life and will be less immunogenic than traditional mouse antibodies and therefore will be more useful as human therapeutics.
 Statements of Operations
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Research and development
 under collaborative
 party $2,225,000 $225,000 $2,675,000 $675,000
 Research and development
 revenue under collaborative
 agreement--other 205,555 1,320,550 455,555 2,420,550
 Interest and other
 income 425,948 636,050 1,601,136 1,671,234
 Total revenues 2,856,503 2,181,600 4,731,691 4,766,784
 Costs and expenses:
 Research and
 development 2,973,659 1,984,426 8,473,154 4,892,704
 Purchase of in-process
 technology -- -- 4,975,000 --
 General and
 administrative 659,947 412,647 2,020,222 1,210,162
 Interest expense 5,421 10,330 20,900 34,432
 Total costs and
 expenses 3,639,027 2,407,403 15,489,276 6,137,298
 Net loss $(782,524) $(225,803) $(10,757,585) $(1,370,514)
 Net loss per share $(0.06) $(0.02) $(0.85) $(0.11)
 Shares used in
 computation of net
 loss per share 12,695,000 12,741,000 12,694,000 12,362,000
 Balance Sheet Data
 Sept. 30, Dec. 31,
 1993 1992
 Cash, cash equivalents and investments $36,501,197 $50,903,690
 Total assets 44,298,017 55,623,183
 Total common stockholders' equity 42,958,433 53,533,516
 -0- 10/26/93
 /CONTACT: Peter Dworkin, director, corporate communications, of Protein Design Labs, 415-903-3721/

CO: Protein Design Labs Inc. ST: California IN: MTC SU: ERN

GT-TM -- SJ001 -- 6665 10/26/93 07:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1993

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters