SYSTEMIX REPORTS 1991 YEAR-END RESULTS
SYSTEMIX REPORTS 1991 YEAR-END RESULTS PALO ALTO, Calif., March 27 /PRNewswire/ -- SyStemix, Inc.
(NASDAQ: STMX) today announced its financial results for the year ended Dec. 31, 1991.
The company said that its revenues and net loss were consistent with expectations, reflecting revenues from drug testing services and increased research and development expenditures to support expanded activities in the areas of human stem cells, megakaryocyte progenitors and stem cell growth factors. For the year ended Dec. 31, 1991, the company had total revenues of $1.8 million compared to $1.1 million for the same period in 1990. The net loss for the year was $8.3 million compared to $7.4 million in 1990. 1991 was a year of growth and change for SyStemix. In August 1991 the company completed its initial public offering, raising in excess of $37 million in cash to support its research and development programs. This was followed October by the issuance of the company's U.S. patents for human stem cells. Finally in December, the company and Sandoz, Ltd. entered into an acquisition agreement whereby Sandoz acquired a 60 percent equity interest in the company. As a result of this transaction, the company received $111 million in additional capital. This transaction was completed in February 1992. The acquisition agreement states Sandoz will be permitted to bid for 100 percent of SyStemix at any time after February 1995 but only if its offer is recommended by a majority of SyStemix's independent directors. Under the terms of the acquisition agreement, no price cap governing the future purchases by Sandoz has been put in place. In addition, all transactions between Sandoz and SyStemix are to be conducted on an arms- length basis between unaffiliated parties. Such transactions include, but are not limited to licensing agreements and technology transfers. SyStemix, Inc. is primarily engaged in the development of cellular processes and cellular products based on human hematopoietic stem cells, human megakaryocytes and megakaryocyte progenitors. -0- 3/27/92 /CONTACT: Ward C. Naughton, chief financial officer of SyStemix, 415-856-4901; or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for SyStemix/ (STMX) CO: SyStemix Inc. ST: California IN: MTC SU: ERN
SH -- NY015 -- 2284 03/27/92 10:09 EST
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|Date:||Mar 27, 1992|
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