SYSTEMIX REPORTS THIRD QUARTER AND NINE MONTH RESULTS
SYSTEMIX REPORTS THIRD QUARTER AND NINE MONTH RESULTS PALO ALTO, Calif., Nov. 12 /PRNewswire/ -- SyStemix, Inc.
(NASDAQ: STMX) today reported its financial results for the third quarter ended Sept. 30, 1992. Revenues totaled $3.98 million compared to $659,000 for the same period in 1991. Net income was $2.22 million, 22 cents per share, versus a net loss of $1.78 million or (27 cents) per share for the same period in 1991. The current quarter includes $3 million milestone payment from Sandoz Pharma Ltd. relating to the stem cell growth factor (SCGF) research and development collaboration. Future milestone payments, if any, will be dependent upon the achievement of certain research goals, as defined in the collaboration agreement.
For the nine months ending Sept. 30, 1992, SyStemix incurred a net loss of $13.67 million or ($1.47) per share, including a one-time special charge of $12.2 million relating to the Sandoz acquisition during the first quarter in 1992. Excluding this special charge, the net loss for the nine months ended Sept. 30, 1992 was $1.5 million or (15 cents) per share compared to a net loss of $5.60 million or (98 cents) for the same period in 1991. "As SyStemix continues to grow, research and development expenses are expected to increase. Our development capabilities are expanding significantly in offer to meet the challenges of taking potential products into the clinic. Simultaneously, the scope of our research projects is also growing," said Linda Sonntag, Ph.D., president and chief executive officer. "However, having Sandoz as a partner on the stem cell growth factor project greatly enhances the probability of success, while defraying a portion of our research and development expenses." SyStemix, Inc. is primarily engaged in the development of cellular process and cellular products based on human hematopoietic stem cells and human megakaryocyte progenitors. SYSTEMIX, INC. Selected Financial Highlights (In thousands, except per share data - Unaudited) Periods ended Three months Nine months Sept. 30 1992 1991 1992 1991 Total revenues $3,979 $659 $4,186 $1,628 Expenses: Research and development 2,697 1,953 7,162 5,418 General and administrative 1,331 580 3,710 1,684 Special charge related to Sandoz -- -- 12,175 -- Total operating expenses 4,028 2,533 23,047 7,102 Loss from operations ($49) ($1,874) (18,861) ($5,474) Net income (loss) 2,220 (1,775) (13,669) (5,603) Net income (loss) per share $0.22 ($0.27) ($1.47) ($.098) -0- 11/12/92 /CONTACT: Susan Gilbert, vice president and CFO of SyStemix, Inc., 415-856-4901, or Kathryn Comba of Noonan Russo Communications, Inc., 212-979-9180, for SyStemix, Inc./ (STMX) CO: SyStemix, Inc. ST: California IN: MTC SU: ERN
LR-SM -- NY013 -- 0035 11/12/92 09:18 EST
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|Date:||Nov 12, 1992|
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