Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1992
Words:461
Previous Article:NEWS BRIEFING SCHEDULED AT FORD WORLD HEADQUARTERS
Next Article:BABBAGE'S, INC. ANNOUNCES FINANCIAL RESULTS
Topics:


Related Articles
SYSTEMIX REPORTS SECOND QUARTER AND SIX MONTH RESULTS
SYSTEMIX REPORTS 1992 RESULTS
SYSTEMIX REPORTS THIRD QUARTER AND NINE MONTH RESULTS
SYSTEMIX REPORTS SECOND QUARTER AND SIX MONTH RESULTS
SYSTEMIX REPORTS THIRD QUARTER AND NINE MONTH RESULTS
SYSTEMIX REPORTS FIRST QUARTER RESULTS
SYSTEMIX REPORTS SECOND QUARTER RESULTS
SYSTEMIX REPORTS SECOND QUARTER RESULTS
SYSTEMIX REPORTS FOURTH QUARTER AND TWELVE MONTH RESULTS
SyStemix Reports Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters