Printer Friendly

T CELL SCIENCES REPORTS FIRST QUARTER RESULTS

 CAMBRIDGE, Mass., May 12 /PRNewswire/ -- T Cell Sciences, Inc., (NASDAQ: TCEL), today reported March 31, 1993 first quarter consolidated results which include total revenues of $2,158,389 compared to $3,687,846 in the same quarter last year. Total expenses for the current quarter were $4,393,028 compared to $4,488,830 for the comparable 1992 quarter. The net loss for the first quarter of fiscal 1993, after minority interest, totaled $1,704,305 or 13 cents per share. The net loss, after minority interest, for the same period last year amounted to $336,524 or 3 cents per share.
 "The financial results are in line with our base planning for the company," said Alan W. Tuck, president and chief executive officer of T Cell Sciences. "The significant difference vs. 1992 is primarily due to a large payment associated with the start of the contract with AB Astra in January 1992."
 In January 1992, upon the signing of a multiproduct and multiyear development agreement with AB Astra, T Cell Sciences received a one-time reimbursement for costs related to the development program which were incurred prior to the signing of the joint development agreement. T Cell Sciences continues to receive significant product development payments from AB Astra. Astra is funding a program aimed at developing therapeutic products for the treatment of autoimmune diseases and T cell cancers.
 Product sales for the quarter decreased approximately 16 percent to $945,000 compared to $1.1 million in the same three month period last year. The decrease was in the research products business due to increased competition across all product lines. Over the longer term the company anticipates that product sales will grow mainly due to the introduction of more clinical diagnostic products.
 While total operating expenses decreased approximately 2 percent this quarter compared to the first quarter of 1992, research and development as well as marketing expenses increased. Marketing expenses increased due to pre-launch product marketing costs for TRAx CD4 in Europe and the U.S. Cash and investments totaled $15.6 million as of March 31, 1993.
 Located in Cambridge, Mass., T Cell Sciences, Inc. is utilizing proprietary T cell and soluble receptor technology to develop pharmaceutical products to treat diseases of inflammation, autoimmunity and cancer. T Cell Diagnostics, an 84 percent owned subsidiary of T Cell Sciences, develops, manufactures and markets innovative diagnostic and research products.
 T CELL SCIENCES, INC.
 Comparative Consolidated Statement of Operations
 Quarter Ended March 31,
 1993 1992
 Revenues:
 Product development $1,213,380 $2,558,776
 Product 945,009 1,129,070
 Total revenues 2,158,389 3,687,846
 Total operating expenses 4,393,028 4,488,830
 Loss before minority interest
 and interest income (2,234,639) (800,984)
 Minority interest share of
 loss 169,132 92,217
 Interest income 361,202 372,243
 Net loss $(1,704,305) $(336,524)
 Net loss per common share (13 cents) (3 cents)
 Weighted average common shares
 outstanding 13,491,849 13,263,224
 -0- 5/12/93
 /CONTACT: Susan Primrose, manager of market development & communications or Jacqueline Arthur, vice president and chief financial officer, 617-621-1400, both of T Cell Sciences, Inc/
 (TCEL)


CO: T Cell Sciences Inc. ST: Massachusetts IN: MTC SU: ERN

DJ -- NE006 -- 7636 05/12/93 13:50 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:May 12, 1993
Words:547
Previous Article:DELUXE CORPORATION DECLARES DIVIDEND
Next Article:NTN ANNOUNCES IMPROVED RESULTS FOR FIRST QUARTER OF 1993
Topics:


Related Articles
T CELL SCIENCES REPORTS FISCAL YEAR 1992 FINANCIAL RESULTS
SYSTEMIX REPORTS SECOND QUARTER AND SIX MONTH RESULTS
T CELL SCIENCES REPORTS FIRST QUARTER RESULTS
ONCOGENE SCIENCE, INC. REPORTS FIRST QUARTER RESULTS
NEORX REPORTS FIRST QUARTER 1993 RESULTS
CELL GENESYS REPORTS FIRST QUARTER RESULTS
ADVANCED TISSUE SCIENCES INC. REPORTS FIRST QUARTER RESULTS
T CELL SCIENCES REPORTS SECOND QUARTER RESULTS
T CELL SCIENCES REPORTS THIRD QUARTER RESULTS
T CELL SCIENCES REPORTS FINANCIAL RESULTS FOR SECOND QUARTER 1996

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters