Printer Friendly

T CELL SCIENCES REPORTS THIRD QUARTER RESULTS

 CAMBRIDGE, Mass., Oct. 29 /PRNewswire/ -- T Cell Sciences, Inc., (NASDAQ: TCEL) today reported Sept. 30, 1993 third quarter consolidated results which include total revenues of $2,051,721, compared to $2,575,131 in the same quarter last year. Total expenses for the quarter were $4,759,448 compared to $4,334,980 for the comparable 1992 quarter. The net loss for the third quarter of fiscal 1993, after minority interest totaled $2,389,982 or 17 cents per share. The net loss, after minority interest, for the same period in the last fiscal year amounted to $1,398,732 or 10 cents per share.
 "The restructuring of T Cell Diagnostics, which occurred during the third quarter, is expected to result in a savings of over $1 million during the next year," said Alan W. Tuck, president and chief executive officer of T Cell Sciences. "We believe the changes made during the quarter plus the repurchase of the outstanding minority interest in T Cell Diagnostics will benefit T Cell Sciences' shareholders by creating the organization necessary to succeed in the marketplace and by capturing fully the value of the emerging diagnostic product line, including TRAx(TM)CD4."
 The increase in the third quarter losses was driven by changes in T Cell Diagnostics, including the restructuring of ownership and reduction in staffing. The impact included a one-time charge of approximately $250,000 associated with the streamlining, as well as an associated loss of sales due to the disruption in selling effort as the company implemented the changes. Product development revenues in T Cell Diagnostics were down compared to the same quarter in 1992. In the third quarter last year, product development revenues included a significant milestone payment from Yamanouchi related to the TRAx marketing agreement.
 Revenues for the first nine months of fiscal 1993 amounted to $6,821,399 compared to revenues of $8,873,167 for the first nine months of fiscal 1992. Revenues during the first nine months last year included a one-time payment from AB Astra. Expenses totaled $13,695,142 through Sept. 30, 1993. Whereas, expenses for the first nine months of the last fiscal year amounted to $12,447,382. The net loss after minority interest, for the nine months ended Sept. 30, 1993 amounted to $5,609,516 or 41 cents per share, compared to the loss for the comparable nine month period last year of $2,472,415 or 19 cents per share. The company had a consolidated cash balance of approximately $12.1 million as of Sept. 30, 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, a wholly-owned subsidiary of T Cell Sciences, develops, manufactures and markets innovative diagnostic and research products.
 T CELL SCIENCES, INC.
 Consolidated Statements of Operations
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Product sales $710,635 $968,637 $2,585,545 $3,216,454
 Product
 development 1,341,086 1,606,494 4,235,854 5,656,713
 Total revenues 2,051,721 2,575,131 6,821,399 8,873,167
 Expenses:
 Research &
 development 2,365,084 2,345,456 7,074,303 6,295,915
 General and
 administrative 1,286,241 1,106,356 3,458,827 3,635,280
 Marketing 582,874 433,508 1,683,502 1,154,287
 Manufacturing
 costs 525,249 449,660 1,478,510 1,360,900
 Total operating
 expenses 4,759,448 4,334,980 13,695,142 12,447,382
 Operating loss (2,707,727)(1,759,849) (6,873,743) (3,574,215)
 Interest income 313,827 306,759 954,189 947,811
 Loss before
 minority
 interest (2,393,900)(1,453,090) (5,919,554) (2,626,404)
 Minority interest
 share of loss 3,918 54,358 310,038 153,989
 Net loss $(2,389,982)$(1,398,732) $(5,609,516)$(2,472,415)
 Net loss per
 common share (17 cents) (10 cents) (41 cents) (19 cents)
 Weighted average
 common shares
 outstanding 13,765,760 13,389,311 13,536,940 13,336,536
 -0- 10/29/93
 /CONTACT: Jacqueline Arthur, vice president and chief financial officer or Susan Primrose, manager of market development & communications, both of T Cell Sciences, 617-621-1400/
 (TCEL)


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

1215 -- NE007 -- 8549 10/29/93 13:16 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 29, 1993
Words:750
Previous Article:THE RIVAL COMPANY DECLARES DIVIDEND
Next Article:HOME PORT BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM AND REPORTS THIRD QUARTER RESULTS
Topics:

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