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 SAN DIEGO, Aug. 3 /PRNewswire/ -- Telios Pharmaceuticals Inc. (NASDAQ: TLIO) today announced results for its second quarter and the six-month period ended June 30, 1993. Revenues for the quarter were $500,000, a decrease from $1,402,000 for the same period last year reflecting changes in funding from corporate partnerships. Revenues for the first six months of 1993 were $922,000, compared to $1,929,000 for the same period of 1992. The 1993 revenues were comprised primarily of research payments in connection with the osteoporosis program and license fees for PepTite-2000(TM), whereas last year's revenues in the same period principally consisted of payments for toxicology supplies and collaborative research in connection with the cardiovascular program and sales of "Research Use Only" products.
 Telios reported a net loss for the quarter of $5,090,000, or $.21 per share, compared to a net loss of $5,424,000, or $.28 per share, for the same period in 1992. The year-to-date net loss was $10,046,000, or $.43 per share, for 1993, compared to $9,732,000, or $.53 per share, for the same period of 1992. The smaller loss during the second quarter was primarily the result of decreased clinical, research and development expenses associated with the initial indication of ARGIDENE(TM) Gel for which marketing approval is being sought from the U.S. Food and Drug Administration for the treatment of chronic dermal ulcers associated with diabetes.
 Telios is a leader in the development of a new class of therapeutic products that modify or mimic extracellular matrix functions in tissue repair and disease. The company is applying its proprietary technology to develop products for the treatment of severe and chronic dermal wounds, ophthalmic wounds, fibrotic diseases (such as certain kidney diseases), cardiovascular disease and osteoporosis.
 Condensed Balance Sheets
 (In thousands)
 June 30, Dec. 31,
 1993 1992
 Current assets $33,664 $16,222
 Property 11,868 11,461
 Other assets 616 710
 Total assets $46,148 $28,393
 Liabilities and Shareholders' Equity
 Current liabilities $3,024 $3,189
 Other liabilities 7,852 6,477
 Shareholders' equity 35,272 18,727
 Total liabilities and
 shareholders' equity $46,148 $28,393
 Condensed Statements of Operations
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $500 $1,402 $922 $1,929
 Costs and expenses
 Cost of product sales --- 104 --- 210
 Research and development 4,549 5,699 8,815 9,638
 General and administrative 830 779 1,743 1,511
 Marketing and sales 172 188 279 338
 Equity in net loss of
 European joint venture 35 180 93 173
 Total costs and expenses 5,586 6,950 10,930 11,870
 Other income (expense), net (4) 124 (38) 209
 Net loss ($5,090) ($5,424) ($10,046) ($9,732)
 Net loss per share ($.21) ($.28) ($.43) ($.53)
 Weighted average shares
 outstanding 24,309 19,169 23,505 18,279
 -0- 8/3/93
 /CONTACT: Audrey D. Keane (media), director of corporate development, or David Duncan Jr. (investors), CFO, of Telios Pharmaceuticals, 619-622-2615/

CO: Telios Pharmaceuticals Inc. ST: California IN: MTC SU: ERN

JL-LS -- SD010 -- 9132 08/03/93 19:18 EDT
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Publication:PR Newswire
Date:Aug 3, 1993

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