UNIMED REPORTS RECORD SALES OF MARINOL IN FISCAL YEAR RESULTS
SOMERVILLE, N.J., Nov. 14 /PRNewswire/ -- Unimed, Inc. (NASDAQ: UMED) today reported revenues for the fiscal year ended Sept. 30, 1991, of $6,405,000, compared with $4.5 million for the fiscal year ended Sept. 30, 1990. Consolidated net loss for the year totaled $517,000 or 13 cents per share, compared with a year-earlier net loss of $1,601,000 or 50 cents per share.
Pharmaceutical segment revenues for the fiscal year increased 94 percent to $3,727,000. Sales of Marinol(R) (dronabinol), Unimed's antinausea pharmaceutical for cancer chemotherapy patients, increased 39 percent to $1,671,000, achieving record levels of $568,000 in the fiscal fourth quarter. Sales of Serc(R) (betahistine HCl), Unimed's pharmaceutical for recurrent vertigo, increased 17 percent to $769,000. Research contract revenue and license fees increased $1,222,000 to $1,287,000.
Chemical segment revenues for the fiscal year increased 8 percent to $2,530,000. Other revenues, principally interest, decreased 62 percent to $148,000.
"Fiscal 1991 has been a year of exciting accomplishment. The highlight of our progress has been the establishment of a focused sales and marketing force to co-promote Marinol, increasing awareness and use among key physician specialists," said Harold J. Tenoso, Ph.D., Unimed's chairman and chief executive officer. "In only five months this expanded effort has increased the quarterly sales rate of Marinol by over 50 percent."
Unimed also reported progress in its Phase III multicenter trials of Marinol for appetite stimulation and prevention of weight loss in AIDS patients. Marinol has been granted Orphan Drug status for this use.
"We have enrolled over 50 percent of our target patient group and we are on schedule for filing a Supplemental New Drug Application by July 1992," Tenoso went on to say. "We have significant expectations for progress in fiscal 1992 through continued growth in Marinol sales and our efforts to acquire new products. Our objective is to achieve breakeven performance by the latter half of the fiscal year.
Unimed, Inc. specializes in the development and marketing of pharmaceuticals with primary emphasis on therapy and supportive care of cancer and AIDS patients. The company has brought two pharmaceuticals to market and has a portfolio of products in development.
UNIMED INC. AND SUBSIDIARIES
Years ended Sept. 30: 1991 1990
Total revenues $6,405,000 $4,500,000
Net loss (517,000) (1,601,000)
Net loss per share ($.13) ($.50)
/CONTACT: Charles P. Harrison, president of Unimed, 908-526-6894/
(UMED) CO: Unimed Inc. ST: New Jersey IN: MTC SU: ERN CK-TS -- NY032 -- 4354 11/14/91 10:51 EST