Printer Friendly

VERTEX PHARMACEUTICALS REPORTS 1993 THIRD QUARTER RESULTS

 CAMBRIDGE, Mass., Oct. 21 /PRNewswire/ -- Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) reported financial results today for the third quarter and the nine months ended Sept. 30, 1993. Revenues for the third quarter were $4,726,000, derived from collaborative research and development and interest income, as compared to $1,496,000 for the third quarter of 1992. Expenditures on research and development for the third quarter of 1993 were $6,579,000 versus $3,020,000 for the third quarter of 1992. The company's net loss for the quarter was $2,650,000 or 21 cents per share, compared to $2,213,000, or 18 cents per share in 1992.
 For the nine months ended Sept. 30, 1993, revenues from collaborative research and development and interest income increased to $10,965,000 from $4,442,000 for the same period in 1992. Expenditures on research and development were $15,181,000 as compared to $8,283,000 in the first nine months of 1992. The net loss for the nine months ended Sept. 30, 1993 was $6,739,000 or 55 cents per share, compared to $5,788,000, or 48 cents per share, for the comparable 1992 period.
 "Our revenues increased in the third quarter with our signing of a major strategic alliance with Roussel Uclaf involving our Inflammation Program," stated Dr. Joshua Boger, Vertex's president and CEO. "In addition to the financial resources Roussel Uclaf is dedicating to this program, they are making a substantial human resource commitment to the scientific effort." He added, "The higher research and development expenditures reflect our progress in our most advanced programs, Hemoglobin Disorders, HIV and Cancer Multidrug Resistance."
 Vertex is a leader in the use of structure-based rational drug design, a scientific approach to drug discovery which uses atomic level information to design synthetic compounds that interact with protein targets involved in disease processes. Vertex is using advanced techniques of biology, chemistry and biophysics to create novel, small molecule compounds that the Company plans to develop as orally deliverable drugs to treat major human diseases. Vertex is concentrating on the development of drugs in the areas of immunology, cancer, antiviral therapy, hemoglobin disorders and inflammation.
 VERTEX PHARMACEUTICALS INCORPORATED
 STATEMENT OF OPERATIONS DATA
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Collaborative and other
 research and development $4,380 $962 $9,929 $2,829
 Interest income 346 534 1,036 1,613
 Total revenues 4,726 1,496 10,965 4,442
 Costs and expenses:
 Research and development 6,579 3,020 15,181 8,283
 General and administrative 673 565 2,147 1,621
 Interest 124 124 376 326
 Total costs and expenses 7,376 3,709 17,704 10,230
 Net loss $(2,650) $(2,213) $(6,739) $(5,788)
 Loss per common share $(0.21) $(0.18) $(0.55) $(0.48)
 Weighted average number
 of common shares
 outstanding 12,458 12,142 12,351 12,088
 BALANCE SHEET DATA
 (In thousands)
 Sept. 30, Dec. 31,
 1993 1992
 Cash and Short-Term Investments $42,562 $43,701
 Total Assets 50,779 51,043
 Total Stockholders' Equity 40,586 43,850
 -0- 10/21/93
 /CONTACT: Stephanie K. Marrus, director, corporate communications for Vertex Pharmaceticals, 617-499-2490; or Robert Gottlieb, senior vice president, Feinstein Partners, 617-577-8110, for Vertex Pharmaceuticals/
 (VRTX)


CO: Vertex Pharmaceuticals ST: Massachusetts IN: MTC SU: ERN

CM-JL -- NE003 -- 4945 10/21/93 08:00 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 21, 1993
Words:577
Previous Article:MGI PHARMA REPORTS THIRD QUARTER 1993 RESULTS
Next Article:DURACELL POSTS RECORD FIRST QUARTER EARNINGS OF $44 MILLION OR 37 CENTS PER SHARE; ANNOUNCES 5.8 MILLION SHARE SECONDARY OFFERING BY KKR
Topics:

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