Stock off on earnings. No conference call?
>>EXTON, Pa., July 26 /PRNewswire/ -- 3-Dimensional Pharmaceuticals, Inc. (Nasdaq: DDDP - news) today announced results for the second quarter ended June 30, 2001. Revenues for the quarter increased to $6.6 million, compared to $2.1 million for the second quarter of 2000. Net loss for the quarter was $3.1 million, or $0.14 per share, compared to a net loss of $2.5 million, or $0.18 per share, on a pro forma basis for the second quarter of 2000. For the six months ended June 30, 2001, 3DP reported revenues of $12.4 million, compared to $3.6 million for the same period in 2000. Net loss for the six months was $4.7 million, or $0.22 per share, compared to $6.2 million, or $0.52 per share, on a pro forma basis for the same period in 2000. (Pro forma loss per common share assumes all shares of preferred stock, which converted into common stock upon the Company's initial public offering in August 2000, had converted at the original dates of issuance.)
The revenue increases for the quarter and year to date result from discovery collaborations and license agreements with Bristol-Myers Squibb, Centocor, Inc. (a wholly owned subsidiary of Johnson & Johnson) and Schering AG, Germany.
Research and development expenses increased by $3.8 million, to $6.9 million for the second quarter of 2001, compared to $3.1 million for the second quarter of 2000. During the quarter the Company continued to expand its research and development investments in its internal and collaborative programs. General and administrative expenses increased by $2.5 million, to $4.2 million for the second quarter of 2001, compared to $1.7 million for the second quarter of 2000. The increase was primarily related to increased investments in management, business development and facilities required to support the company's continued growth, and other expenses relating to its operations as a public company.
``We are pleased with our progress,'' said David C. U'Prichard, Ph.D., Chief Executive Officer of 3DP. ``Since January of this year our staff has grown from 125 to 170, which includes 75 Ph.D.s. We currently plan to add up to 50 additional employees during the remainder of the year. The staff expansion has enabled us to initiate and advance several internal programs. We remain focused on continuing the progress and expansion of our internal pipeline of orally active drug candidates, which currently includes several programs in various stages of discovery and development.''
3DP expects to recognize approximately $25 million of revenue in 2001 relating to up-front fees, research funding payments, license fees and equipment sales from existing collaborations. For 2002, 3DP's existing collaborations are expected to provide revenues of approximately $20 million relating to up-front fees, research funding payments and license fees. Not included in these estimates are potential milestone payments from existing agreements or any revenues from new collaborations. The Company intends to enter into additional DiscoverWorks(TM) collaborations; however, 3DP's basic business model is to focus a greater portion of its efforts on internal product research and development. As a result, the Company expects to incur increasing operating losses over the next several years.
At June 30, 2001, 3DP had cash and cash equivalents and marketable securities of $107.5 million. 3DP intends to use the cash that it receives from its collaborations, along with its existing cash, for research and development, the acquisition or licensing of technologies, expansion of facilities, general corporate and working capital needs, and possible business combinations.<<
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Cheers, Tuck |
