Earnings #1
Friday May 2 3:26 PM EDT
Company Press Release
Source: ARIAD Pharmaceuticals, Inc.
ARIAD Reports Results of Operations for The First Quarter 1997
CAMBRIDGE, Mass., May 2 /PRNewswire/ -- ARIAD Pharmaceuticals, Inc. (Nasdaq:ARIA) today reported total revenue of $2.3 million for the first quarter of
1997, a decrease of $140,000 over the $2.4 million reported for the first quarter of 1996. The Company reported a net loss of $2.8 million or $.15 per share for
the first quarter of 1997, an increase of $756,000 from the net loss of $2.1 million or $.11 per share reported for the first quarter of 1996.
The decrease in total revenue for the first quarter was due primarily to a 4% reduction in research revenue as a result of a decrease in research activity under
government-sponsored grants. Research and development expenses for the quarter increased to $4.3 million, up 15% from the $3.7 million reported for the first
quarter of 1996. This increase is due to increased expenses incurred in the Company's regulated gene therapy program, including manufacturing development and
other preclinical development costs, as well as increased research activity in the Company's osteoporosis signal transduction inhibitor program. At March 31, 1997,
the Company reported cash and marketable securities of $37.6 million, including $24 million received from the sale of series B preferred stock to Hoechst Marion
Roussel, Inc., in connection with the formation of the Hoechst-ARIAD Genomics Center, LLC, in March 1997.
ARIAD is engaged in the discovery and development of novel pharmaceuticals based on signal transduction pathways and the genes that regulate them. The
Company is currently focusing its efforts in three areas: (i) the development of orally administered drugs to block intracellular signal transduction pathways that are
critical to major diseases such as osteoporosis, allergy/asthma and immune-related disorders; (ii) the development of a system to regulate gene therapy using orally
administered drugs; and (iii) the identification of new small molecule drug targets and therapeutic proteins through functional genomics.
Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including but not limited to economic,
competitive, governmental and technological factors affecting ARIAD's operations, markets, products, services and prices, and other factors discussed under the
heading ``Cautionary Statement Regarding Forward-Looking Statements'' in ARIAD's Annual Report on Form 10-K filed with the Securities and Exchange
Commission. |
