Thursday April 26, 8:40 am Eastern Time
Press Release
SOURCE: 3-Dimensional Pharmaceuticals, Inc.
3-Dimensional Pharmaceuticals Announces Financial Results For the
Quarter Ended March 31, 2001
EXTON, Pa., April 26 /PRNewswire/ -- 3-Dimensional Pharmaceuticals, Inc. (Nasdaq: DDDP - news) today announced
results for the first quarter ended March 31, 2001. Revenues for the quarter increased to $5.8 million, compared to $1.5
million for the first quarter of 2000. Net loss for the quarter was $1.6 million, or $0.08 per share compared to a net loss of
$3.7 million, or $0.36 per share on a pro forma basis for the first quarter of 2000.
The revenue increase for the quarter results primarily from new and continuing discovery collaborations and license agreements
with Bristol-Myers Squibb, Centocor, Inc. (a wholly owned subsidiary of Johnson & Johnson) and Schering AG, Germany.
3DP currently expects to recognize revenue in 2001, including the first quarter results, of approximately $24 million, relating to
the recognition of up-front fees, research funding payments, license fees and revenue from equipment sales. Not included in this
estimate are any potential milestone payments that 3DP may recognize under existing agreements or any amounts that 3DP may
recognize from new collaborations.
Research and development expenses increased by $2.4 million, to $5.8 million for the first quarter of 2001 compared to $3.4
million for the first quarter of 2000. This increase was related to the expansion of research efforts in the Company's internal
programs, the commencement of new collaborative discovery programs and investment in its core technologies. The expansion
of research efforts required the hiring of additional personnel and increased expenses for equipment and laboratory supplies.
General and administrative expenses increased by $1.7 million, to $3.2 million for the first quarter of 2001 compared to $1.5
million for the first quarter of 2000. The increase was primarily related to increased management and administrative personnel
expenses resulting from the addition of new personnel, expansion of the Company's operations and business development
efforts, and other expenses relating to its operations as a public company.
``Our first quarter was highlighted by our announcement that we licensed our thrombin program to Centocor,'' said David C.
U'Prichard, Ph.D., Chief Executive Officer of 3DP, ``Our primary focus is 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.''
At March 31, 2001, 3DP had cash and cash equivalents and marketable securities of $113.9 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 and targets, expansion of facilities, general corporate and working capital, and possible business combinations.
3-Dimensional Pharmaceuticals, Inc. (http://www.3dp.com) is a post- genomics drug discovery company dedicated to
revolutionizing small-molecule discovery. 3DP has developed and integrated a set of proprietary technologies called
DiscoverWorks(TM), which accelerates and improves the drug discovery process and capitalizes on opportunities arising from
human genome sequencing. 3DP technologies can be applied to virtually any disease target, and can produce compounds
suitable for drug development in a more timely and cost- effective manner and with a higher probability of success than
conventional methods. 3DP is using its technologies both to assist collaborators in discovering drug candidates, and to discover
and develop its own drug candidates.
Statements in this press release that are not strictly historical are ``forward-looking'' statements which involve a high degree of
risk and uncertainty. Such statements are only predictions, and the actual events or results may differ materially from those
projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited
to, risks associated with our new and uncertain technologies, clinical trials and product development, the long and arduous
process of obtaining regulatory approval, our dependence on existing strategic alliances, our dependence on patents and
proprietary rights, our ability to protect and enforce our patents and proprietary rights, the development and availability of
competitive products or technologies and our ability to attract and retain talented employees and to manage our expansion.
These risks and uncertainties are discussed in the section of the Company's Annual Report on Form 10-K filed with the
Securities and Exchange Commission entitled ``Factors Affecting the Company's Prospects.''
Selected Financial Information
Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months
Ended March 31,
(unaudited)
2001 2000
Grant and research revenue $5,796 $1,484
Costs and expenses:
Research and development 5,774 3,425
General and administrative 3,244 1,537
Total costs and expenses 9,018 4,962
Loss from operations (3,222) (3,478)
Interest income 1,659 87
Interest expense (78) (351)
Net loss (1,641) (3,742)
Dividends on preferred stock (167)
Net loss applicable to common stock $(1,641) $(3,909)
Basic and diluted net
loss per common share - historical $(0.08) $(5.92)
Weighted average common
shares outstanding -historical 21,313 660
Basic and diluted net loss
per common share - pro forma
for the quarter ended
March 31, 2000 $(0.08) $(0.36)
Weighted average common shares
outstanding - pro forma
for the quarter ended
March 31, 2000 21,313 10,288
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.
Condensed Balance Sheet
(in thousands)
March 31, December 31,
2001 2000
(unaudited)
Cash and cash equivalents
and marketable securities $113,921 $114,557
Other current assets 3,033 977
Property and equipment, net 5,793 5,508
Other assets 2,136 2,202
Total assets $124,883 $123,244
Current liabilities $4,252 $4,901
Deferred revenue, short term 10,403 7,386
Long-term liabilities 1,055 1,315
Deferred revenue, long term 10,285 9,619
Stockholders' equity 98,888 100,023
Total liabilities and
stockholders' equity $124,883 $123,244
SOURCE: 3-Dimensional Pharmaceuticals, Inc. |
