Anergen Reports First Quarter 1998 Results
REDWOOD CITY, Calif., April 16 /PRNewswire/ -- Anergen, Inc. (Nasdaq: ANRG - news) today reported a net loss of
$2,078,000, or $0.11 per share, for its first quarter ended March 31, 1998, as compared to a net loss of $1,824,000, or
$0.10 per share, for the comparable quarter ended March 31, 1997.
''Spending in the first quarter of 1998 is in line with our plan for the year,'' said David V. Smith, Vice President, Finance and
Chief Financial Officer. ''The first quarter results were influenced by lower expenses as a result of the conclusion of our Phase
IIa trial of AnervaX(TM) for rheumatoid arthritis and we are nearing completion of our Phase I trial of AnergiX(TM) for
multiple sclerosis. This was offset by increased research and development activity related to the filing of an IND for AnergiX in
rheumatoid arthritis in collaboration with N.V. Organon.''
Anergen, Inc. is a biotechnology company focused on advancing the treatment of autoimmune diseases. It is developing
proprietary biopharmaceutical compounds designed to selectively interrupt antigen presentation or inactivate T cells in the
immune system that mediate the disease process.
Note: Certain statements in this press release about the Company's utilization of resources, product development activities,
clinical trials and product pipelines, other than statements of historical fact, are forward- looking statements, and are made
pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks
and uncertainties. The Company's actual results could differ materially from the results discussed in these forward-looking
statements. Factors that could cause or contribute to such differences include dependence upon collaborative partners for the
advancement of the company's research and development activities, uncertainties related to preclinical and clinical trials,
government regulation; no assurance of obtaining product approvals and future requirements for additional capital. These items
are discussed in the Company's Form 10-K filed for fiscal year 1997 and the reports filed on Form 10-Q.
Selected Financial Data
(In thousands except per share data)
Operations data
Three months ended
March 31,
1998 1997
Revenues:
Contract revenues $1,167 $ 1,808
Interest income 115 182
1,282 1,990
Expenses:
Research and development 2,482 2,887
General and administrative 837 884
Interest expense 41 43
3,360 3,814
Net loss $2,078 $1,824
Net loss per share $0.11 $0.10
Shares used in calculating per share data 18,851 18,781
Balance sheet data
March 31, December 31,
1998 1997
(Unaudited)
Cash, cash equivalents & ST investments $6,750 $ 8,403
Accounts receivable 60 333
Working capital 4,931 6,918
Total assets 8,409 10,554
Total liabilities 2,696 2,767
Shareholders' equity 5,713 7,787 |
