>>BOSTON--(BUSINESS WIRE)--April 6, 2004--GlycoGenesys, Inc. (NASDAQ:GLGS - News), a biotechnology company focused on carbohydrate drug development, today announced results from its recently filed Form 10-K for the year-ended December 31, 2003.
The net loss applicable to common stock for the years ended December 31, 2003 and 2002 was $8,048,682, or $0.20 per share, and $12,839,564, or $0.35 per share, respectively. The loss applicable to common stock for the year ended December 31, 2003 included a $426,481 charge for the accretion of dividends on the Series B preferred stock compared to a charge of $2,725,387 for the final accretion of dividends on the Series A preferred stock in connection with terminating our joint venture and for dividends accreted on the Series B preferred stock for the year ended December 31, 2002.
"The full year loss narrowed by approximately $2.5 million in 2003 compared to 2002, excluding the accretion of preferred stock dividends. This reduction was primarily attributable to lower licensing fees, clinical trial costs and professional fees. The full impact of these reductions was partially offset by higher GCS-100 production costs, payroll costs and expenses now borne by the Company, but previously charged to our now terminated joint venture. During 2003, we made preparations for several new clinical trials, the first planned to be initiated this quarter. Among other achievements we planned the build-out of a new glycobiology laboratory, which opened in March, that enhances our discovery, preclinical, and manufacturing capabilities," stated John W. Burns, Senior Vice President and Chief Financial Officer of GlycoGenesys, Inc. "During the last twelve months we raised over $8 million from new and existing institutional investors," added Mr. Burns.
Deloitte & Touche LLP issued their report dated March 29, 2004 that includes an explanatory paragraph relating to our ability to continue as a going concern. We have received a similar opinion from our independent auditors for the past three years.
A copy of the 2003 Form 10-K and other SEC filings are available on the Company website, www.glycogenesys.com and are also available on the SEC's website, www.sec.gov.
CONFERENCE CALL ALERT
GlycoGenesys Reports Financial Results and
Events of Year-Ended December 31, 2003
Date: April 14, 2004
Time: 1:00 p.m. Eastern Time
Please call:
1-877-451-8949 domestic callers
OR
1-706-679-0877 international callers
to be connected between 12:45 and 12:55 p.m. Eastern Time
Call Leaders: Bradley J. Carver, President and CEO
and John W. Burns, SVP and CFO
The call will be archived on the Company's website for one year.
GlycoGenesys, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve Months Ended December 31,
2003 2002
Expenses:
Research and development $4,081,944 $1,961,033
General and administrative 3,574,268 3,838,348
Total operating expenses 7,656,212 5,799,381
Operating loss (7,656,212) (5,799,381)
Equity in loss of
SafeScience Newco Ltd. - (4,418,206)
Interest income 25,457 96,056
Other income(expense) 8,554 7,354
Net loss (7,622,201) (10,114,177)
Accretion of preferred
stock dividends (426,481) (2,725,387)
Net loss applicable
to common stock $(8,048,682) $(12,839,564)
Basic and diluted net loss
per common share $(0.20) $(0.35)
Weighted average number of
common shares outstanding,
basic and diluted 40,869,582 37,133,591
Condensed Consolidated Balance Sheets
December 31, 2003 December 31, 2002
Cash and cash equivalents $3,193,575 $ 6,299,006
Working capital 2,130,785 5,541,248
Total assets 3,964,753 7,129,563
Total stockholders'
equity 2,600,306 6,039,408
GlycoGenesys is a biotechnology company that develops and licenses products based on glycobiology. The Company's human therapeutic product GCS-100, a unique compound to treat cancer, has been evaluated in Phase II(a) human clinical trials for both colorectal and pancreatic cancers. The Company most recently completed a Phase I dose escalation trial of GCS-100 up to 80 mg/m2 at Sharp Clinical Oncology Research in San Diego, California. Further information is available on GlycoGenesys' web site: www.glycogenesys.com.
Safe Harbor Statement
Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including, but not limited to, risks of product development (such as failure to demonstrate efficacy or safety), risk related to FDA and other regulatory procedures, market acceptance risks, the impact of competitive products and pricing, the results of current and future licensing, joint ventures and other collaborative relationships, the results of financing efforts, developments regarding intellectual property rights and litigation, and other risks identified in the Company's Securities and Exchange Commission filings. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Contact:
GlycoGenesys Inc.
Senior Vice President and CFO
John W. Burns, 617-422-0674
or
VP of Business Development
Rick Pierce, 617-422-0674<<
Cheers, Tuck |
