-- Loss narrowed by 90% as Compared to a Year Ago
-- ReoPro(TM) Sales Increase 50% over Second Quarter
MALVERN, Pa., Oct. 30 /PRNewswire/ -- Centocor, Inc. (Nasdaq: CNTO)
announced today its financial results for the third quarter ending September
30, 1996. For the quarter, Centocor achieved revenues of $39.1 million,
comprising $27.7 million in Pharmaceutical revenues and $11.4 million in
Diagnostic revenues. The company reported a loss of $1.6 million, or $.02 per
share compared to a loss for the third quarter of last year of $12.2 million,
or $.21 per share.
Cash balances at the end of the third quarter totaled $189 million. This
compares with $162 million at the end of the second quarter of 1996.
"The third quarter is another building block as we complete the transition
and become the next financially successful Tier I biotechnology company," said
David P. Holveck, President and Chief Executive Officer. "The financial
results we saw in this period are in line with our goal of fourth quarter
profitability."
Pharmaceutical Update:
ReoPro (anti-platelet for high risk angioplasty)
Third quarter Centocor sales were $27.7 million to Eli Lilly and Company,
its marketing partner for ReoPro, compared to $18.5 million in the second
quarter. Lilly end sales to customers were $38.5 million in the third quarter.
Centocor has now accumulated from clinical data from over 6,000 patients,
in three Phase III trials, showing a combined 50% reduction in death, MI, and
urgent intervention at 30 days following PTCA in all types of patients
presented for this procedure. In addition, ReoPro achieved statistically
significant improvement versus placebo in the composite endpoint of death, MI
and revascularization at 6 months in the EPIC and EPILOG trials.
Following the label expansion filings in US and Europe in the next few
months, the company's focus for ReoPro moves to trials for AMI and stroke.
CenTNF (anti-inflammatory)
The pivotal trial for fistulae in Crohn's disease has completed
enrollment. Data from this trial will be available late in the first half of
1997. To date our CenTNF Phase I and Phase II clinical testing program has
enrolled over 600 patients with an overall response rate of 65% for both
Crohn's and RA with a single treatment for a 4-6 week benefit.
Diagnostics Update:
Myoscint(TM) will be on display during the upcoming American Heart
Association meeting in New Orleans in November. Commercial launch to
physicians is on track for 1Q 97.
Centocor took a leadership role for the IVD industry in the
reclassification of a category class III device. In September, the Center for
Devices and Radiological Health division of the Food and Drug Administration
reclassified tumor associated antigen immunoassay system from class III to
class II. This action was the result of Centocor's petition to the agency,
quick response by FDA, and support from key Congressional members.
Following the reclassification announcement, Centocor submitted a 510(k)
premarket notification seeking clearance for CA 15-3, a diagnostic marker used
in monitoring breast cancer patients who have been previously treated for
Stage II and III breast cancer. Pending an approval by the FDA, plans are for
a 3Q 97 U.S. launch with our four global partners. |
