Anergen Reports Third Quarter 1997 Results
REDWOOD CITY, Calif., Oct. 14 /PRNewswire/ -- Anergen, Inc. (Nasdaq:ANRG) today
reported a net loss of $2,096,000, or $0.11 per share for the quarter ended September 30, 1997,
as compared to a loss of $112,000, or $0.01 per share for the quarter ended September 30, 1996.
The Company's net loss for the nine months ended September 30, 1997 was $6,041,000, or $0.32
per share, compared to $3,429,000, or $0.22 per share, in the same period in the prior year.
''These results continue to be in line with our plan for 1997,'' said David Smith, vice president,
finance and chief financial officer of Anergen. ''For the third quarter, the net loss was higher than the
prior year because of a license fee received in the prior year related to the initiation of our
collaboration with Organon to develop an AnergiX(TM) compound for the treatment of rheumatoid
arthritis. Activities related to this collaboration also resulted in higher contract revenues in the third
quarter and for the year to date, 1997. Increased expenses in research and development reflect the
Phase II clinical trial of AnervaX(TM) for rheumatoid arthritis, the interim results of which are
scheduled to be released in November, the ongoing Phase I/II trial for an AnergiX compound to
treat multiple sclerosis and development of an AnergiX compound for rheumatoid arthritis.''
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.
Anergen is headquartered in Redwood City, California, and is traded on the Nasdaq National
Market as ANRG.
Anergen, Inc.
Selected Financial Data
(In thousands except per share data)
(unaudited)
Operations data
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues:
Contract revenues $ 1,302 $ 864 $ 4,464 $ 2,286
License fee -- 2,000 -- 2,000
Interest income 161 167 460 426
1,463 3,031 4,924 4,712
Expenses:
Research and development 2,902 2,389 8,611 6,229
General and administrative 587 716 2,180 1,775
Interest expense 70 38 174 137
3,559 3,143 10,965 8,141
Net loss $(2,096) $(112) $(6,041) $(3,429)
Net loss per share $ (0.11) $ (0.01) $(0.32) $(0.22)
Shares used in calculating
per share data 18,820 17,077 18,807 15,714
Balance sheet data September 30, December 31,
1997 1996
Cash & ST investments $ 9,528 $ 16,400
Accounts receivable 1,209 320
Working capital 9,048 14,874
Total assets 12,710 18,423
Total liabilities 2,609 2,420
Shareholders' equity 10,101 16,003
SOURCE Anergen Inc.
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