UTHR second quarter results
SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., Aug. 6 /PRNewswire/ -- United Therapeutics Corporation (Nasdaq: UTHR) today announced financial results for the second quarter and six months ended June 30, 1999. Losses for the second quarter and first half were consistent with management's expectations.
Revenues during the second quarter 1999 were $53,750 and total expenses were $6,318,661, resulting in a net loss of $6,087,117 as compared to a net loss of $1,644,059 in the second quarter of 1998. The net loss to common shareholders was $0.53 per share. For the six month period ended June 30, 1999, the Company's revenues were $107,500 and total expenses were $18,778,068, resulting in a net loss of $18,325,110 or $1.69 per share. The net loss for the six month period ending June 30, 1998 was $3,907,659 or $0.55 per share.
Research and development expenses were $5.2 million for the three months ended June 30, 1999, as compared to $1.1 million for the three months ended June 30, 1998. Approximately $3.9 million of the increase in research and development expenses is related to increased levels of patient enrollment in United Therapeutics' Phase III clinical trials of UT-15.
United Therapeutics is a pharmaceutical company focused on clinical development and commercialization of in-licensed compounds for the treatment of life threatening diseases characterized by high chronic care costs. The current focus of United Therapeutics is the development of therapies to treat patients with pulmonary hypertension, a generally fatal disorder of the pulmonary arteries with no adequate long-term therapies, and peripheral vascular disease, a limb-threatening disorder afflicting millions of Americans. All of United Therapeutics' products are currently in clinical trial programs. United Therapeutics completed its initial public offering on June 17, 1999.
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