THAT"S IT!!!! Good BYe to the ONES...150% GROWTH!!!! LET"S GO
SciClone Pharmaceuticals Reports 150% Gain in Third Quarter ZADAXIN Sales
SAN MATEO, Calif., Oct. 21 /PRNewswire/ -- SciClone Pharmaceuticals (Nasdaq: SCLN - news) today announced third quarter ZADAXIN sales of $2,513,000, a 150% increase from third quarter 1998 ZADAXIN sales of $1,006,000. For the nine months ended September 30, 1999, the
Company reported ZADAXIN sales of $6,091,000, a 158% increase compared to sales of $2,361,000 during the first nine months of 1998. Additionally, ZADAXIN sales for the third quarter produced a gain of 26% from the $2,001,000 reported in the second quarter of this year.
Net loss for the quarter was $797,000 ($0.03 per share), compared to a net loss of $4,188,000 ($0.26 per share) for the third quarter of 1998. Last year's third quarter included a one-time non-cash research and development expense of $708,000. Excluding the charge, the Company's net loss for the quarter was reduced by $2,683,000, or 77%, compared to the third quarter of 1998. For the nine months ended September 30, 1999, SciClone reported a net loss of $4,931,000
($0.23 per share), compared to a net loss of $14,721,000 ($0.94 per share) for the first nine months of 1998.
''We are pleased to report our seventh consecutive successful quarter of sales increases exceeding 20% and the acquisition within the quarter of additional capital to underwrite our goal of achieving
operating profitability by the end of the year 2000,'' said Donald R. Sellers, SciClone's president and chief executive officer. ''With a strong cash position and steadily growing sales, we can realize the
promise our company offers to its shareholders and our products offer for patients with cancer, hepatitis and cystic fibrosis.'' Sellers concluded, ''Management believes the near-term completion of
several key projects will add to the momentum built to date.'
Third Quarter 1999 Highlights
-- 150% ZADAXIN sales growth compared to third quarter 1998;
-- 158% ZADAXIN sales growth for the first nine months of 1999 compared to the first nine months of 1998;
-- 26% ZADAXIN sales growth compared to second quarter 1999, marking the seventh consecutive quarter of average 25% quarter to quarter revenue growth;
-- Completed $6 million equity financing with strategic institutional investors, including Brown Simpson and The New York Life Insurance Company;
-- Reported that ZADAXIN significantly reduced the spread of colorectal cancer and increased survival rates when administered with chemotherapy in an animal model;
-- Received ZADAXIN marketing approval in Brunei and Sri Lanka, bringing the total number of approved ZADAXIN markets to 16;
-- Acquired a new class of proprietary immunomodulators targeted at hepatitis B, hepatitis C and multiple types of cancer; the lead
compound of the class, SCV-07, has the potential to be orally active;
-- Received a U.S. patent covering the use of ZADAXIN in combination with a nucleoside analog for the treatment of hepatitis B.
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SciClone's lead drug, ZADAXIN, boosts the body's immune system, without any serious side
effects, in the fight against life-threatening diseases such as hepatitis B, hepatitis C, HIV/AIDS and
cancer. ZADAXIN already has been approved in 16 countries, principally for the treatment of
hepatitis B and hepatitis C. SciClone has filed for ZADAXIN marketing approval in 19 additional
countries. |
