Biocryst Reports Third Quarter 1999 Financial Results
BIRMINGHAM, Ala., Oct. 21 /PRNewswire/ -- BioCryst Pharmaceuticals, Inc.
(Nasdaq: BCRX) today announced financial results for the third quarter ended
September 30, 1999. The Company reported revenues for the third quarter of
$335,000, compared to $6,249,000 in the third quarter of 1998. The net loss
for the quarter ended September 30, 1999 was $2,206,000, or $0.15 per share,
compared to net income of $2,667,000, or $0.19 per share, for the same period
last year.
Revenues for the nine months ended September 30, 1999 were $3,376,000,
compared to $6,920,000 in the nine months ended September 30, 1998. The net
loss for the nine months ended September 30, 1999 was $4,857,000, or $0.32 per
share, compared to a net loss of $3,320,000, or $0.24 per share, for the same
period last year. As of September 30, 1999, the Company had cash, cash
equivalents and investments of $23.9 million.
Revenues decreased in the third quarter of 1999 over the comparable period
in 1998, primarily due to the $6.0 million license fee during the third
quarter of 1998 from Ortho-McNeil Pharmaceutical, Inc. The decline in total
expenses for the 1999 third quarter compared to the comparable period in 1998
was generally due to a decline in clinical trial expenses, a reduction in
outside contract research, and a decrease in general and administrative
expenses, primarily due to one-time expenses incurred in the third quarter
1998 in connection with the license agreement signed in the third quarter.
These items tend to fluctuate from quarter to quarter depending on the status
of the Company's research programs and collaborative efforts.
The decrease in revenues for the nine months ended September 30, 1999 from
the nine months ended September 30, 1998 is primarily due to the Company
receiving a $2.0 million milestone payment from Ortho-McNeil in
June 1999, compared to the $6.0 million license fee from Ortho-McNeil in
September 1998. Both amounts were pursuant to the Company's worldwide license
agreement with Ortho-McNeil and The R. W. Johnson Pharmaceutical Research
Institute, or PRI, both Johnson & Johnson (NYSE: JNJ) companies, for the
development and commercialization of BioCryst's influenza neuraminidase
inhibitor.
During the quarter, BioCryst announced preliminary results from a Phase II
clinical study of RWJ-270201, an influenza neuraminidase inhibitor which was
licensed by BioCryst in 1998 to Ortho-McNeil and PRI. PRI conducted a Phase
II placebo-controlled randomized study of healthy volunteers infected with a
susceptible strain of Influenza A and provided preliminary results to
BioCryst. The primary efficacy endpoint was the reduction in viral titers in
infected subjects. Preliminary results showed a statistically significant
result for the primary endpoint and evaluation of safety showed that the drug
was well-tolerated at all dosage levels. These results are preliminary only
and subject to further analysis.
Founded in 1986, BioCryst Pharmaceuticals, Inc. focuses on the design and
development of small-molecule pharmaceuticals for the treatment of infectious,
T-cell mediated and cardiovascular diseases and disorders using structure-
based drug design, an approach to drug discovery that integrates advanced
biology, biophysics and medicinal chemistry.
This press release contains projections or other forward-looking
statements regarding future events or the future financial performance of the
Company. These statements are only predictions and the actual events or
results may differ materially. Some of the factors that could affect the
forward-looking statements contained herein include, without limitation, that
either the Company's or its collaborative partners' research or product
development efforts as to any particular compound may not be successfully
completed, that the agreements with the Company's collaborative partners may
be breached or otherwise terminated, that research and testing may not result
in milestone or royalty payments under the agreements with collaborative
partners, and products may not be cleared for marketing in a timely fashion or
at all, the compounds currently under development may not be safe or
effective, or that required regulatory clearances may not be obtained from the
U.S. Food and Drug Administration. Please refer to the documents BioCryst
files from time to time with the Securities and Exchange Commission,
specifically BioCryst's most recent Form 10-K and Form 10-Q. These documents
contain and identify important factors that could cause the actual results to
differ materially from those contained in projections or forward-looking
statements.
BIOCRYST PHARMACEUTICALS, INC.
FINANCIAL SUMMARY
Statement of operations data (in thousands, except per share)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenues:
Collaborative and other research
and development $48 $6,000 $2,456 $6,000
Interest income and other 287 249 920 920
Total revenues 335 6,249 3,376 6,920
Expenses:
Research and development 1,889 2,353 5,895 7,706
General and administrative 651 1,226 2,334 2,521
Interest 1 3 4 13
Total expenses 2,541 3,582 8,233 10,240
Net (loss)/income $(2,206) $2,667 $(4,857) $(3,320)
Net (loss)/income per share:
Basic $(.15) $.19 $(.32) $(.24)
Diluted (.15) .19 (.32) (.24)
Weighted average shares
Outstanding:
Basic 15,119 13,952 15,028 13,932
Diluted 15,119 14,303 15,028 13,932
Balance sheet data (September 30, 1999 and December 31, 1998) (in thousands)
1999 1998
(Unaudited) (Audited)
Cash, cash equivalents and securities $23,864 $27,012
Total assets 26,391 29,100
Accumulated deficit (58,027) (53,170)
Stockholders' equity 24,872 27,682
SOURCE BioCryst Pharmaceuticals, Inc.
CO: BioCryst Pharmaceuticals, Inc.; Ortho-McNeil Pharmaceutical, Inc;
The R. W. Johnson Pharmaceutical Research Institute; Johnson & Johnson
ST: Alabama
IN: MTC
SU: ERN
10/21/1999 13:48 EDT prnewswire.com
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