THE IMMUNE RESPONSE CORPORATION ANNOUNCES THIRD QUARTER 1999 FINANCIAL
RESULTS biz.yahoo.com
CARLSBAD, Calif., Nov 2, 1999 /PRNewswire via COMTEX/ -- The Immune
Response Corporation (Nasdaq: IMNR) today announced its financial
results for the third quarter ended September 30, 1999. The net loss
for the third quarter of 1999 was $4.8 million, or $0.20 per share,
compared to a net loss of $5.5 million, or $.24 per share, reported in
the third quarter of 1998. For the nine months ended September 30,
1999, the Company reported a net loss of $12.9 million, or $0.53 per
share, compared to a net loss of $11.9 million, or $0.52 per share
reported for the nine months ended September 30, 1998.
Revenues for the third quarter ended September 1999 were $3.8 million
compared to $2.5 million for the same quarter in 1998. For the nine
months ended September 1999, revenues were $16.9 million compared to
$14.2 million for 1998, of which $15.2 million in 1999 and $10.7
million in 1998 were from Agouron Pharmaceuticals, Inc., a
Warner-Lambert Company, under the agreement entered into in June of
1998.
The increase in revenues for the quarter and nine months ended
September 1999 were accompanied by an increase in operating expenses
for the same periods. The increase in operating expenses for the
periods were primarily related to the ongoing development of Remune,
the Company's investigational immune-based therapy for the treatment of
HIV, that were somewhat offset by expense reductions associated with
the restructuring that the Company initiated in the second quarter of
1999.
Cash, cash equivalents and short-term investments were $22.2 million at
September 30, 1999, compared with $25.2 million at the end of 1998.
"This is a time of major change in the Company as we strive to
restructure and reduce expenses in order to focus resources on our
later stage programs of immune-based therapeutics," said Howard
Sampson, Chief Financial Officer. Major events for The Immune Response
Corporation this past quarter included the initiation of a pivotal
clinical trial of Remune by the Company's partner
Agouron/Warner-Lambert, the launch of a Phase II trial of Remune in
Argentina, and publication of two studies that the Company believes
suggested a correlation between Remune and reduced viral load in
children as well as a correlation between HIV-specific immune responses
and long term non- progression. The Company is continuing with Phase I
trials of its investigational colon cancer vaccine based on what the
Company believes are encouraging results reported in the October issue
of Clinical Cancer Research. Also in the quarter, the Company secured a
$3 million equipment line of credit with Transamerica Business Credit
Corporation, of which $1.6 million was utilized during the quarter. In
October, the Company received $5 million from Agouron under the June
1998 agreement and sold, subject to adjustments, $3 million of common
stock to an institutional investor. |
