Quarter of marked progress, modest burn.......
Tuesday November 9, 9:15 am Eastern Time
Company Press Release
SOURCE: BioTransplant Incorporated
BioTransplant Incorporated Reports Third Quarter
1999 Results
CHARLESTOWN, Mass., Nov. 9 /PRNewswire/ -- BioTransplant Incorporated (Nasdaq: BTRN - news) today reported
financial results for the third quarter and nine-month period ended September 30, 1999.
For the third quarter ended September 30, 1999, the Company reported a net loss of $602,000 or $0.07 per basic and diluted
share, compared to a net loss of $3,153,000 or $0.37 per basic and diluted share. Weighted average shares outstanding for
the third quarter ended September 30, 1999 and 1998 were 8,584,000 and 8,579,000, respectively. Revenues increased to
$3,896,000 for the quarter ended September 30, 1999, compared to $1,161,000 for the same quarter last year. In addition to
interest income, revenues for the current quarter include the receipt of a $2,500,000 research milestone and $1,235,000 in
research support from the Company's collaboration with Novartis.
For the nine-month period ended September 30, 1999, the Company reported a net loss of $6,461,000, or $0.75 per basic
and diluted share, compared to a net loss of $7,755,000, or $0.90 per basic and diluted share, for the same period in 1998.
Revenues were $6,772,000 for the nine-month period ended September 30, 1999, compared to $5,170,000 for the same
period last year. The increase in revenues during the current quarter was due primarily to the receipt of the $2,500,000
research milestone from Novartis. The Company reported cash, cash equivalents and investments of $18,888,000 on
September 30, 1999.
''During the third quarter, we achieved several important clinical and corporate milestones. Most notably, BioTransplant and its
collaborator, the Massachusetts General Hospital, reported data from a pilot clinical study demonstrating proof-of-concept for
their ImmunoCognance(TM) approach to organ transplantation and treatment of blood cell cancers,'' commented Elliot
Lebowitz, Ph.D., President and Chief Executive Officer of BioTransplant. ''In addition, BioTransplant reached a key milestone
in its xenotransplantation alliance with Novartis AG, which resulted in a payment to BioTransplant of $2.5 million.'' Dr.
Lebowitz added that BioTransplant and MGH researchers recently presented their latest research advances in achieving
long-term cross-species transplantation and led discussions at the 5th Congress of the International Xenotransplantation
Association in Nagoya, Japan.
BioTransplant Incorporated utilizes its proprietary technologies in re-educating the body's immune responses to allow tolerance
of foreign cells, tissues and organs. Based on this technology, the Company is developing a portfolio of products designed to
treat a range of medical conditions, including organ and tissue transplantation, cancer and autoimmune disease, for which
current therapies are inadequate. BioTransplant's products under development are intended to induce long-term functional
transplantation tolerance in humans, increase the therapeutic benefit of bone marrow transplants, and reduce or eliminate the
need for lifelong immunosuppressive therapy.
This document includes forward-looking statements based on management's current expectations. Factors that could cause
future results to differ materially from such forward-looking statements include, but are not limited to: the Company's ability to
secure the substantial additional funding required for its operations and research and development programs; the Company's
ability to successfully discover, develop and commercialize its products, obtain required regulatory approvals in a timely
fashion, and overcome other difficulties inherent in developing pharmaceuticals and procedures for organ transplantation; the
Company's ability to obtain and enforce the patent protection required for its products; uncertainties as to the extent of future
government regulation of the transplantation business; and the Company's ability to maintain collaborations with third parties.
For a detailed discussion of these and other factors, see the section titled ''Business -- Factors Which May Affect Results'' in
the Company's current annual report on Form 10-K, as filed with the Securities and Exchange Commission.
BIOTRANSPLANT INCORPORATED AND SUBSIDIARY
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenues:
Milestone and
license fees $2,500 $-- $ 2,500 $--
Research and
development 1,235 875 3,712 4,125
Interest income 161 286 560 1,045
Total revenues 3,896 1,161 6,772 5,170
Expenses:
Research and
development 3,813 3,749 11,433 11,013
General and
administrative 684 564 1,798 1,903
Interest 1 1 2 9
Total expenses 4,498 4,314 13,233 12,925
Net income (loss) ($602) ($3,153) ($6,461) ($7,755)
Basic and diluted
net loss per
common share ($0.07) ($0.37) ($0.75) ($0.90)
Shares used in
computing basic and
diluted net loss per
common share 8,584 8,579 8,583 8,579
SELECTED BALANCE SHEET INFORMATION
(In Thousands)
September 30, December 31,
1999 1998
Cash, cash equivalents and
investments $18,888 $20,011
Total assets 20,802 22,683
Stockholders' equity 10,505 16,958
SOURCE: BioTransplant Incorporated |
