Ribozyme Pharmaceuticals, Inc. Reports Third Quarter Financial Results
BOULDER, Colo., Nov. 12 /PRNewswire/ -- Ribozyme Pharmaceuticals, Inc.
(RPI) (Nasdaq: RZYM) today reported a net loss for the nine months ended
September 30, 1999 of $7.9 million compared to $9.8 million for the same
period in 1998. The decrease in net loss for the nine month period ended
September 30, 1999 as compared to that of the prior year period is primarily
attributable to revenues from the Company's collaborators and the transfer of
RPI's gene identification and target validation business and related expenses
to Atugen AG, RPI's genomic spin-out company. RPI reported a quarterly net
loss of $2.6 million for the three months ended September 30, 1999 compared to
a net loss of $768,049 for the same period in 1998. The increase in net loss
for the quarter compared to 1998 is primarily attributable to a $2.5 million
non-reoccurring research payment made in the third quarter in 1998 by Chiron
Corporation related to the joint clinical development of ANGIOZYME(TM).
ANGIOZYME is RPI's oncology drug, currently in clinical trials, that is
designed to cut off the blood supply to solid tumor cancers and prevent
metastases.
The Company's cash, cash equivalents and securities available-for-sale
were $15.0 million at September 30, 1999, compared with $6.5 million at the
end of 1998. During the third quarter, the Company completed a public
offering of 1.8 million shares of common stock, resulting in gross proceeds of
$6.3 million. In addition, RPI has a collaboration with Eli Lilly & Co. for
development of its Anti-Hepatitis C Ribozyme therapeutic which has resulted in
the increased cash position.
This week, in a study presented at the AASLD annual scientific conference,
a novel approach utilizing a ribozyme to directly attack Hepatitis C virus RNA
was shown to inhibit viral replication. Ribozyme Pharmaceuticals, Inc.'s
(Nasdaq: RZYM) Dr. Lawrence M. Blatt, Research VP, Biopharmacology, showed
data that demonstrated highly specific and dramatic inhibition of replication
of a chimeric HCV-poliovirus by an Anti-HCV ribozyme in cell culture
experiments. These studies indicate that the ribozyme therapeutic has potent
antiviral activity and its effects are dependent on a ribozyme mechanism of
action. In addition, the Anti-HCV ribozyme is expected to be effective
against all known HCV genotypes. RPI anticipates filing an IND for the Anti-
Hepatitis C ribozyme with its partner Eli Lilly before the end of 1999.
"Our cash position has improved significantly during the year as a result
of our collaboration with Eli Lilly and the secondary offering," said Ralph E.
Christoffersen, the Company's CEO and President. "We have continued to make
good progress toward lowering our burn rate. These accomplishments position
us well for next year as we continue our aggressive development program with
both ANGIOZYME and our anti-HCV ribozyme."
Ribozymes are the product of Nobel Prize winning science and are
synthetically engineered to act as "molecular scissors" capable of cleaving
target RNA in a highly specific manner.
RPI, located in Boulder, Colorado, was founded to capitalize on the broad
potential of ribozymes for use in human therapeutics and other areas. In
conjunction with Chiron Corporation, RPI is developing ANGIOZYME(TM), a drug
for the treatment of solid tumor cancers and metastases.
In addition, RPI has entered into a collaboration with Eli Lilly and
Company for the development of an anti-HCV ribozyme for the treatment of
Hepatitis C virus infection.
This press release contains forward-looking statements that involve risks
and uncertainties, and actual events or results may differ materially. These
risk factors include actions by the U.S. Food and Drug Administration,
technological advances, ability to obtain rights to technology, ability to
obtain and enforce patents, ability to commercialize and manufacture products
and general economic conditions. These and additional risk factors are
identified in our annual report to the Securities and Exchange Commission
filed on forms 10-K/A and in other SEC filings.
RIBOZYME PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
1999 1998 1999 1998
Revenue
Collaborative
agreements $1,806,849 $3,282,250 $ 5,683,822 $4,774,425
Other income -- -- -- 25,045
Total revenues 1,806,849 3,282,250 5,683,822 4,799,470
Expenses
Research and
development 3,782,369 3,483,642 11,167,492 13,065,392
General and
administrative 484,552 499,794 1,580,887 1,481,632
Total expenses 4,266,921 3,983,436 12,748,379 14,547,024
Operating loss (2,460,072) (701,186) (7,064,557) (9,747,554)
Interest income 201,755 131,792 404,690 511,787
Interest expense (144,964) (198,655) (406,272) (608,878)
Equity in loss of
unconsolidated
affiliate (161,891) -- (860,216) --
Total other income
(expense) (105,100) (66,863) (861,798) (97,091)
Net loss $(2,565,172) $(768,049) $(7,926,355)
$(9,844,645)
Net loss per share $(0.23) $(0.08) $(0.81) $(1.10)
Shares used in computing
net loss per share 10,975,113 9,110,220 9,796,876 8,924,564
RIBOZYME PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEET
September 30, December 31,
1999 1998
(unaudited)
Assets
Cash, cash equivalents
and securities
available-for-sale $14,970,067 $6,511,512
Accounts receivable 3,222,461 3,898,581
Equipment & leasehold
improvements, net 3,979,781 4,222,194
Other assets, net 5,180,396 4,592,004
Total assets 27,352,705 19,224,291
Liabilities and
stockholders' equity
Current liabilities 2,052,145 2,044,836
Other long-term
liabilities &
convertible debt 8,035,136 6,145,067
Stockholders' equity 17,265,424 11,034,388
Total liabilities &
stockholders' equity $27,352,705 $19,224,291
SOURCE Ribozyme Pharmaceuticals, Inc.
CO: Ribozyme Pharmaceuticals, Inc.
ST: Colorado
IN: MTC
SU: ERN
11/12/1999 19:27 EST prnewswire.com |
