hi paul, it's the quarter report:
CAMBRIDGE NEUROSCIENCE REPORTS FIRST QUARTER 1997 FINANCIAL RESULTS
Patient Enrollment in Clinical Trials Continues
CAMBRIDGE, Mass., April 23 /PRNewswire/ -- Cambridge NeuroScience,
Inc. (Nasdaq: CNSI) today reported a net loss of $3.7 million, or
($0.22) per share, for the three months ended March 31, 1997, compared
to a net loss of $2.4 million, or ($0.18) per share, for the same
period in 1996. The increase in net loss and net loss per share was
due to an increase in research and development expenses for the three
month period ended March 31, 1997 compared to the same period in 1996.
This increase in research and development expenses reflects costs
associated with the increasing patient enrollment in the Phase III
clinical trial of CERESTAT(R) in traumatic brain injury. Partially
offsetting the increase in net loss per share in the first quarter of
1997, compared to 1996, is the increase in the weighted average shares
outstanding resulting from the sale of 1,237,624 shares of Common Stock
to Boehringer Ingelheim International GmbH ("BI") in September 1996 and
the Company's public offering of 2,760,000 shares of Common Stock in
the first quarter of 1997. Research and development revenues of $1.1
million in the first quarter of 1997 were comparable to that of the
same period in 1996. Research and development revenue earned pursuant
to the BI collaboration represents the excess of the Company's
expenditures over its obligations for the period (generally 25% of
total spent by both parties) and was $844,000 in the first quarter of
1997, compared to $1.1 million in the same period in 1996. This
decrease is attributable to an increase in costs incurred by BI
relative to total costs incurred by both collaboration partners.
Partially offsetting this decline in revenue from BI was $250,000
earned in the first quarter of 1997 pursuant to the Company's
collaboration with Allergan, Inc.
"We are pleased that there has been strong progress toward the accrual
goals in both the stroke and traumatic brain injury trials of
CERESTAT(R)," said Elkan Gamzu, Ph.D., Cambridge NeuroScience President
and Chief Executive Officer. "As of the end of the first quarter, more
than 700 patients of the target number of approximately 1,600 had been
entered into these two trials."
Cambridge NeuroScience, Inc. is a leading neuroscience company engaged
in the discovery and development of proprietary pharmaceuticals
focusing on nerve cell survival. The Company is developing a number of
products to treat stroke, traumatic brain injury and chronic
neurodegenerative disorders such as multiple sclerosis, peripheral
neuropathies and other degenerative diseases.
CAMBRIDGE NEUROSCIENCE, INC.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
1997 1996
Revenues
Research and development $1,094 $1,070
Operating expenses
Research and development 4,539 3,076
General and administrative 734 648
Total expenses 5,273 3,724
Loss from operations (4,179) (2,654)
Interest income 529 283
Net loss $(3,650) $(2,371)
Net loss per common share $(0.22) $(0.18)
Weighted average
shares outstanding 16,614 13,547
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
1997 1996
(unaudited)
Cash and cash equivalents $50,617 $26,664
Prepaid expenses and other current assets 713 1,271
Equipment, furniture and fixtures, net 1,098 1,285
Total Assets $52,428 $29,220
Current Liabilities $8,167 $9,573
Stockholders' Equity 44,261 19,647
Total Liabilites and Stockholders' Equity $52,428 $29,220
SOURCE Cambridge NeuroScience, Inc.
-0- 4/23/97 /CONTACT: Harry W. Wilcox, Senior Vice
President and CFO of Cambridge NeuroScience, Inc., 617-225-0600, ext.
119, or Michelle L. Linn, Vice President of Feinstein Partners Inc.,
617-577-8110/
(CNSI)
CO: Cambridge NeuroScience, Inc. ST: Massachusetts IN: MTC SU: ERN |
