Trega Announces Preliminary Revenue Results and New Chem.Folio Customers
SAN DIEGO, Calif., Jan. 13 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA), today announced revenues in the fourth quarter of 1999 are expected to be in excess of $4.5 million compared with third quarter 1999 revenues of $4.0 million. Compared to the prior year, these revenues would represent an increase of 25% over revenues of $3.6 million in the fourth quarter of 1998.
Additionally, Trega has continued its trend of reducing cash usage on a quarterly basis for the third consecutive quarter. Trega's net cash usage for the fourth quarter is expected to be less than $100,000 as compared to net cash usage of approximately $4.5 million in the first quarter of 1999.
"1999 was a very successful year for Trega as we focused our business on our iDiscovery(TM) technology, which includes our information rich combinatorial chemistry libraries, Chem.Folio(TM), and our ADME (absorption, distribution, metabolism and excretion) predictive model, IDEA(TM)," said Michael G. Grey, president and chief executive officer. "We achieved our objective of significantly increasing our revenues and reducing our cash usage."
Trega also announced the completion of two recent Chem.Folio deals with Elitra Pharmaceuticals, and Cytokinetics, Inc. Each company has purchased compounds from the Chem.Folio information-rich combinatorial chemistry libraries. "We are pleased to add these two outstanding biotechnology companies to our growing list of Chem.Folio customers, which include pharmaceutical, biotechnology and agrochemical companies, demonstrating the broad application of our product," added Mr. Grey.
Mr. Grey will discuss these developments today at the 18th Annual Chase Hambrecht & Quist Healthcare Conference held in San Francisco.
Trega Biosciences is focused on accelerating the process of drug discovery from disease targets to clinical candidates by using small molecule combinatorial chemistry, high throughput screening and predictive Discovery Informatics to rapidly create novel drug candidates having greater chances of clinical success. In combination with its wholly owned subsidiary, NaviCyte, Trega offers integrated products and services spanning the drug discovery process -- beginning with synthesizing novel compounds to providing uniquely qualified drug leads -- to the pharmaceutical and biopharmaceutical industries. Trega also uses its drug discovery technologies in its internal development programs, which are focused on discovering small molecules acting on melanocortin receptors, which may be important in the treatment of inflammatory and metabolic diseases.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including whether the results reported are indicative of actual or future results, whether the Company's resources are sufficient to enable it to reach its business objectives, whether any research to be conducted as described will be successful, whether any additional collaborations or alliances will be agreed to, formed or expanded, whether any other corporate collaborations or alliances will be successful, and other risks detailed from time to time in Trega's Securities and Exchange Commission filings. These forward-looking statements represent Trega's judgment as of the date of this release. Actual results may differ materially from those projected. Trega disclaims, however, any intent or obligation to update these forward-looking statements.
Trega's releases are on the World Wide Web at trega.com and PR Newswire's fax-on-demand service at 800-758-5804, extension 374050.
SOURCE Trega Biosciences, Inc.
CO: Trega Biosciences, Inc.; Elitra Pharmaceuticals; Cytokinetics, Inc; Hambrecht & Quist
ST: California
IN: MTC BIO
SU: ERP LIC
01/13/2000 08:26 EST prnewswire.com |
