Monday February 14, 9:29 am Eastern Time
Company Press Release
SOURCE: BioTransplant Incorporated
BioTransplant Incorporated Reports 1999 Fourth
Quarter and Year End Results
CHARLESTOWN, Mass., Feb. 14 /PRNewswire/ -- BioTransplant Incorporated (Nasdaq: BTRN - news) today reported
financial results for the year and fourth quarter ended December 31, 1999. The Company reported a net loss of $8,673,000 or
$1.01 per common share, compared to a net loss of $9,211,000 or $1.07 per common share for the year ended December
31, 1998. Revenues increased to $9,471,000 for 1999, compared to $8,006,000 for 1998. In addition to interest income,
revenues for 1999 include licensing fees, research and development support and a $2,500,000 research milestone from the
Company's collaboration with Novartis AG. The Company reported cash, cash equivalents and investments of $21,367,000
on December 31, 1999, compared to $20,011,000 on December 31, 1998.
For the fourth quarter ended December 31, 1999, the Company reported a net loss of $2,213,000 or $.26 per common share,
compared to a net loss of $1,455,000 or $.17 per common share, for the same period in 1998. Revenues for the fourth quarter
of 1999 and 1998 were $2,699,000 and $2,837,000 respectively.
``BioTransplant strengthened its financial position during 1999 through a $7.7 million private financing,' commented Elliot
Lebowitz, Ph.D., President and Chief Executive Officer of BioTransplant. ``Together with the $9.7 million we raised in a
separate financing on February 14, 2000, we begin the year with a solid cash position that will enable us to move forward with
the clinical development of our ImmunoCognance(TM) technology, with which we seek to develop a portfolio of cancer and
transplant therapeutics and systems.'
Dr. Lebowitz added that BioTransplant had also improved its patent position during the year, extending its intellectual property
in the fields of transplantation and functional tolerance with two new patents, the most recent received on January 3, 2000.
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 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 announcement contains, in addition to historical information, certain forward-looking statements about BioTransplant that
involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions.
Actual results could differ materially from those currently anticipated as a result of a number of factors. Factors that could cause
future results to differ materially from such forward-looking statements include, but are not limited to: BioTransplant's ability to
secure the substantial additional funding required for its operations and research and development programs; BioTransplant'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;
BioTransplant's ability to obtain and enforce the patent protection required for its products; uncertainties to the extent of future
government regulation of the transplantation business; and BioTransplant'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
BioTransplant's current annual report on Form 10-K, as filed with the Securities and Exchange Commission.
BIOTRANSPLANT INCORPORATED AND SUBSIDIARY
(A Development State Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
Revenues:
Milestone and
license fees $1,000 $1,000 $ 3,500 $1,000
Research and
development 1,477 1,564 5,189 5,688
Interest income 222 273 782 1,318
Total revenues 2,699 2,837 9,471 8,006
Expenses:
Research and
development 4,248 3,717 15,680 14,730
General and
administrative 648 575 2,446 2,477
Interest 16 0 18 10
Total expenses 4,912 4,292 18,144 17,217
Net loss ($2,213) ($1,455) ($8,673) ($9,211)
Basic net loss
per common share ($0.26) ($0.17) ($1.01) ($1.07)
Shares used in
computing basic
net loss per
common share 8,642 8,579 8,598 8,579
SELECTED BALANCE SHEET INFORMATION
(In Thousands)
(Unaudited)
December 31, December 31,
1999 1998
Cash, cash equivalents and
investments $21,367 $20,011
Total assets 23,419 22,683
Stockholders' equity 15,640 16,958
SOURCE: BioTransplant Incorporated |
