The Immune Response Corporation Announces Fourth
Quarter And Year-End 1999 Financial Results
CARLSBAD, Calif., March 2 /PRNewswire/ -- The Immune Response Corporation (Nasdaq: IMNR - news) today announced its
financial results for the fourth quarter and year ended December 31, 1999. The net loss for the fourth quarter of 1999 was $2.1
million, or $0.08 per share, compared to a net loss of $6.2 million, or $.26 per share, reported in the fourth quarter of 1998. For the
year ended December 31, 1999, the Company reported a net loss of $15.0 million, or $0.60 per share, compared to a net loss of
$18.1 million, or $0.78 per share reported for the year ended December 31, 1998.
Revenues for the fourth quarter ended December 31, 1999 were $3.8 million compared to $3.5 million for the same quarter in
1998. For the year ended December 31, 1999, revenues were $20.8 million compared to $17.7 million for 1998, of which $18.5
million in 1999 and $14.2 million in 1998 were from Agouron Pharmaceuticals, Inc., a Warner-Lambert Company, under the
agreement entered into in June of 1998.
The increase in revenues for the quarter and twelve months ended December 31, 1999 were accompanied by an overall decrease
in operating expenses from the same periods in 1998. The decrease in operating expenses were primarily the result of the
Company's restructuring initiated in the second quarter of 1999 and reduced clinical and regulatory costs associated with the
discontinuation of a 2,500 patient phase III clinical trial of REMUNE in May 1999.
Cash, cash equivalents and short-term investments were $23.1 million at December 31, 1999, compared with $25.2 million at the
end of 1998.
biz.yahoo.com |
