Any thoughts on this .....
OUNTAIN VIEW, Calif., April 30 /PRNewswire/ -- Microcide Pharmaceuticals,
Inc. (Nasdaq: MCDE) today announced a net loss for the first quarter ended
March 31, 1997 of $381,000 or $0.04 net loss per share which compares to net
income of $383,000 or $0.04 pro forma net income per share for the first
quarter ended March 31, 1996. Total revenues, derived from its three
corporate partnerships with Pfizer, Daiichi and two affiliates of Johnson &
Johnson ("J&J"), were $4.1 million in the first quarter of 1997 as compared to
$2.6 million in 1996. License and milestone fees were $1.0 million in each
quarter with the increase in revenues consisting of increased research support
payments. Operating expenses rose from $2.3 million in the first quarter of
1996 to $5.1 million in the first quarter of 1997 primarily due to an increase
in compensation and other expenses related to increased headcount to support
the Company's corporate collaborations and its internal programs, as well as
due to expenses related to assembling the Company's molecular diversity
collection.
Other highlights during the quarter:
* The $1.0 million milestone payment received during the quarter was the
first milestone achieved in the Pfizer Essential Genes collaboration. This
milestone related to the identification, validation and sequencing of an
agreed upon number of bacteria] essential genes, for use as targets in
screening for new classes of antibiotics.
* During the quarter, Microcide accelerated the systematic construction of
its molecular diversity collection used for screening for antimicrobial drug
candidates within its partnered and unpartnered drug discovery programs. This
collection, which strives for optimal structural diversity, includes extracts
from natural product sources as well as synthetic molecules acquired only
after careful structural analysis. This collection grew by over 25% during
the quarter to in excess of 140,000 samples.
* Microcide's first two patents issued during the quarter. These
composition-of-matter patents are among nine series of lead structures
discovered in the novel beta-lactam program being conducted with two
affiliates of J&J. Microcide, in collaboration with J&J, selected an initial
beta-lactam drug candidate for pre-clinical development in October 1996.
* In addition to Microcide's founding Scientific Advisory Board, two new
consulting boards have been established -- a Drug Development Consulting Board
to advise the Company specifically with respect to Pre-clinical and clinical
development issues, and a Genetics Consulting Board to advise specifically
with respect to the Company's genetics-based research programs and extensions
of the Company's technology platform. The members of the Drug Development
Consulting Board are Burton Christensen, Ph.D. (formerly Senior Vice President
-- Chemistry, Merck Research Laboratories), Kenneth Heimlich, Ph.D. (formerly
Executive Director -- Pharmaceutical R&D, Merck) and Seemon Pines, Ph.D.
(formerly Vice President -- Process R&D, Merck Research Laboratories). The
members of the Genetics Consulting Board are Sydney Brenner, Ph.D. (The
Molecular Sciences Institute), Philip Hieter, Ph.D. (Johns Hopkins
University), Michael Resnick, Ph.D. (National Institutes of Health), Rodney
Rothstein, Ph.D. (Columbia University) and Kenneth Zaret, Ph.D. (Brown
University).
Microcide is a biopharmaceutical company founded to discover, develop and
commercialize novel antibiotics for the treatment of serious bacterial
infections. The Company's discovery and development programs address the
growing problem of bacterial drug resistance through two principal themes:
(i) Targeted Antibiotics, which focuses on developing novel antibiotics and
antibiotic potentiators to overcome bacterial resistance mechanisms, and (ii)
Targeted Genomics, which utilizes bacterial genetics to discover new classes
of antibiotics and other novel treatments for bacterial disease. Microcide
has also extended its functional genomics technology platform into a program
designed to discover broad spectrum systemic antifungal compounds.
This press release contains forward looking statements, which involve
risks and uncertainties with regard to the development of potential human
therapeutic products. These risks and uncertainties are significant, and the
likelihood of success cannot be predicted. The risk and uncertainties
associated with pre-clinical and clinical development and successful
commercialization in the pharmaceutical industry in general and of any
potential new drug in particular include, without limitation, the potential
failure of the drug to prove safe or effective for the treatment of any
disease or condition in humans notwithstanding earlier successful indications
in pre-clinical animal studies, determinations by regulatory, patent, or other
administrative government authorities, competitive factors and technological
developments, the expense and potential delays involved with obtaining
regulatory approval, manufacturing, and marketing a new drug, and the other
risks and uncertainties set forth in Microcide's Form 1O-K dated March 31,
1997.
Microcide Pharmaceuticals, Inc.
Summary Financial Information
(unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
1997 1996
Revenues:
License and Milestone fees $1,000 $1,000
Research revenue 3,107 1,625
Total revenues 4,107 2,625
Operating expenses:
Research and development 4,101 1,780
General and administrative 1,022 526
Total operating expenses 5,123 2,306
Income (loss) from operations (1,016) 319
Interest income 688 137
Interest and other expense (53) (73)
Net income (loss) $(381) $383
Net income (loss) per share* $(0.04) $0.04
Shares used in calculation of
net income (loss) per share* 10,760 8,563
March 31 December 31
1997 1996
Cash and cash equivalents $46,209 $47,508
Total assets 55,907 56,826
Stockholders' equity 50,455 50,574
* 1996 per share figures are on a pro forma basis.
SOURCE Microcide Pharmaceuticals Inc.
CO: Microcide Pharmaceuticals Inc.
ST: California
IN: MTC
SU: ERN
04/30/97 16:50 EDT prnewswire.com
|
