Friday February 25, 7:31 am Eastern Time
Company Press Release
SOURCE: Triangle Pharmaceuticals, Inc.
Triangle Pharmaceuticals, Inc. Reports Financial Results For Fourth Quarter And Year Ended December 31, 1999
DURHAM, N.C., Feb. 25 /PRNewswire/ -- Triangle For the year ended December 31, 1999, the Company reported a net loss of $104,621,000 or ($3.18) per share, compared to a net loss of $67,271,000 or ($2.93) per share for the year ended December 31, 1998. The Company reported interest income of $6,565,000 and total operating expenses of $111,186,000 in 1999, compared to interest income of $4,120,000 and total operating expenses of $71,391,000 in 1998. Cash, cash equivalents and investments were $157,751,000 on December 31, 1999, compared to $118,692,000 on December 31, 1998. The Company's December 31, 1999 cash, cash equivalent and investment balances reflect a $25,000,000 reimbursement by Abbott Laboratories for prior research and development expenses as stipulated in the Company's strategic alliance with them.
``We are proud to report that during the past year, we have advanced the clinical development of several of our leading drug candidates, and further strengthened the alliances that will facilitate our making a difference in the care of patients with serious viral diseases,' said Dr. David W. Barry, Chairman and CEO of Triangle Pharmaceuticals.
For the fourth quarter ended December 31, 1999, the Company reported a net loss of $31,198,000 or ($0.83) per share, compared with a net loss of $20,988,000 or ($0.87) per share for the fourth quarter of 1998. The increase in fourth quarter operating expenses, compared to 1998, is predominantly a result of an increase in development expenses associated with more extensive development activities on the Company's drug candidates. The Company reported interest income of $2,068,000 and total operating expenses of $33,266,000 in the fourth quarter of 1999, compared with interest income of $957,000 and total operating expenses of $21,945,000 during the fourth quarter of 1998.
The Company adopted the provisions of Securities and Exchange Commission Staff Accounting Bulletin No. 101 ``Revenue Recognition in Financial Statements' (``SAB 101'), issued in December 1999, in its 1999 fourth quarter financial results. The issuance of SAB 101 changes revenue recognition practices for non-refundable up-front payments, including the $25,000,000 received in December 1999 and the $6,700,000 received from Abbott in January 2000, and requires amortization of these payments after receipt. Accordingly, no revenue was recognized in 1999 for prior research and development expense reimbursement; revenue recognition related to these reimbursements will be amortized over a four-year period beginning in January 2000.
Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company engaged in the development of new antiviral drug candidates, with a particular focus on therapies for the human immunodeficiency virus (HIV), including the acquired immunodeficiency syndrome (AIDS), and hepatitis B virus (HBV). Triangle drug candidates under development for HIV and/or HBV include Coviracil© (emtricitabine) Coactinon© (emivirine), DAPD, L-FMAU and DMP- 450. More information about Triangle's portfolio, management and product development strategy is available on Triangle Pharmaceuticals' website at: tripharm.com.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to successfully complete pivotal clinical trials, the Company's future capital needs, the inability to commercialize Coviracil© (emtricitabine) and DAPD due to patent rights held by third parties, the Company's ability to obtain additional funding (including contingent contractual milestone payments), patent protection and required regulatory approvals for its drug candidates, the development of competitive products by others, the cost of coactive therapy and the extent to which coactive therapy achieves market acceptance, the Company's success in identifying new drug candidates, acquiring rights to the candidates on favorable terms and developing any candidates to which the Company acquires any rights, and these and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those projected in this press release. The Company disclaims any obligations to update the statements in this press release
Well, onto the website.
Jack |
