May 19, 2000--SYNSORB Biotech Inc. ("SYNSORB") (TSE:SYB,
NASDAQ:SYBB) today reported its results for the first
quarter ended March 31, 2000.
SYNSORB reported net income for the quarter ended March
31, 2000 of $137,000 or $0.004 per share compared to a
loss of $3,801,000 or $0.189 per share for same quarter the
previous year. This is due to the gain on dilution of the
Company's investment in Oncolytics as well as the sale of
SYNSORB's subsidiary company, INH Technologies Incorporated
during the quarter. The $94,000 in revenue reported in the
first quarter of 2000 (nil in first quarter 1999) is
attributable to up-front payments received from a
partnering agreement signed during the period.
"The first quarter of 2000 was an exciting and
successful period for SYNSORB," said David Cox, Ph.D.,
President and Chief Executive Officer of SYNSORB. "The
achievements we made in this quarter underscore our renewed
focus on our two lead products, SYNSORB Cd(R) and SYNSORB Pk
."
During the first three months of this year, SYNSORB achieved the following:
- Fast track designation was received from the US FDA for our
Phase III product, SYNSORB Cd(R) and for the 'Prevention of
HUS' indication for SYNSORB Pk(R), also in Phase III trials
- A marketing and distribution agreement was signed with
Tramedico International BV for SYNSORB Pk(R) in the Benelux
countries
- Over $22 million was successfully raised in a public offering
- A transaction was completed for the sale of our drug screening
subsidiary, INH, resulting in an up-front payment and future
royalty payments to SYNSORB
- Phase III clinical trials for SYNSORB Cd(R) began with the
enrollment of the first patient
- An interim analysis of the SYNSORB Pk(R) Phase III data was
started, and SYNSORB expects to have information from the
analysis by the end of the second quarter |
