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in all the election bs. i overlooked this report. rocky( but i bought more at 4.37)
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Monday November 27, 9:30 am Eastern Time
Press Release
SOURCE: ID Biomedical Corporation
ID Biomedical Reports Third Quarter Results
Company Anticipates Profitability for Y2000
VANCOUVER, Nov. 27 /PRNewswire/ - ID Biomedical Corporation (TSE: IDB, NASDAQ: IDBE) announced today its results for the quarter ending September 30, 2000. The net loss for the period was $1.5 million ($0.07 per share) as compared to a net loss of $5.3 million ($0.33 per share) for the same period last year. Revenue for the third quarter increased 233% over the comparable period in 1999. Revenue for the nine-month period ending September 30, 2000 increased 1,679% over the comparable period in 1999.
<<
Three months Nine months
ended September 30 ended September 30
-------------------------- 2000 1999 2000 1999 ---- ---- ---- ----
Total revenue $746,437 $223,857 $5,108,727 $287,224
Net loss $1,586,181 $1,401,852 $1,467,812 $5,260,742
Loss per share $0.06 $0.09 $0.07 $0.33
All dollar amounts are in Canadian dollars.
>>
As of November 1, 2000, the Company's cash balance was approximately $38 million.
Commenting on the results, Todd R. Patrick, ID Biomedical's Chief Financial Officer said, ``This year has seen us substantially improve our cash flows from operations and our balance sheet metrics. With revenues already received, we can expect a profitable fourth quarter and project that our year- end results will show us earning no less than $0.12 per share. Our strong cash balance is a result of financing activities early in fiscal 2000 followed by more recent success in our genomics licensing program.''
``While the revenues from our genomics business are very encouraging, we believe shareholders should remain focused on our vaccine portfolio as the major driver of future value'' said Dr. Anthony Holler, President of ID Biomedical. ``Our current balance sheet puts ID Biomedical in the position where realizing the goal of expanding our portfolio of clinical stage vaccines becomes readily achievable.''
ID Biomedical Corporation is a North American based biotechnology company focused on the development of a proprietary gene identification system, Cycling Probe(TM) Technology, for applications in genomics and diagnostics, and is also focused on the development of proprietary vaccine and immunotherapeutic products.
Using Cycling Probe(TM) Technology, ID Biomedical is developing rapid tests that identify antibiotic resistant bacteria from culture. ID Biomedical is now licensing Cycling Probe(TM) Technology as well as its broad patents in signal amplification to the genomics and diagnostic industry for further product and technology development.
Currently, Applied Biosystems (NYSE:PEB - news), Mitsubishi Chemical Corporation, Alexon-Trend, a subsidiary of Sybron International (NYSE:SYB - news), DiscoveRx, and Third Wave Technologies have obtained rights to IDB's patents.
ID Biomedical is also developing vaccines for a number of different conditions. The Company's lead vaccine product for the prevention of diseases caused by group A streptococcus, StreptAvax(TM), is in a Phase I Clinical Trial sponsored and funded by the National Institute of Allergy and Infectious Diseases.
Other vaccine products under development include: a vaccine for the prevention of tuberculosis which has been licensed to Aventis Pasteur, the vaccine subsidiary of Aventis S.A, a therapeutic vaccine for the prevention of AIDS and a vaccine for the prevention of disease caused by deadly strains of the E. coli bacteria.
The foregoing information contains so-called forward-looking statements. These include statements about ID Biomedical's expectations, beliefs, intentions or strategies for the future, which it indicates by words or phrases such as ``anticipate'', ``expect'', ``intend'', ``plan'', ``will'', ``we believe'', ``ID Biomedical believes'', ``management believes'' and similar language. All forward-looking statements are based on ID Biomedical's current expectations and are subject to risks uncertainties and to assumptions made. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include: (i) the ability to successfully complete preclinical and clinical development of its products; (ii) the ability to obtain and enforce timely patent and intellectual property protection for its technology and products; (iii) the ability to avoid, either by product design, licensing arrangement or otherwise, infringement of third parties' intellectual property; (iv) decisions, and the timing of decisions, made by the health regulatory agencies regarding approval of its products for human testing; (v) the ability to complete and maintain corporate alliances relating to the development and commercialization of its technology and products, (vi) market acceptance of its technology and products, and (vii) the competitive environment and impact of technological change. ID Biomedical bases its forward-looking statements on information currently available to it, and assumes no obligation to update them.
``Anthony F. Holler''
Anthony F. Holler
President
SOURCE: ID Biomedical Corporation
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